Some people prefer to sell their property themselves, either for their own satisfaction and/or the thousands saved in agents’ fees. However, most people choose to use agents as they do not have the skills or experienced needed to market and sell a property.
How to sell your house
Steps to sell your house include:
Research the current real estate market in your area.
For home owners planning on selling their own property, find out the listed and actual sale price from recent sales of similar properties. Also note the length of time various properties were on sale, as it may indicate what the market is prepared to pay for particular types of properties. Property sale statistics can be found in the weekend newspapers, property internet sites (type in ‘real estate statistics’ in your search engine).
Consider getting an independent valuation of your property.
An independent property valuer will inspect your property to give you an estimation of the sale price. He or she may also be able to tell you what you can do to increase the sale value of your property.
Determine your asking price
Decide what your asking price is, and the rock bottom price that you will accept.
Are you prepared to wait longer for the right price? Or, do you want a quick sale?
Ask your solicitor to draw up a contract of sale.
Think about what sort of settlement period you would like, and inclusions and exclusions as part of the sale. Eg. do you want to keep the dishwasher and take it with you when you move, or include it as part of the contract of sale.
Create an information flyer on your property
Create an attractive flyer on your PC to promote your property’s special features and include all the information that people want to know. For example, land size, house size, recent renovations, nearby facilities such as schools, shops and transport.
Create an advertising plan
Outline all the methods you will use to promote your property, the timings and the costs. Internet advertising should be at the top of your list as research in Australia now shows that the internet is the first place people look to buy property. It is also important to put a ‘House for Private Sale’ or ‘Property for Sale by Owner’ sign outside your property, which displays your name and contact details. Consider also small text advertising in local newspapers.
Open your property for inspection
It is important to make your property as appealing as possible for open inspections:
Clean and clear all the benches and tables.
Make sure the house is filled with light – open curtains and switch on lights if necessary.
Turn off the television and radio.
Put fresh flowers throughout the house.
Remove any valuables and prescription medications.
Make the house smell beautiful e.g. use an oil burner, potpourri or bake biscuits.
Ensure the carpet and furnishings are free of pet hair.
De-personalise your home (e.g. remove family photos and the kids’ paintings from the front of the fridge), this makes it easier for potential buyers to image your house as their home.
Negotiate price with potential purchasers
Negotiation is a highly sophisticated form of communication. Everyone knows that a listed price on a property is usually not the price it is sold for. While sellers set prices above what they are willing to accept, buyers offer prices below what they are willing to pay. You will need to communicate assertively, respond to diverse personalities and go through a process of offers and counter offers with potential buyers. Keep track of recent sale prices achieved for similar properties in your area, as this will help you to determine whether an offer is reasonable or not.
Exchange contracts & settlement
Once you agree on a price with a purchaser, hand over the reigns to your solicitor or conveyancer to do the legal work (unless you are doing the conveyancing yourself too!).
