Selling your house via an agent can be an extremely costly venture. It is the case more often than not that you will be charged in excess of 2-3% to sell your home through agents, which can be upwards of $10,000 for most sellers. In this day and age, it is more than worth your while to assess your options and even consider selling your house privately as opposed to selling your house with an agent. Selling your house privately can save you up to 95% on fees or commissions if you do it right and below is a comprehensive strategy to selling your house on your own and putting the profit back into your own pocket, rather than someone else’s. Follow the tips below to save yourself thousands:
PLEASE NOTE: Please read an updated and step-by-step guide on how one of our customers has sold their property privately using our service.
1. RENOVATE YOUR HOUSE OR AT LEAST TIDY IT UP
At stated above, selling your house will cost you in excess of $10,000 in most cases. If you are willing to splash a bit of cash to tidy up or renovate your house, you will still end up saving in the long-run and you may even fetch a higher selling price. IF you do not have the funds to finance a renovation prior to selling your property, ensure that you at least give it a good tidy up and present it well so that it appeals to potential buyers that come through your property later. Ensure that there is nothing out of place and there is nothing for potential buyers to pick out that will prompt them to knock the price down on you.
2. WRITE A DETAILED DESCRIPTION OF YOUR HOUSE
After you have finished rejuvenating your property, the next step is to do a walk-through and list on a notepad, all of the features of the property for sale. You may think that you know these off the top of your head but it is always good to do a full walk around to ensure that you do not forget anything in the process. Make sure that you list out everything that you think will add value to your home and add value in the eyes of potential buyers. Do not try to over-sell your property but you want to be sure to not leave anything out that may help you to get an extra dollar or two on sale day.
3. START TAKING IMAGES OF YOUR PROPERTY AND ITS FEATURES
Now that you know and have listed all of the highlights and features of your property, it’s time to go around your property with a high-resolution digital camera (or get your children to do it) and take photos of all of the things that you listed out in your walk-through earlier. This will put an image in the minds of potential buyers when they read through your description and will help to avoid any disappointment in the buyer’s eyes when viewing your property. If you don’t have many photos of your property online and organize a walk-through or open for inspection with a potential buyer, there is a high possibility that they haven’t got a great idea of what your property actually looks like and it will decrease the chances of your potential buyer actually purchasing the property. Some may say that the less photos that you have, the more curious the potential buyer will become and the higher the likelihood will be for the person to come and view the property but you don’t want quantity, you want quality and qualified buyers so, the more images the better.
4. FIND A FOR SALE BY OWNER OR CLASSIFIEDS WEBSITE TO LIST ON
In the last few years, the amount of Private House Sales websites and “For Sale By Owner” websites out there has sky-rocketed. They are all competing on price and you should be able to find a good deal on listing your property online. Most of these websites will provide a listing service on the bigger real estate websites in your local area or country and will help you to get the exposure that you need to start generating interest, start generating enquiries and to help you to sell your home without a real estate agent. Most of these organizations or websites will offer upgrades such as For Sale signs and Open For Inspection signs which you can purchased to help to advertise your property and it is probably a good idea to invest in these to help build the exposure of your property around your local area. People looking to buy investment properties generally like to buy their investment properties close to where they live and if they just happen to drive by, you will have a nice and bright For Sale or Open For Inspection sign out the front telling them to come and inspect it.
5. HANDLE ENQUIRIES AND MEET WITH POTENTIAL BUYERS
This is where the process really starts to get fun and generate some speed. Once your listing is live online with your description and images within it, people will start to call through and enquire. You may get some real estate agents call through, you may get some tire-kickers but the aim here is to try and narrow down the list to interested buyers. Organize a day for an Open For Inspection with them and get them out to inspect the property and show them around. Try not to give out too much detail over the phone, just leave them with the information on the ad and speak with them once they come out to see the property.
6. CONDUCT YOUR OWN OPEN FOR INSPECTIONS
As stated above, once you have a hand-full of interested parties, it is time to organize an open for inspection. You can do this one by one or all together but it is recommended if you have the time to do them individually so that you can take them time with each individual buyer and really get to know them and get a feel for what is going through their head. It is a good idea to have each of the parties that come out to write their name and details down so that you know exactly who you have spoken to and write any notes about them if need be.
7. NEGOTIATE A REASONABLE SALE PRICE
If your property was well over-priced, you wouldn’t have gotten any enquiries on your listing so you are half way to the sale. Now all you need to do is sit down with the interested parties and negotiate a reasonable price for your property that both parties are happy with. Obviously you are not going to agree on a fair price with everyone and this is how you narrow it down to the final two or three buyers. Once you have determined a fair asking price and have agreed upon a deal, you then need to start getting serious.
8. SPEAK TO YOUR CONVEYANCER ABOUT DRAWING UP CONTRACTS
Speak to a couple of local conveyancers and get quotes. Choose the one that you want to go with and get the deeds drawn up. This will most likely be your biggest expense through-out the process and generally ranges from $500 to $1000 to have them drafted and created for you.
9. MEET WITH BUYER AND LAWYERS TO FINALIZE CONTRACTS
This is where you will sit down with your lawyer, the buyer and their lawyers. You will go through the agreements with them and both parties with the witnesses will sign on the dotted line and complete the transaction and put it into black and white.
10. CONDUCT THE FINAL INSPECTION AND FINALIZE SETTLEMENT
Once you have completed all of the formalities, you will need to then have the buyers around again for one last final inspection to ensure that everything is still above board and the property that they have purchased has not changed in any way, shape or form. Once this is completed and everything is ok, the deal is done and by rights, you should have saved yourself a boat-load of money in the process.