FSBO or Agent, Which Is Best For Selling Your Downtown Minneapolis Condo?
With the growth of the Internet, the prospect of 'going' FSBO — For Sale By Owner — as a method for selling your Downtown Minneapolis Condo is more attractive than ever.
One of the largest expenses involved in selling a Downtown Minneapolis Condo is the payment of an agent's commission — often in the 6% range. But agents do earn their money, by providing expertise on the market and sales process, by advertising widely and by assisting in the negotiation and closing phases of a sale.
Still, 6% of $200,000 is $12,000 and many find the prospect of keeping that money for themselves irresistible. Here are some things to consider when deciding whether to use an agent or 'go' FSBO.
In order to sell a Downtown Minneapolis Condo quickly and profitably, you have to know the market. If your listed price is even 1% off the condo market average, you will either sit on the property for a long time or fail to make as much as you could have on the sale.
Beyond the need to get an accurate, professional appraisal — required whether FSBO'ing or using an agent — agents can provide 'comps' listing the recent sale price of Downtown Minneapolis Condos. They also know the market and can often tell you whether your price is reasonable.
However, with the increasing availability of similar information on the Internet, FSBO is becoming a more realistic option. If you can access and analyze the data, FSBO may be for you.
Agents put your property in a database called an MLS, a Multiple Listing Service, to which other agents as well as potential buyers — through the agent — have access. MLS data is more difficult for the average person to gain access to and in some states you need a license to obtain the data. Almost in every case, one is required to be a member of the MLS service and pay a fee.
This is only the first step toward advertising your Downtown Minneapolis Condo far and wide to potential buyers. But, again, with the growth of Internet sites advertising condos for sale, along with other traditional options, you may find you no longer need the service once provided almost exclusively by agents.
Some individuals are natural negotiators and some have learned through long experience how to attract buyers and get the best deal. Some, though, will always be on the losing end of a proposition. Only you can decide how effective you can be in negotiating a fair, acceptable price and whether that process is enjoyable or torture.
Once you've listed your Downtown Minneapolis Condo, advertised it widely enough to attract buyers and negotiated a price one will accept, the most difficult part of the process begins. Every state and country has a long and complex list of laws about how a real estate transaction has to be carried out.
Deposits have to be made of the right amounts and at the right times in an escrow account, and insurance regulations have to be met. Title history of the Downtown Minneapolis Condo is investigated and a hundred other details completed before ownership can be transferred and profits (if any) gained. If you don't have the knowledge or temperament for this sort of thing, FSBO is not for you.
But, on the bright side, there are dozens of books, Internet sites such as this, and low-cost 'seller assistance' businesses that can guide you through the process.
Investigate before you decide, and best of luck.There is a lot of free information available to you about buying, selling or investing in condos. For complete information about the condo real estate market including current condos for sale, property values and more please visit the most complete website online dedicated to everything about Downtown Minneapolis Condo. So please feel free to contact me with any of your real estate questions and I will me more than glad to answer you queries. Call me on my cell at 612-735-6834 or email me at mike@mikeweiland.com.
There is a lot of free information available to you about buying, selling or investing in Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos. Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.
P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.
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