Unless you are a legal expert with strong nerves, you will have to
hire a solicitor for the legal and administrative aspects of the
sale. Although your expenditures will be lower than when you buy a
house, solicitors will still charge you for taking care of all legal
matters and protecting your interest in the deal. This can amount to
anything between $400 and $600.
Before you become all enthusiastic at the thought of what you will
buy with the 4-5 percent in commission that you are saving, consider
the amount of work that a private sale involves. If you are also
buying a new property, consider it again! You can reduce the amount
of work, time, and expenses involved in selling privately by hiring
the services of a marketing company that specializes in private
sales. If private sale is the rout you chose, read on the following
list of things you will have to do.
Set the asking price - It should reflect the property's
market value, but you might want to add a negotiations
buffer bonus.
Let people know about your sale - There are various ways
of generating publicity. The most obvious is the
word-of-mouth approach, but you can also put adverts in
newspapers and property magazines, put your house
on internet property listings, and put up
a colorful "For Sale
" sign. You can get all this in a package provided
by a marketing company. For the weekends arrange for
open house and get some signs ordered for this
purpose.
Hold Viewings - Show people around your house and try to
make it look as good as possible. When it comes to property
viewings, the first impression is crucial. Try not to sound
like a salesperson - potential buyers might get suspicious
if you are overly enthusiastic.
Negotiate - A lot of money might be at stake, so you
should be prepared for negotiations. Read our tips on
negotiations in order to brace yourself for the inevitable
haggling.
Now that your home is looking all fabulous, you can start showing it
off, too. If you prefer to show people around your place yourself,
there are some rules and tips you should keep in mind.
Look appropriate.
Don't greet potential buyers in your pajamas or with a
deep-cleansing facial mask - you might scare them away.
Be polite.
People prefer to buy from someone they get on well with,
so be nice, offer them something to drink and smile!
Don't lose your temper.
Even if someone makes an (in your opinion) inappropriate
comment on the lovely pink curtains your aunt gave you for
your wedding, try to remain cool and detached. If the buyers
are well-informed, they will keep critical records of every
house they visit; this is not a personal offence!
Don't cling to the viewers.
Show them around, but leave them some space and time to
themselves. They are probably choosing their future home, so
don't try to rush them.
Answer their questions.
Viewers will want to know about many things, so it is best
to have a list with answers at hand. Buyers will want to
know some of the following things:
- how many potential buyers have seen the place and / or
made an offer;
- why you are selling;
- whether you have experienced any problems (e.g. theft)
in the neighborhood;
- what is to be included in the sale (have a list ready!);
- how much utility bills amount to;
- how much you have paid for the property.
When answering their questions, be honest! You do not have to
tell them first thing that your house has been on the market for
months now, but if they ask you specifically, you have to tell the
truth. First, because it is quite likely you will be found out and
lose the sale; second, because if sellers start acting unethically,
the whole process of buying and selling houses will become a big
mess.
We live in a dangerous world, and although it is possible that
all the people who come to look at your house are just lovely and
nice, there are some rules to follow to guarantee your personal
safety:
how many potential buyers have seen the place and / or
made an offer;
Make sure you are not alone when you let people into your
house.
Do not leave any valuable lying around openly.
Do not leave viewers alone in a room for a long time.
Do not let people into your house on an ad hoc basis.
If anyone rings your doorbell and want to have a look
around, take their details and arrange a date for a viewing.
Weighing Up the Buyers
This is your opportunity to get to know potential buyers and find
out whether they are trustworthy, serious in their interest, and
have the necessary cash at hand. Things you should find out include:
whether they have a mortgage agreement in principle yet
and how much they can afford;
how many other properties they have seen and how many
offers they have made (this helps you assess how serious
they are in their interest);
how soon they want to move.
Just as the buyers are keeping notes on you and your house, you
should make notes about them. This includes contact details, the
answers to the questions above, and your personal impression.
Keeping a record helps you make a decision once the offers start
coming in.
