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Secret Ways to Save Money When Selling

In a competitive real estate market, everyone wants to know ‘Hacks’ or Secret Ways to save money when selling. While there are no truly ‘secret’ or hidden ways to save money when selling your property, there are some lesser-known strategies that can help you stand out and reduce costs. Here are 10 ‘secret’ ways to save money when selling your property:

1. Negotiate commission rates: When working with a real estate agent, the first big thing to save a lot of money is to negotiate their commission rates. While commission rates are typically set, there may be room for negotiation, especially if you’re willing to take on certain responsibilities or if you have a high-value property. Discuss your expectations and explore options for reducing the agent’s commission. Better yet, use an App such as bRight Agent to so all of the negotiating for you so you know you’re getting the absolute lowest agent commission and other fees.

2. Explore alternative listing options: Consider alternative listing options that offer lower costs than traditional real estate agents. For example, some online platforms charge a flat fee or a significantly reduced commission compared to full-service agents. Research these options and evaluate if they align with your needs and budget – but beware – going straight to online marketing can lose you a lot of leads.

3. Utilise social connections: Leverage your social connections and personal network to spread the word about your property. Inform friends, family, neighbours, and colleagues that you’re selling. They might know someone who is interested in buying or can help connect you with potential buyers directly, saving on marketing expenses. This approach can be time consuming though.

4. Seek out off-market buyers: Instead of relying solely on traditional listing methods, explore off-market channels to find potential buyers. This could involve reaching out to real estate investors, local developers, or property management companies who may be interested in purchasing properties without going through the standard listing process. Agents typically stay connected with these types of parties and you can save time on not needing to market or stage your property if selling off-market.

5. Consider a lease option or rent-to-own arrangement: If you’re open to alternative selling methods, explore the possibility of a lease option or rent-to-own arrangement. This can attract buyers who are not yet ready for a traditional purchase but are willing to rent the property with the option to buy in the future. It can provide a steady rental income while potentially securing a buyer in the long run.

6. Time your closing strategically: Coordinate the closing date of your sale with the purchase of your next property, if applicable. By aligning these transactions, you can potentially negotiate better terms or take advantage of cost-saving opportunities such as reduced moving and storage costs.

7. DIY marketing materials: Create your own marketing materials, such as flyers or brochures, using online design tools or templates. This allows you to save on design costs and print materials as needed, targeting specific events or buyer interactions. Some agents charge a flat rate to produce all of your material, so speak to the agent before doing this.

8. Utilise online resources: Take advantage of free or low-cost online resources to market your property effectively. Use social media platforms, online listing websites, and virtual tour tools to reach a wide audience without incurring substantial expenses.

9. Hold an open house or private showing event: Instead of hosting multiple individual showings, consider organising an open house or private showing event. This allows you to showcase your property to multiple potential buyers at once, saving time and potentially generating more offers. (A bonus advantage is that buyers may evaluate who else is in the room and automatically up their offer to compete!)

10. Be open to creative negotiation strategies: Consider alternative negotiation strategies that can benefit both parties involved. For example, offering seller financing or assuming certain closing costs might incentivise buyers and result in a more favourable deal for both parties.

Remember to carefully evaluate any cost-saving strategies to ensure they align with your goals, local regulations, and your overall selling strategy. Consulting with a real estate professional can provide valuable insights and guidance tailored to your specific circumstances. Using a service such as bRight Agent can also save you a lot of money in the process!