Private house sales or For Sale by Owner (FSBO), as the name suggests, is the process of selling your property without an estate agent representing you. With private house sales, you are practically taking the DIY route, which could have advantages and disadvantages, depending on a wide range of factors.
Take a look at our tips and tricks that you can use to succeed with private house sales and save a huge amount in estate agent fees at the same time.
Understand the work involved
Estate agents charge large fees because they invested time and effort to become good at their jobs, selling a house privately is no walk in the park! There are many aspects to a house sale and the whole process can sometimes feel like your putting out fires. So ask yourself, do you have what it takes to become your own estate agent? If your still unsure you must know the real truth behind selling a house privately.
The Realities Of A Private House Sale
- You must know the value of your home in the current market
- You must be prepared to deal with a buyer’s agent
- You must be ready to bear criticisms about your property
- You must decide who will take charge of marketing and sales responsibilities
- You must know how to screen potential buyers
Suffice to say that privately selling your house can mean you do a lot of legwork to manage the sale, with no guarantees of closing a deal. But don’t be discouraged, these are just part of the process.
Step 1 – Set The Right Price Get A Valuation
One of the biggest mistakes that private house sale vendors make is to price their home too high. This results in your home languishing on the market. But pricing it low is not an option – at all.
The best solution is to determine the value of your home in today’s market, or how it compares within the same neighbourhood. Check out the final sales price of similar properties in your area to get ideas for competitive pricing. Gather information from public sources, or visit online sites that offer trend information on local property. A great report for local information on your property can be found here.
From the data gathered, you can then create a pricing strategy. Have at least three comparables to use, and then set a price bracket. You must have an Under and Over the rate in mind.
You should also consider purchasing an appraisal or getting a FREE Property Valuation. This eliminates the risks associated with pricing a property.
Step 2 – Market Your Property Extensively (Get Your Property on Rightmove And Zoopla)
Putting up a sign in front of your house is good. But you need to do more in order to reach out to more prospective buyers. Start with an online listing, but don’t settle with just one or two websites. The best and most convenient solution would be to list your property with a popular online estate agent that will syndicate your listing. That is, they will also advertise your property on other popular property portals, such as Gumtree, Zoopla, Prime Location, Rightmove and many others. This will help ensure your property gets maximum exposure. With more people starting their home search online, syndication could be your best move yet.
Online Estate Agents like Zevizo Properties list properties on all the major property portals meaning your property gets seen by the majority of buyers in your area.
95% of buyers will visit a property portal first to search for houses, you need to be on these portals so more buyers can see your property.
In conjunction with an online listing, advertise in newspapers and other print materials, so you can reach out to a different set of demographics.
Step 3 – Prepare Your Home For Sale
Before you start marketing, your home must be ready for inspection. Have it staged if necessary. Avoid selling your home if it still needs a lot of work. Sure, you can mow the lawn or have a leak fixed after your home is listed online and you’re waiting for calls, but don’t put it off for too long. What if an interested buyer makes a surprise visit, or drives by to check the property at certain times of the day?
If your property looks bad, you can bet that interested buyers would become disinterested. Selling your property privately through an online estate agent means you egt more control over your viewings rather than run the risk of missed called and random callers at your door.
Step 5 – Get Professionals To Help You With The Paperwork
One of the many things you need to work out before selling your home is the paperwork, especially the legalities. In some countries, 90% of litigations related to private house sales have something to do with the vendors part of the paperwork was done incorrectly.
Some of the most common problems involve:
- You, the seller, made too many promises to the buyer
- The buyer thought or overheard of something that should have been included in the contract, but isn’t
To avoid such problems and even litigation, contact us to be put in touch with a professional conveyancing service to deal with the legalities of the house sale.
Step 6 – Don’t Let Your Property Languish On The Market
If your home has been on the market for 90 days to 6 months, change your strategy. It may be time to forgo selling your property on your own and have a professional do the job for you. It is possible that you might be doing something wrong or there are missing ingredients.
Of course, if you list your home with an online property agent that can help in other areas related to home sale, your chances of closing a deal in the first couple of months are high. That is, they also offer property marketing, viewing bookings and negotiations on your behalf.
If your thinking of selling privately Zevizo Properties specialises in helping vendors like you. Get more marketing coverage, stay organised, and save money selling through us.
Have you been part of private house sales before? Share your experience with us in the comments below and help others thinking of taking this route.