If you’re considering selling your property on Long Island (Suffolk and Nassau County), whether it’s your house or investment property, without involving a real estate agent, we’re here to provide assistance.
Although we do maintain partnerships with brokers, there are instances where bypassing the need for an intermediary can be more beneficial.
Indeed, shelling out a significant 4-6% of the property’s sale value as a commission fee is a substantial sum. While it’s true that in certain scenarios, brokers and real estate agents on Long Island can provide valuable services and earn their commissions, this isn’t always the case.
How Can I Effectively Sell My Long Island Property Without an Agent in Suffolk and Nassau County? There are several strategies you can employ to avoid the burden of hefty commissions in your Suffolk County or Nassau County property sale.
Firstly, it’s crucial to understand a peculiar convention that prevails.
In the majority of Nassau and Suffolk County property sales, approximately half of the commission paid by the seller is allocated to cover the buyer’s agent’s fee.
This setup might appear counterintuitive.
Why should you be responsible for compensating the agent working on the other side of the transaction?
Admittedly, this practice defies logic, but it’s the customary approach.
Nonetheless, you can turn this to your advantage in various ways.
For starters, factor in the commissions when assessing comparable sales. If properties akin to yours were sold at prices that included commissions, take this into consideration.
Avoid undervaluing your property, as astute buyers might anticipate a discount. By taking on the role of the agent yourself, you could potentially save this expenditure.
Occasionally, on Long Island, buyers not represented by agents might overlook negotiating the buyer’s agent commission reduction, so there’s no obligation to bring it up unless you’re prepared to pay. Just be prepared if this topic emerges during negotiations.
An option to ponder is offering a 2.5% commission to buyer’s agents who bring clients to view your property. It’s a notable sum, certainly. However, by factoring this commission into your property’s price, you retain the ability to negotiate more favorable terms for buyers who don’t engage an agent.
Conversely, neglecting to account for the buyer’s agent commission can deter the majority of Nassau and Suffolk County buyers.
More than 90% of transactions occur via the MLS, the Multiple Listing Service, a central database accessed by all Long Island brokers to obtain property information and data about sales prices for houses, condos, land, and investment properties.
In the past, securing a spot on the MLS entailed paying the full commission. Nowadays in Suffolk County and Nassau County, some brokers impose a fee exclusively for listing your property on the MLS. Often, a nominal fee is paid upfront, and a commission only applies upon successful sale closure.
Compared to the cost of traditional advertising methods, the MLS proves to be a cost-effective way to reach a broad audience.
Major real estate search platforms like Realtor.com, Zillow, Yahoo Homes, etc., source data from the MLS. Chances are high that submitting your Long Island listing to the MLS will disseminate information to these key platforms within days.
Each of these platforms offers advertising opportunities, allowing you to pay for enhanced listings and prominence in search results. However, the effectiveness of such enhancements in attracting interested buyers varies.
Advertising presents an element of uncertainty. Open houses in Suffolk County and Nassau County may sometimes yield excellent results while other times they might not. The same applies to newspaper ads, Craigslist postings, and elaborate signs – their efficacy varies.
To successfully navigate the sale process independently, you must execute a robust marketing strategy.
Distributing flyers and displaying signs around your neighborhood can generate inquiries, and there’s a multitude of free websites where you can post property information. However, these methods might fall short if your property doesn’t resonate with the average homebuyer.
The rationale behind real estate agents’ substantial commissions lies in their upfront advertising expenditures. By advertising multiple properties simultaneously, they anticipate a higher volume of inquiries, thereby capitalizing on selling numerous houses and yielding substantial profits.
Certain properties might necessitate substantial advertising investments before the ideal buyer encounters the advertisement and takes action.
If you’re keen on avoiding commissions entirely, another avenue is selling your property to investors like us for a cash transaction.
We offer equitable prices for properties and boast a quick closing timeframe (in a little as 20% of the time or less from a traditional sale).
In some instances, we acquire Long Island, Suffolk County and Nassau County properties, renovate them, and then either rent them out or sell them to other prospective homeowners seeking quality residences in the region. We have a range of purchasing strategies, but we’re particularly interested in hearing from individuals like you who are contemplating a sale anywhere within Long Island.
As invested stakeholders On Long Island, we prioritize swift transactions and cash payments. Feel free to reach out to us at (631) 571-7151 or complete the brief form provided here.
If you’re looking to sell your house or investment property in Nassau County or Suffolk County without using a real estate agent, we can help.
Although we do cooperate with brokers, sometimes it’s best to avoid paying someone to be in the middle.
After all, paying 4-6% of the sale of a property in a commission is a lot of money. In certain situations, Long Island brokers and real estate agents can be very useful and earn their commission. Not always.
We’re investors who care a lot about Long Island.
We close fast and pay cash. Give us a call now at (631) 571-7151 or fill out the short form over here.