How to Sell Your Own Home
So, you have decided to sell! Well that's exciting but this is just the beginning. You know your home best and that’s why private house sales can be a great option. If you want to Sell your own home, house or unit privately it's certainly not a difficult task but you do need to follow a few simple steps to ensure a smooth process, an easy sale, and a great selling price. The hints and tips below will assist in helping you sell your own home or unit for the best possible price.
- Selling or buying a property is an emotional experience. Whilst difficult, it is necessary to take the emotion out of the equation. This will enable you to move forward in all negotiations.
After all, buyers shop with logic 'but purchase with emotion!'
- Allow the buyer to hold the emotion for your property and you will have a far more successful sale.
- Everyone loves children and pets. But an ‘Open house’ is not the place for either. Always try to make alternative arrangements for your children or pets to limit distraction.
Please remember; a property is NOT SOLD until Contracts have been exchanged. It is therefore imperative that you continue your advertising campaign until Contracts have indeed been exchanged and become unconditional.
The Selling Process:
Prepare the ‘Contract for the Sale of Land':
- Instruct your Solicitor or Conveyancer to draw up a Contract. It is a legal requirement in New South Wales to have a Contract in place prior to advertising or marketing the property.
- Request your Solicitor/Conveyancer to provide you with a hard copy and an emailed version of the Contract. This Contract should be made available and preferably displayed, when showing buyers your property. This allows buyers to look through it and ask you anything that may interest them then and there.
- We have a preferred firm of Solicitors/Conveyancer's whose services we utilise and offer their service to our customers at a discounted rate. Contact us for a free legal contract quote.
Pest and Building Report:
- Preparing a Pest and Building Report prior to showing your property can be a huge selling point. It is a great way to reassure potential buyers and can encourage an earlier Exchange of Contracts. We have a reputable company that we prefer, please contact us for a free pest and building report quote.
Exterior Property Presentation:
- The exterior of your property is just as important as the interior when it comes to buyer appeal. Remember First impressions count! This will only increase the amount of buyers you have coming to your opens, which in turn increases your chances of selling at a higher price.
Prepare your property for sale:
It’s now time to turn your home into a house!
Don’t let the condition of your property give buyers excuses to knock you down in price. Think as if you were renting out your property fully furnished. Keep a few personal items around for personality and pack away the most of your clutter.
- De-clutter and de-personalise. Correct presentation will not only help you sell your property sooner but will most definitely result in a better sale price.
- Create The Right first and lasting impression both inside and outside. Ensure that anything that will detract from the overall impression is removed.
- Create an ambience.
- Ensure that your property sparkles from top to bottom. Every nook and cranny must be addressed.
- Make certain that you pay particular attention to the kitchen and bathrooms and address any odour issues on a daily basis.
- Make certain that your property is presentation perfect before photographs are taken.
Commission Free Real Estate includes a detailed property presentation report compiled by our own Interior Designer/Property Stager with all of our selling products and services.
Setting the price:
Knowledge is power! Knowing what a property should be marketed for is a vital role in setting your selling price. If you set your price too low you will lose money on the deal, however if you set your price too high your property will linger on the market until you are eventually forced to reduce the price or withdraw it from sale.
- At Commission Free Real Estate we provide our vendors with a FREE property price guide report when you purchase some of our realestate/domain advertising packages. These reports give you an accurate snapshot of current comparable listings and sales within close proximity to your property. This report is valued at $49.95.
- Fortunately, with the information that is available today establishing the correct selling price is quite easy. A number of data research companies offer extensive reports. The two major real estate website also offer a good source of information on LISTED and SOLD properties.
- Attend the ‘open houses’ in your area. This will give you a clear understanding of your competition and their likely selling price, hence you’re selling price. Make sure that you are comparing like for like by looking at properties with similar bedroom / bathroom numbers, age and location (or as close as possible)
- If you are really keen to get an accurate idea of what your property is currently worth, something to consider is an independent valuation. These can easily be organised through your bank or lender who has a local specialist they deal with regularly. Valuations will usually cost approximately $300 to $500 but they are money well spent. These reports can be a little conservative so generally somewhere a little above that is likely to be your correct selling price.
Once you have determined your price you will need to consider how that price will be advertised. There are three acceptable ways to advertise the price:
- The price with a margin for negotiation.
- Offers above.
- Offers between.
- There is no point in setting a ridiculously high price when you know you are willing to accept a lot less. By doing this, all you will find is that no one will come to look at your property and you will be left feeling disappointed.
Buyers are very savvy these days and do not waste their time looking at overpriced properties.
Photographs and Advertising Script:
Photographs and Advertising Script:
Now that you have all of the above in order it’s time to think about the photographs and advertising script for your marketing campaign.
