7 Steps to Selling Privately
Selling your property privately can be rewarding and like most rewarding things, it requires some effort – but it doesn’t need to be difficult. In this article, we summarise the 7 steps most of our vendors take to sell privately with success, saving thousands in the process.
If you’re wondering what it takes to sell your property privately, look no further – we’ve summarised the fundamentals right here for you in 7 steps:
Step 1: Do Your Research
The adage that preparation leads to success applies to many things in life, including selling your property privately. Conduct research in your local area to understand:
- How much are properties like yours advertised for? And how much are they ultimately selling for?
- How long are they on the market for?
- How many buyers are interested in these types of properties? Visit some local open for inspections to gauge the level of buyer interest and take note of how many people are coming through.
- What property features are buyers attributing value to? It could be a contemporary kitchen or a spacious living area. These observations can help you work out what to focus on in the sale of your property.
- What method are these properties selling by – auction or private sale?
This research will help you set your expectations for the sale of your property so that you not only know how to value your property but whether you should sell via auction or private sale, and what to expect during your open for inspection times. Knowledge is power!
If you want assistance in setting your sale price, we offer Comparative Market Analysis reports, which can either validate your own research or save you some time in doing all the nitty-gritty research. Click here to request your report today.
Step 2: Prepare Your Property
If you want to get the best sale price for your property, you’ll need to make sure your property is presented in its best possible light. This step is all about presenting a property for sale that buyers can imagine themselves living in. Improvements you can make that can also add value to your property typically include:
- Painting both in and outdoors. In doing this, we recommend you go for a neutral colour palette. Prospective buyers like to imagine themselves owning and living in your home. A neutral colour palette allows them to do this more effectively.
- Clean, tidy and declutter your property – this is all about making a property as appealing as possible to potential buyers. According to the leading property portals (where 86% of buyers go to search for their next home), mess and chaos are some of their top turn-offs.
- Enhance your front garden – first impressions count! For your home, the first impression is given from the curb. You can enhance the “curb appeal” of your property by paving a new pathway, steps, fencing and fresh planting.
If you are up for some bigger improvements, focusing on these areas in the home can typically drive more value:
- Kitchen – updating features such as the splashback; kitchen appliances; cupboard doors and handles; or bench-tops can bring your property up to date with the latest trends and increase your buyer appeal.
- Bathroom – updating vanities and tap hardware can be effective ways to add value. A double vanity can add the luxe look that your buyers’ value.
- Lighting – Lighting is important when selling your home, as no buyer wants to live in a dark space. In addition to replacing any burnt-out globes, consider upgrading any old-fashioned hanging lights with paper lampshades, to a statement piece that provides more light. Energy-efficient lighting can also boost a property’s appeal.
- Outdoor areas – outdoor entertaining areas, such as decks and verandas, are in demand as they create an alternative space for living and entertaining.
Don’t run yourself down trying to get everything done. If you must choose, pick the jobs that will enhance the price and sale-ability of your property.
Top tip: Beware of any relevant council zoning or building infringements. Be sure to rectify the fault or obtain the appropriate certificates from council. Your buyer will want to know about these things.
Step 3: Let’s Talk Legals
We strongly recommend that you have your sale documents ready before listing your property for sale. Many of our vendors report receiving offers at their first open for inspection – so, in our experience, it’s best to be “buyer ready” from Day 1. This will empower you to accept and finalise offers immediately.
Check out our partner, lawlab – Australia’s leading national conveyancing law firm by clicking here. Lawlab will legally secure your sale, save you time and delay and take the stress out of selling.
Note: If you’re selling in NSW or ACT, it is a legal requirement that you have a Contract of Sale prepared before listing your property for sale.
Step 4: Attract Your Buyers
Never underestimate the power of a first impression. Your prospective buyers are actively looking for properties, which means they can visit several open for inspections every week. You want to ensure you are the one standing out from the crowd.
Consider the following advice to ensure you are putting your best foot forward when it comes to advertising your property:
- Professional Photos – One of the most vital aspects to creating your best, first impression is the photos you select to advertise your property. Put your best foot forward and ensure your property is truly showcased with beautiful photography so that buyers are intrigued enough to click on your listing to find out more. For this reason, we strongly recommend premium professional photography in selling any property other than land.
- Property Features and Description – Your property description is the first talking point of your property, so make sure it says something worth hearing. Remember – you are marketing your property for sale and while you want to tell prospective buyers about every single amazing feature, sometimes less is more. Focus on the key selling points and features of your home and accentuate these. You can always introduce other, less important features during your open for inspection appointments. Top Tip: Always double-check for typos. Nothing says ‘unprofessional’ like an unedited piece of writing.
- Photographic ‘For Sale’ Signboard – Capture the attention of passing traffic and let the market know that your property is legitimately on the market to be sold. Your ‘For Sale’ signboard is your 24/7 salesman, so we recommend you make the most of it.
- Upgraded Property Listing – Don’t let your property get lost in a competitive market. Realestate.com.au states that most potential buyers (57% of them!) don’t click past the first page in search results. Be seen by boosting your listing with an upgraded listing to get ranked higher in search results. It’s well worth the price to have exponentially more eyes on your listing. We always recommend purchasing an upgraded property listing in highly competitive areas.
Step 5: Host Open for Inspections
Once you’ve piqued people’s interest, you’ll want them to inspect your property. Open for Inspections are your chance to truly sell your home. Prepare in advance by making a list of all your property’s unique benefits and best features. This will help guide your conversations with potential buyers during their visit. These can include:
- The home renovations and/or improvements you have recently completed
- How your property takes advantage of natural light – for example, you may want to talk about the benefits of your north-facing courtyard
- The quality of nearby shops, restaurants and schools
- Your lovely neighbours
While hosting your open for inspections, make sure to gauge buyer interest by asking questions, such as:
- How long have you been in the market?
- What are you looking for in a property? Take the opportunity to highlight how your property meets their requirements.
- Would you like a copy of the sale documentation?
- Do you have any questions for me?
Top tip: Ask for names and phone numbers of those who attend your inspections. This is both a safety measure and a way to create your buyer database. Be sure to follow up with your buyers with a phone call – it adds a personal touch and shows that you’re professional.
Step 6: Offers and Negotiations
When someone is ready to make an offer, always get it in writing. Confirm with your legal representative (conveyancer, solicitor or buyer’s agent) how they prefer offers to be drawn up. In our experience, an email is usually enough however this is worth double-checking.
If you find yourself caught between multiple offers, well, there are worse places to be! In the event this happens, we’ve got a few tips and tricks up our sleeves for you to consider.
If the thought of negotiating with buyers makes your palms sweat, you can always consult a professional. At buyMyplace, we offer vendor advocacy and negotiation advice services where our real estate professionals help you plan the best way to achieve the highest price for your property.
Step 7: Celebrate!
Once the deposit has been paid and settlement has passed, take a moment to congratulate yourself. It’s not every day that you sell your own property and save thousands of dollars in the process. You’ve put in the work and now it is time to enjoy that rewarding feeling of accomplishment.
Let us know about your tremendous achievement by updating your property listing status and sharing your experience with us on one of our review platforms. And finally, let the celebrations begin!