Selling your home as a For Sale by Owner (FSBO) can be a rewarding experience, offering more control and potentially saving you money on real estate agent commissions. To maximize your chances of success, it’s crucial to attract buyer’s brokers, as they have access to a vast network of potential buyers. In this article, we’ll explore effective strategies to appeal to buyer’s brokers and increase the visibility of your FSBO listing.
List on Multiple Listing Services (MLS)
The Multiple Listing Service is a comprehensive database used by real estate professionals to list properties for sale. Here in Northern Illinois MRED is the name of the MLS that ever broker uses whether they are in the city of Chicago, North Shore (or near WI boarder), Western Suburbs (out as far west as Dekalb), or the southern Suburbs (as far south as Kankakee).
Access to the MLS platforms is restricted to licensed agents but there are services available that will list you for a small flat fee. We only charge $295 and that includes other great perks as well. This gets you exposure to the 40,000+ buyer’s brokers in Northern Illinois, as they often scour MLS listings to find suitable properties for their clients and also puts your listing in the searches that they set up to auto-send listings to their clients.
Additionally listing on the MLS will get you on all the real estate websites including all the broker sites like Zillow, Trulia, Redfin, Realtor.com, Homes.com, Coldwell Banker. At Properties, Compass, Baird and Warner and all the rest.
Offer Competitive Commission
We recommend that you offer a buyer’s agent commission. In the Chicago metro area that is typically around 2.5% but can vary. Once your home is posted to the MLS it legitimizes your listing and makes it easier for agents to show your home. Typically as a for sale by owner a broker would want to have a commission agreement with you up front before showing your home. This is a hassle and extra step for every one but listing on the MLS with a flat fee service and offering a commission eliminates that step. So when brokers call, they will be calling to show your home not asking about commission.
Provide Detailed and Accurate Information
Make sure your listing is comprehensive and accurate. Include high-quality photos, detailed descriptions, and essential information about the property, such as square footage, number of bedrooms and bathrooms, amenities, and any unique features. This will help buyer’s brokers quickly assess whether your property matches the criteria of their clients.
Host Open Houses
Hosting open houses is an excellent way to attract both potential buyers and buyer’s brokers. Make sure your property is well-maintained, clean, and staged to showcase its best features. Consider providing refreshments and promotional materials like brochures or information packets about the property.
Offer Incentives
Consider offering incentives to buyer’s brokers to motivate them to show your property. This could include bonuses for a successful sale, covering additional closing costs, or providing a flexible closing timeline.
Maintain Accessibility and Flexibility
Ensure that your property is easily accessible for showings. Be flexible with your schedule to accommodate potential buyers and buyer’s brokers, even if it means adjusting your plans at short notice.
Many times a broker is showing a client 5-6 homes in a row so if your home cannot be shown during a specific time frame they may have to skip it until later.
Build Relationships with Buyer’s Brokers
Establishing positive relationships with buyer’s brokers can go a long way in attracting them to your listing. Communicate openly, be professional, and promptly respond to inquiries. Building trust and rapport can make buyer’s brokers more inclined to work with you.
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While selling your property as a FSBO can be a rewarding endeavor, attracting buyer’s brokers is a crucial aspect of the process. By offering competitive commissions, listing on MLS platforms, providing detailed information, hosting open houses, offering incentives, maintaining accessibility, and building relationships, you can significantly increase your chances of a successful sale. Remember, the more buyer’s brokers you attract, the more potential buyers you’ll reach, ultimately leading to a faster and more lucrative sale.
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