If you’re interested in selling your property in New Orleans without involving a real estate agent, we offer an alternative solution.
While we do work with brokers, there are circumstances where it’s beneficial to avoid paying a middleman.
Paying a commission of 5-6% of the property sale price can add up to a significant amount. There are instances where brokers and agents in Louisiana can be helpful and earn their commission, but it’s not always the case.
How Do I Sell My House Without An Agent in New Orleans?
There are a few ways to avoid paying high commissions in your Louisiana sale.
First, there’s a tricky custom that you’ve gotta know about.
In most sales in New Orleans, roughly half of the commission you pay as the seller goes to pay for the buyer’s broker.Doesn’t make much sense, right?
Why should you pay for the agent on the other side of the table?
Truthfully, it defies logic – it’s just what’s typically done.
You can use that to your advantage in a few ways.
First, factor in the commissions paid when you’re looking at the comparable sales. If the properties similar to yours sold for prices that included commissions, take that into account.
Don’t underprice your property – be aware that a savvy buyer may expect to take a discount too. If you’re doing the work of one agent, you can expect to save that money.
Sometimes in New Orleans, buyers who aren’t represented by an agent won’t remember to negotiate the buyer’s side commission out of the price for themselves, so don’t remind them if you don’t want to pay them. Just don’t be surprised if it comes up during the negotiation.
You may want to consider offering 2.5% to buyer’s agents who will bring their clients to show your property. Sure, it’s a lot of money. If you’re pricing your property including that commission, you can always negotiate a better deal for a purchaser who comes without an agent.
On the other hand, if you don’t leave room for the buyer’s agent’s commission, you’ll be excluding most of the buyers in the market in New Orleans.
Over 90% of transactions happen through the MLS – that’s the Multiple Listing Service. It’s the main database that all the brokers in New Orleans use to access information for their clients on the houses, condos, land and investment properties for sale, along with data on the sold prices.
In the past, selling a property often required paying a full commission to have it listed on the MLS. However, the process has evolved in New Orleans, where some brokers now offer a different approach. For a fee, they will list your property on the MLS, typically costing a few hundred dollars. In many cases, the commission is only paid if the sale is successfully closed. This alternative arrangement can be a cost-effective option for those looking to sell their property without incurring high commission fees upfront.
Compared to the cost of a newspaper ad, the MLS is a cheap way to market your property to a very wide audience.
All the major real estate search sites like Realtor.com, Zillow, Yahoo Homes, etc. get data from the MLS. Chances are good that when you submit your listing in New Orleans to the MLS, information on your property will end up on most of the major sites within a few days.
Each of those sites sells ads. They’ve got packages that let you pay to enhance your listing, feature it at the top of the search, and a lot of other bells and whistles that might or might not get an interested buyer to buy your property.
Advertising is a gamble. When it comes to selling a property in New Orleans, Louisiana, there are a variety of marketing tactics to consider, from open houses to newspaper ads and online postings. However, the effectiveness of these strategies can be unpredictable. While an open house or Craigslist ad may prove fruitful in some cases, they can be a waste of time and resources in others. Similarly, while a fancy sign may catch the eye of potential buyers, it’s no guarantee that it will lead to a successful sale. Ultimately, sellers should consider a range of marketing techniques and be prepared to pivot if certain strategies are not yielding results.
To effectively sell your property on your own, you have to market it well.
While putting up fliers and signs in your neighborhood can generate some interest in your property, and there are many free websites available to post information, these marketing tactics may not be sufficient to sell your home if it doesn’t appeal to the average buyer. While an open house can provide an opportunity for potential buyers to view your home in person, it’s important to ensure that your property is presented in the best possible light. This may involve staging your home, making repairs or upgrades, or targeting your marketing efforts to specific demographics. By taking a strategic approach to marketing and presenting your property, you can increase the chances of attracting interested buyers and closing a successful sale.
The commission rates charged by real estate agents are typically attributed to the costs they incur in advertising a property. By investing significant resources in marketing, they aim to attract a high volume of potential buyers and generate more leads, ultimately resulting in a successful sale. Advertising multiple properties simultaneously can help agents increase their visibility and attract more phone calls, which can lead to greater profits through the sale of multiple properties. However, it’s worth noting that not all agents operate on a commission-based model, and there may be alternative approaches to selling a property that can be more cost-effective for sellers.
Selling certain properties can be a more challenging and expensive endeavor, particularly when it comes to advertising. In some cases, it may require investing thousands of dollars in advertising expenses to reach the right buyer. Even with targeted marketing efforts, there is no guarantee that the right buyer will see an ad and respond. In these situations, it may be necessary to explore alternative marketing channels or work with a real estate agent who has experience and expertise in selling similar properties. By being proactive and strategic in your approach to selling, you can increase your chances of finding the right buyer and achieving a successful sale.
If you want to avoid paying any commissions, you can also sell your house to investors like us for CASH
We fair prices for properties – and we can close fast (in as little as 3-5 days if you need to).
Our approach to real estate in New Orleans is multifaceted. Sometimes we purchase properties, renovate them, and then either rent them out or sell them to buyers looking for great homes in the area. Other times, we have different reasons for buying and selling properties. Regardless of our approach, we are always interested in hearing from individuals who are considering selling their property in Louisiana. If you’re thinking of selling, we’d love to hear from you and explore potential options for your property.
We’re investors who care a lot about New Orleans.
We close fast and pay cash in as little as just 3-5 days. Give us a call now at (504) 399-3155 or fill out the short form over here.