Having your house sit on the market, without any signs of a buyer can feel overwhelming and frustrating. In fact, it can be downright scary if you have already bought another house, need to relocate for work or need the equity in your property for another reason. The listing process isn’t necessarily easy. In fact, it can be complicated and you can feel overwhelmed by what you need to do during a traditional listing, let alone make sure you have selected the right real estate agent to represent you. In our latest post, we will discuss what to do if a traditional listing isn’t working for you and what to do so you can choose a different solution!
To be blunt, houses don’t always sell when they are listed on the MLS. In fact, many don’t and for a variety of reasons. And, yes, even in today’s market with low inventory. We all know that a lot of time and money can be lost while a house sits on the market. However, there are things you can do to avoid wasting your time with a property that you need to sell. Read the suggestions below to learn more about what to do if a traditional listing just isn’t working for you in Los Angeles.
Sell Your House Directly
More and more sellers are working with professional home buyers to quickly and easily sell their houses. When you work with a professional home buyer such as The Shenbaum Group, Inc., you can rest assured that you will be treated with honesty and fairness. The process of selling is typically pretty simple, especially compared to the traditional method. We will come and see your property, we will then make you an offer, and you decide if the offer is right for you. That’s about it! Not all home buyers are the same, but when you work with The Shenbaum Group, Inc. you won’t have to worry about the hard sell, in fact, we make sure that you have all the information you need to make the absolute best decision for you. Believe it or not, a direct sale has become a very popular way to sell. You are in control of the process, and we close escrow on the day that works best for you. With a direct sale, you will have a guaranteed sale date and price from the very beginning. Nothing changes during this time. This kind of peace-of-mind cannot be found when listing your house. In fact, there can be reasons to worry until the day escrow closes.
I’ve had a buyer back out of a property I had listed the day before we were going to close escrow. Long story short, a couple was interested in a house I had renovated and was selling. The house had already been sitting on the market for some time, so I was so excited to go into escrow. Everything in escrow was going smoothly, even the loan process was smooth (which can be problematic for buyers and thus you, the seller). But, the husband got cold feet and just did not want to move from their current home. This was the day before closing escrow. In all, that house sat on the market for over 160 days. And this house was completely fixed up and looked beautiful!
Take Matters Into Your Own Hands
You can try to sell the property on your own. This is typically called For Sale By Owner or FSBO. You will need to research recent sales to ensure you are pricing the house correctly. This takes a great deal of objectivity, which is hard when it’s your house and your money that we are talking about. You will have to consider marketing the property and the associated costs of doing that. There is signage listing the house FOR SALE, creating and printing flyers and other marketing material, listing the property for sale on multiple websites, open house needs and more. The expenses start to add up. But if everything goes well, you will be able to sell your house on your own without having to pay any agent commissions. Just remember, you have to wear multiple hats when selling your house FSBO, but it does work.
Rent The Property
If a traditional listing isn’t working for you and you have the time, you can always rent out the house in the meantime. You can hold back for 6 months or a year than try to sell the property again when there are new buyers looking for a house. This isn’t ideal unless you are ready to play the role of the landlord. Being a landlord can add a lot of work you might not have been expecting. From making repairs, screening tenants, collecting rent and handling evictions, many landlords find owning a rental property can quickly turn into a part-time job. And being a landlord isn’t for everybody, so make sure you think it through. But, renting is a good solution.
Find A New Agent And Try Again
Once you have been through the listing process once without any luck, you might not feel too eager to do it again. Who would? However, keep in mind, not all agents are the same. You might have an entirely new experience on your second go-around. Before hiring another agent, ask around for recommendations. Read reviews and even ask to speak to past clients before you sign a listing agreement. Also, remember that your first listing agent with have a long listing agreement, sometimes 6 months, sometimes it’s one year. Make sure you know how much time you are committing to an agent before you sign the listing contract. This is incredibly important to think through before listing your home.
If you haven’t had luck listing your property the traditional way, get in touch with The Shenbaum Group, Inc. today to find out what we can do for you. We are happy to talk through your situation with you. There is never any obligation or hassle. Explore your options before trying to sell your Los Angeles house again!