Selling Private Real Estate – 5 Step Guide
Author: Tracey McKeown
Source: ezinearticles.com
This simple guide to selling your property has been split into 5 steps, the five ‘P’s of private selling.
1. Prepare
2. Price
3. Publicize
4. Paperwork
5. Prospects
Step 1- Prepare
Preparation with anything you sell is important, especially in real estate as your house only gets one first impression.
Have a good look at your property; walk by as a potential buyer. Does the house and yard look inviting? Ask your friends for their honest opinion as to what would improve the saleability of your house.
De-clutter, a cluttered house can make a space look smaller than it actually is. Mementos and collectibles that are special to you won’t mean anything to prospective buyers, so pack them ready to move. Excess furniture and goods not needed either store elsewhere or have a garage sale or donate to a charity.
Clean, clean and clean. This is just as important to the outside as it is the inside. So mow the lawns, prune trees and shrubs and even plant out the garden with plenty of colour.
Repair and refresh. Over time your house may need a few touch-ups and repairs. It’s amazing how a coat of paint can transform an old house into a show piece.
Flick through the pages of designer and display home books. These people are professionals and know how to present houses for sale.
A picture can say a thousand words, so take your time taking photos of your property to use when marketing your house. Take heaps of photos with your digital camera, different angles, lighting and then choose the best. If you aren’t able to capture your house as you would like, even spend a little and have a professional take the photos for you.
Step 2 – Price
When pricing your house for sale there is the price that your property is worth, the price you want and the price you are willing to take. The last two you decide but what your property is worth might take a little research.
There are a few options when determining what your property is worth, the most effective way is to enlist the services of a valuer. They charge around $500 and will let you know what your house is actually worth.
Real estate agents will give you a free appraisal, however bear in mind that this is a sales ploy so the price is generally just above market price and they are skilled at pressure sign-ups. So this may cost you more money in the long-term.
Research, have an unbiased look at what similar properties in your area are being listed and sold for, this will give you a good indication of what price your property will sell for.
Don’t forget buyers will generally wish to negotiate a lower price so allow for this when pricing your house. You can always decrease the price of your place but careful not to excessively over inflate the price and scare off potential buyers.
3. Paper-work
This is by far the most daunting thing when people think of selling privately but can be the easiest. When selling either privately or through an agent, solicitors or conveyancers are employed to do this job.
In most sales conveyancers are used and they complete all the paperwork, handle the transfer of funds and even do the transfer on settlement day. All you have to do is find the buyer and let them know your terms and they take care of the rest.
Conveyancer’s fee starts at around $600 and this fee can generally be taken out of the sale funds.
When you start advertising your property, find a conveyancer and let them know that you will require their services, that way if a potential buyer is interested they can start the process while the buyer is keen.
4. Publicize
To sell your property you have to let people know that it is for sale.
A ‘for sale’ sign is by far one of the most effective sales tools when it comes to selling your property. It allows people to see your house is on the market, directs them to which website it’s listed (or your contact details) and makes your property easier to find to those interested (much easier than looking for a house number)
Approx 2/3rds of people have internet on at home (not to mention those who research through work computes) so it pays to advertise over the internet to reach these people. Websites allow you multiple photos as well as a property description.
When choosing a website to list your property, you need to look at your budget and exposure. Some real estate private sales sites allow you to list on multiple websites and include signboards in their packages.
If your budget allows newspaper advertising and pamphlet drops can also increase your exposure. Pamphlets may be professionally designed or simply completed on your home computer. Make sure you do include a photo of the property and how to find the property online and/or contact details.
5. Prospects
Prospects are your potential buyers and will be those phoning you to look through your house.
If possible have your mobile phone as a contact number and carry it with you switched on. Some people don’t like to leave messages on answering services. If they do leave a message return it as soon as possible, strike before they look at multiple houses.
Always be professional in your manner either over the phone or in person, make them feel confident in dealing with you.
A lot of buyers won’t be familiar with buying real estate from a private seller so you may need to explain that the process is the same, both their and your conveyancers will deal with the legal and paper work, they just deal direct with you when it comes to saying yes to the purchase.
Make sure times that they come to view the house it is also clean and tidy. Eliminate odors with air fresheners and open curtains to let in natural light. Add that extra touch with fresh flowers and the smell of brewed coffee.
When the potential buyer says “yes”, phone your conveyancer and they will start the paperwork to complete your sale. Most settlements take a minimum of 30 days to go through and you will liaise with your conveyancer throughout the process.
I wish you all the luck in selling your property and hope these steps have taken some of the confusion out of selling privately.
Real Estate Listed
Increase your properties exposure online.
http://www.realestatelisted.com.au
