The Following Points may be of interest to anyone who Wants to Sell Their Own Home
The average selling price of a home across Australia has risen dramatically over the past few years. This means the cost of a 2.5 per cent commission when selling using a real estate agent has increased greatly. During this period, the Internet has also changed how buyers search for homes, giving them more information and tools they can access at any time. The following information may help anyone who is weighting up the pros and cons of selling their home privately as against using the local estate agent..
Here are 5 tips to consider when selling your home privately:
1. Do-It-Yourself vs.Traditional Real Estate Agent
For whatever reasons, there has always been a percentage of people who want to sell their home on their own with no assistance from a traditional real estate agent. While admirable, this may not always suit everyone.
Whereas the traditional real estate agent helps with every step of the selling process, from pricing, to exposure, to handling offers, and closing the deal, the downside to this is its costs the home owner thousands in agents commissions, fees and usually additional costs for marketing.
The great news now is that if you do decide to sell your property yourself there are a number of companies that are in fact real estate agents but only provide a service to private sellers and can therefore get your property listed on the major real estate portals, like Realestate.com.au. This results in you having your property seen by all the same buyers that see the normal agents listings thus allowing for maximum exposure.
2. Price Your Home Wisely
Pricing incorrectly is one of the biggest mistakes made. The home owner often violates this by pricing his home based on insufficient information, and emotions. Often a home seller has a neighbour who sold for a record price, and based on this single sale, they think their home is worth much more than any buyer would ever pay for it. The best way to price any home for sale is to research the properties ‘sold’ in your area and especially those have similar characteristics as yours.
3. Make Your Listing Look Professional
In today’s world of the internet buyers go through several different mediums, most importantly that of searching the real estate portals and social media. If the online listing is not displayed at its best, then an inspection may never happen. If the online listing looks great, but the house is in terrible condition during a showing, then an offer may never come. Every step is important. During an inspection, dress yourself to look professional and some simple staging of your home and a deep clean are essential. Most people know that staging is about de-cluttering and de-personalizing. Hiring professionals like cleaners or even a staging company are smart investments.
4. Enhance Your Listing’s Visibility
This is probably the biggest concern home sellers have when considering whether to sell their home privately. There is a lot of misinformation out there, often geared very negatively towards selling privately. Here are some things of note:
- Buyers are online – It is safe to say that probably 95% of all buyers are looking at listings online. Buyers are more informed than ever before, and sellers should have an online listing in the same place as all other listings in the area.
- Signs work – For sale signs are still great tools. If you live in an area with several homes for sale, having signage out will assist in buyers going to your open home without even possibly having known about your listing.
- There are private buyers – Most often you will end up selling to a private buyer (one who doesn’t use an agent to find him homes to inspect). This is because the Internet has changed how buyers act by giving them access to all the information they need to feel comfortable buying from a private seller.
5. Avoid Potential Legal Problems
It is often asked if it is legal to sell a house privately. The answer is absolutely yes. However, like in any legal transaction you should consult your own solicitor or conveyancer concerning the selling process. It is the solicitor who draws up the purchase and sale agreement, usually holds the deposit, and makes sure the transaction runs smoothly. When selling privately, one of the first phone calls should be to your legal adviser. With the help of a good conveyancer who understands the process, there is no need to worry about any legal issues when selling privately.
The Internet has changed thousands of industries around the world, and real estate is no different. This is great news for home sellers, as they have more options than ever before. For many sellers, the idea of selling privately may seem a daunting task, but there are professional solutions every step of the way to make the process as stress-free as possible, saving the seller tens of thousands of dollars.