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Colin Hill | 26 Jul 2018 | Advice

Is Privately Selling Your House the Best Option?

Colin Hill | 26 Jul 2018 | Advice

Is Privately Selling Your House the Best Option?

Is Privately Selling Your House the Best Option?

Selling a house isn’t as easy as putting up the for sale sign and waiting for the offers to roll in. It is often a tricky and time-consuming process, that if mishandled could result in you missing out on thousands of dollars.

The role of a real estate agent involves more than running an auction and hosting open homes. A quality real estate agent will bring with them years of experience, negotiating skills and market knowledge, all of which could mean the difference when it comes to your bottom-line.

Setting and achieving your asking price

The first challenge any private seller will face is determining what their initial asking price should be and figuring out how they’ll achieve that. Aim too high and you may fall flat. Shoot too low and you may be left empty handed.

Initially, a quality real estate agent will help you set a realistic asking price which is based on an understanding of current market data and the houses QV. After this, they will be able to design a strategy that will allow you to achieve or surpass this asking price.

Although privately selling may appear to be a good way of saving money, that may not always be the case. Buyers are more willing to push the boundaries with private sellers when negotiating settlement details. Which may result in a lost sale or a reduced settling price.

How will you market the house?

Between organising open homes, buying ad space, writing descriptions and all the legal jargon, selling a house takes a lot of work.

Creating a marketing plan that’ll do your house justice while juggling your normal day-to-day life with trying to sell a house is hard. Real estate agents are masters at designing marketing strategies. They understand what buyers are looking for, how to communicate with them and they’ll have the time to answer any questions.

Ultimately, making sure your property is put in front of the right people at the right time.

They can answer the hard questions

If you decide to sell your own houses, be prepared to face a few hairy and awkward questions. Particularly around the condition of the house or legal issues. A real estate agent shields you from these questions or any issues that may arise from the answers.

Do you understand the legal ins and outs?

Selling a house comes with a lot of legal legwork. Between reports, contracts and other legal requirements, a real estate is able to manage any legal matters that may arise.

Regardless of whether you sell privately or not, it is always wise to seek legal guidance when selling or buying a house. However, unless you have a solid understanding of contract and property law, you may stumble upon a few legal hurdles if you sell privately.

Getting people through the door

When selling a house, getting a large number of prospective buyers through the door is key. The more people that are able to view the property and envision themselves as the owner, the better the chance of selling.

Real estate agents are masters of drumming up interest amongst potential buyers. Not only do they understand the best way to market and advertise to them. They also have access to large databases of active buyers who may be interested in your house.

What’s your market knowledge like?

Although, we are constantly flooded with news and updates on the current and forecasted property market, do you really understand the current state of it? Do you know if it’s a hot or cold market? How will it look in six months, how about in one-year?

It’s a real estate agents job to keep their finger on the pulse of the housing market. They will know when it’s a good time to sell and when you should hold. Their market knowledge is almost invaluable when selling your house.

How are your negotiating skills?

In order to get the price you desire for your house, you may need to go through several rounds of negotiations. This can be tough when you are emotionally invested in the outcome.

Real estate agents, while having your best interests at heart, are not necessarily emotionally invested in your house. This allows them to objectively focus on ensuring you get the price you deserve and then some.

Selling your house is a big decision, especially if it’s your first home. Although using a real estate agent may not be for everyone, their experience and knowledge will definitely give you the upper hand throughout the process.

If you are unsure about how you should go about selling your house, don’t hesitate to contact one of our friendly and experienced advisers today!

 

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