- You only get one chance to make a good first impression... SO MAKE IT COUNT!
- Remember; a picture speaks a thousand words.
- If possible, always use the services of a professional photographer regardless of the price point of your property. Your property will be a great deal more visually appealing and will attract much more buyer interest.
- If you are having professional photographs taken then you may wish to consider a photographic signboard showing interior or rear shots of your property. Well worth the little added expense!
- Get your advertising right the first time. Ensure the script is well written.
- Include all relevant property features and proximity to schools, transport, shopping centres, local features etc.
- If you are unsure of how to write this we can do it for you (please see our online store), otherwise take a look at some other advertisements and gain ideas that way.
- This doesn’t need to be, and is not meant to be a long essay. It is just a nice, short and easy to read description of your properties features. You will obviously need to make note of anything positive about your property.
- Under no circumstances make any misleading statements.
- Prior to advertising decide as to whether you want your property inspected by ‘APPOINTMENT ONLY’, by ‘OPEN HOUSE’ or a combination of both. This however, can be changed to suit your requirements on a weekly basis.
Commission Free Real Estate can organise:
- Professional Photography/Floor plans,
- Photographic Signboards and
- Professional Brochures for our vendors.
We also offer a service to write your advertising script should you feel more comfortable having a professional do so.
The initial contact and inspection:
- You may wish to question buyers by asking if they are in a position to purchase now. However, please be advised that there is no assurance that you will be answered honestly, likewise when an agent asks the same question.
- Don’t bombard buyers with questions or you will lose them before they even inspect your property. No one likes to be cross-examined.
- Be available to buyer’s inspection requests! The quicker your property sells the quicker you can return to your normal life.
- You certainly don’t need to dress like a real estate agent but you do need to be presentable in your appearance when buyers are inspecting your home. Like your property, you want to make a good first impression.
- Be polite, friendly and professional.
- Treat buyers with the same respect that you would expect as a potential buyer. Answer any questions, clearly and honestly.
- If you have written your advertising script correctly, the features and benefits of your property should already be clear in a buyers mind. However, take this opportunity to reconfirm those features and benefits and go into specific information. For e.g. new kitchen with “SMEG” appliances, new bathroom with quality fittings, new 100% wool carpet, recently painted, etc.
- Don’t digress! Buyers want to imagine themselves living in the home; they do not need or want to hear about your treasured memories in the property.
- Try to take the emotion out of the equation and stay focused on the task at hand.
- Give buyers space to look around your property. You want them to feel as comfortable as possible. The longer they stay the more interested they generally are.
- Don’t be afraid to have another adult present at inspections. And if you are holding ‘Open House Inspections’ it is quite acceptable to have two or three adults present (no more) at these inspections.
- Follow up on any interested parties and ask if they would like a Contract emailed to them. This will give you some indication of their interest.
- Once you have a buyer you are ready to begin the negotiation process.
The Negotiation Process:
- We provide a free "How to negotiate" pack to assist our vendor's in the negotiation process of their property.
- Negotiation is a discussion between a buyer and a seller to arrive at an agreed price that’s beneficial for both parties.
- Successful negotiation is achieved by making it a win-win situation for all parties involved.
Negotiating the sale price is certainly nothing to be afraid of! It is the exciting part!
- The main criterion is to keep an open mind and stay cool, calm and collected at all times. Keep the emotion out of play!
- Don’t be too willing to accept the first offer because that’s usually what it is ‘the first offer’.
- Never divulge the fact that you have already purchased elsewhere.
- Let the buyer make the offer! And don’t under any circumstances disclose your bottom line.
- Remember; no one can force you to sell for a certain amount and no one can force a buyer to pay a certain amount.
- Negotiating the sale of your property is no different to negotiating the sale of your car, boat, caravan or furniture items.
- As long as there is a willing seller and a willing buyer a sale should eventuate.
Best-case scenario is if you have two or more parties interested in your property. This is a great opportunity for you to achieve a much better sale price. Both parties will more than likely make counter offers against each other in an attempt to secure the property. Be mindful of not getting too greedy by playing buyers against each other because the end result could be that you lose them both for a couple of thousand dollars.
Think about how you would react to a similar situation and take that into account when negotiating. There is no reason why you could not ask a family member or friend to negotiate on your behalf or alternatively our negotiation service can send an experienced professional to do it for you. We charge far less that any standard commission and we’ll be there to truly negotiate the best price for you.
The Final Process:
Once the sale has been negotiated, then simply complete our Sales Advice form that we provide you and forward it to your Solicitor or Conveyancer. From there on they look after the rest of the legal process as occurs when you employ a traditional agency.
The Best Part of the process:
It was easy!
You got a great result!
You saved yourself thousands of dollars in Commission & Agent fees!