If you’re looking to sell your house or investment property in Nashville without using a real estate agent, we can help.
Although we do cooperate with other real estate agents and David Wright is a licensed agent too, sometimes it might be better to sell your house outside the retail market and not use realtors.
After all, paying 6-8% of the sale of a property in a commission and closing costs is a lot of money. In certain situations, Nashville real estate agents can be very useful and earn their commission. But not always.
How Do I Sell My House Without An Agent in Nashville?
There are a few ways to avoid paying high commissions in your Tennessee sale.
First, there’s a tricky custom that you’ve gotta know about.
In most house sales in Nashville, roughly half of the commission you pay, or about 3%, goes to pay the buyer’s agent and their real estate agency. The other side of the commission 3% goes to your listing agent for a total of 6% commission.
Doesn’t make much sense, right?
Why should you pay for the agent on the other side of the table? First, factor in the commissions paid when you’re looking at the comparable sales in your neighborhood. If the properties similar to yours sold for prices that included commissions, take that into account.
You may want to consider offering 2.5% to 3% 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 many of the buyers in the Nashville area market. Even though real estate agents ethically should not allow the amount of commission persuade which houses they show their buyers, it happens. For example, if you the seller offer the buyer’s agent no commission or 1% or even 2% commission, you will most likely have very few agents bringing buyers to see your house. Another trick is to offer the listing agent less money like 2% or 2.5% to sell your house. There are many hungry and egocentric agents who will take you up on that offer. The downside is will they do all they can to get your house sold. Maybe, maybe not.
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 buyers who aren’t represented by an agent won’t remember to negotiate the buyer’s side commission down from 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 because buyers are looking for deals too. There are other factors and costs to consider when using a realtor to represent you.
Over 90% of transactions happen through the MLS – that’s the Multiple Listing Service. It’s the main database that all the brokers in Middle Tennessee, Southern Kentucky, and Northern Alabam use to access information for their clients on the houses, condos, land and investment properties for sale, along with detailed data on the sold prices. Compared to the cost of a newspaper or Facebook ad, MLS is a cheap way to market your property to a very wide audience.
Once upon a time, you had to pay a full commission to get your property on the MLS. Now in Nashville, there are a few brokers who will only charge you a fee just to list your property on the MLS. Often, you spend a few hundred bucks and you only pay a commission if the sale closes. However, you will be responsible for all the required paperwork and negotiations of not only the price but also closing dates, repairs, and reviewing the pre-approval documents from the buyer’s agent for the buyer. Oh, one other important ingredient, you will need to provide really good photography for potential buyers to get excited about your house.
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 Nashville listing to the MLS, information on your property will end up on most of the major sites within a few days. If it does not, you will need to set up accounts in each and manually create listings complete with photographs on each website.
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. Sometimes open houses in Nashville, Tennessee can be a great way to sell a property, and sometimes they’re a waste of time. Same with newspaper ads, craigslist postings, fancy signs – sometimes they work, and sometimes they don’t. Market conditions and market timing really dictates so often how a home sells. Slow seasons include Fall and Winter in Middle Tennessee while Spring and early Summer are the best times to list and sell houses. Open houses do not go well on rainy days nor snow days. You really need pretty, sunny weather to help your success with an open house. Finally, you will need to broadcast your open house with neighborhood signs and announce your “Open House” in the proper Facebook sections for maximum coverage. Boosting a Facebook announcement may be something you might want to consider as well.
To effectively sell your property on your own, you have to market it well.
Putting up fliers and signs around your neighborhood can generate some calls, and there’s a lot of free websites where you can post information. But often just putting up flyers and an open house isn’t enough if your house doesn’t appeal to the average home buyer.
In theory, real estate agents charge big commissions because they have to spend a lot of money upfront to advertise your property, pay for professional photography, host open houses, and spend time posting announcements on social media. By advertising lots of properties at once, they expect to get more phone calls – and obviously, they’ll make good profits by selling lots of houses.
Special properties particularly luxury homes might require thousands of dollars in advertising expenses before the right buyer happens to see the ad and call. Houses like these can take months to sell and sometimes even a year or more.
Yes, you can sell your house without an agent in Nashville, but as you can see it is a lot of work. Below is another option you may find more appealing and helpful.
Avoid paying commissions, sell your house to investors like us for CASH!
So how do I sell my house without an agent in Nashville? At Southern Homes Investments, we pay fair prices for properties – and we can close fast (in as little as 5-7 days if you need to). We also pay all of your closing costs saving you even more money.
Sometimes we’ll purchase Nashville houses, fix them up, then rent them out… sometimes we’ll fix them up and sell them to other people who are looking for a great home in the area, and a lot of other reasons, too – but we love to hear from people like you who are thinking of selling anywhere in Middle Tennessee. You know, we even get calls from sellers who just want us to take over their house payments. We can do that too. We buy houses Nashville and surrounding towns including Springfield, Tullahoma, Columbia, and Smyrna.
We’re investors who care a lot about Nashville and the surrounding area. We want to see houses fixed up and shine, so the neighborhood is improved as well. We want to see historic houses that have lost some of its lusters to be returned to its former glory. So yes, we buy ugly houses in Nashville and surrounding areas. This is very important to us at Southern Homes Investments and we invite you to check us out online and see why we really believe in old houses!
We close fast and pay cash in as little as just 5-7 days. Give us a call now at 615-235-0612 or fill out the short form over here.
David Wright is a licensed real estate agent and this article is not a solicitation to list your house.