7 Steps to Selling Privately
Success is the ultimate consequence of consistently applying the fundamentals.
So, you’ve decided to sell your property privately and you’re ready to go, but you can’t quite figure out where to start? Not to worry, we’ve got your back.
Good on you for deciding to take matters in your own hands. In fact, we’re quite proud of you! To help you get started on the right foot we’ve created a comprehensive guide to help you understand the fundamentals of selling your property privately.
Step 1: Do Your Research
Make sure you understand your local market’s recent performance. We’re not saying you should become an expert, but do your best to understand the gist of it. Ask yourself how recent performance may affect your property’s sale price, or how long you should expect your property to be on the market. Investigate recently sold properties that are comparable to your own. How much were they advertised for? How much did they sell for? How long were they on the market? This research will help you set your expectations for the sale of your property so that you know what you’re in for.
If you decide to sell with buyMyplace, we offer Comparative Market Analysis reports, powered by Core Logic, which saves you doing all the nitty-gritty research. Alternatively, there are plenty of online resources that will help you in valuing your property.
Step 2: Prep Your Property
Remember all those little jobs you keep putting off? Well, it’s time to get started. 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.
Your ‘to-do’ list may look something like this:
- Painting both in and outdoors. If your property is lined by wooden fencing, give it a fresh coat. If you’ve chosen loud and bold colours for the bedrooms, consider painting them a neutral colour. We might sound crazy, but not everyone loves a bright Magenta bedroom.
- Clean the windows, scrub the floors and deep clean the carpets.
- Mow the lawn and touch up the garden.
- Triple check that plumbing and all appliances are in working order.
Don’t run yourself down with trying to get everything done. If you must choose, pick the jobs that will enhance the price and saleability 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
If you’re selling in NSW it is non-negotiable that you need a Contract of Sale prior to putting your property on the market.
Even if you’re not selling in NSW, we recommend having your Contract of Sale ready to go. You wouldn’t want to lose out on potential buyers because you weren’t prepared for the legal side of selling property, right?
To all our WA folk, this means you’ll need to get in touch with your settlement agent to get started.
Step 4: Attract Your Buyers
An agent is going to try and sell you on the dream of having access to their ‘existing database of buyers’. Let’s be honest though, every single one of those people is still actively looking for property on their own. And, with 86% of people using the internet as their main method of searching for property, your pool of potential buyers matches any agents’ database. All you need to do is ensure your online advertising efforts make a statement.
Consider the following advice to ensure your property advertisement is in full force.
- Professional Photos – First impressions matter and that’s not likely to change anytime soon. Make sure your property is truly showcased with beautiful photography so that buyers are intrigued enough to click on your listing to find out more.
- Property Description – Always double-check for typos! Nothing says ‘unprofessional’ like an unedited piece of writing. Your property description is the first talking point of your property, so make sure it says something worth hearing.
- Photographic ‘For Sale’ Signboard – Capture the attention of passing traffic. Your ‘For Sale’ signboard is your 24/7 salesman so make the most of it! If your property is in a cul-de-sac then a small sign will do. But if you get lots of foot and car traffic passing by your home go for gold.
- Upgraded Property Listing – Don’t let your property get lost in a competitive market. Realestate.com.au states that 57% of potential buyers don’t click past the first page in search results. Boost 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.
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.
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 conveyancer how they prefer offers to be drawn up, though an email is usually enough.
If you find yourself caught between multiple offers, well, there are worse places to be! Plus, 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 professionals help you plan the best way to achieve the highest price for your property.
Step 7: Celebrate!
Once the deposit has been paid, the ink on the contract has dried, 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 conquered a huge feat and you should be extremely proud.
Let us know about your tremendous achievement by updating your property listing status. And finally, let the celebrations begin!