Published at Friday, February 01st, 2019 - 12:34:26 PM. House. By .
How To Sell Your House By Yourself: A Short Guide Selling your house is something youll have to do maybe just a few times in your life. And unless you know a local real estate agent who will sell your house for free or a hugely discounted commission... it can be a real pain in the rear and an expensive process for you as well. So... you landed on this page about How to sell your house by yourself because of a few reasons Im guessing... • You have no or very little equity in your house so you cant afford to pay a real estate agents commissions • You have equity but want to try to save money selling the house yourself before you resort to hiring an agent • Youre in foreclosure (or heading that way) and just need to sell fast without incurring thousands in agent commissions • You cant wait the months and months it sometimes takes to sell a house in your area, so you want to try to sell it more quickly Whatever one you land in... there are ways to sell your house yourself in your local real estate market. Since 2013, the housing sector has been experiencing a major recovery. Selling your house at this time will definitely be profitable if you do it right. In most cases, it is about using smart marketing strategies and being realistic about your expectations on what you want to achieve with this sale. This article will provide some guidelines to help you sell your house yourself. How To Sell Your House By Yourself - Lets Dive In Know The Real Estate Market Well The first and most important step is doing a market research on your neighborhood. This step involves visiting various home marketing sites (Zillow, Eppraisal, Redfin, etc), calling a real estate agent or two to see what your home is worth, or reading about the various market pricing techniques. Proper homework on these issues will allow you to come up with a right price for your house and also helps you to avoid making certain selling mistakes. If you dont want to hassle with trying to come up with a home value yourself... contact a local cash home buyer. Theyll be able to give you an honest fair valuation of what your house is worth in its current condition. And most cash homebuyers can make you a fair all-cash offer on your house within 24 hours, to give you that option of selling quickly (most cash homebuyers can close within 14 days). Assess the market This step is almost similar to conducting market research, only that in this case, you are bound to your neighborhood and similar houses. Are there lots of houses for sale in your neighborhood? If so, what is the average that they are listing for? Are there lots of foreclosures in your neighborhood? That may drag your house price down. Assess the house As a seller, your house should be in top condition or shape in order to sell at a good price. Identify certain unique characteristics about it and emphasize them during the marketing. For example, a house with garage parking may be more attractive to buyers compared with one with driveway parking. Also, does your house require repairs? Does it need to be repainted inside or out? How is the condition of the roof? Is the landscaping in good shape? Is the house outdated at all? (you know, those popcorn ceilings. All of these things can make the house more attractive or less attractive depending on the buyer... which changes the price theyre willing to pay. After all of this... come up with an asking price for your home that is fair... isnt so high itll take you 12 months to sell the house... but is attractive so you get a frenzy of buyers who are ready to buy it quickly. Use Photos or Videos Buyers are obsessed with media. Taking walk-through videos of the house and using the videos to advertise will enable you to reach a wider market. In fact, these videos are considered more transparent than taking photos. However, this should not stop you from using the latter option since it is more affordable compared to the video. So take some great pictures. Take a picture of every room in the house that helps show it off. Take a picture of the house from the outside in a few different angles... people want to see the house before they ever show up to see it. So having great pictures of your house online could be the difference between getting the right buyer quickly... and waiting months and months to sell. Get Your House Listed On The Local MLS And Market It You can find no or low fee real estate brokers these days who will charge you a few hundred bucks to put your house on the local MLS. This gets your house in front of all of the real estate agents quickly (so be prepared to pay those buyers agents a 2-3% buyers broker fee if you plan to have their support in helping you find a buyer. Place ads in the local newspaper, signs on the roads, and hold an open house. All Of This Sound Like A Lot Of Work To Sell Your House Yourself? It can be. And in the end, many homeowners think theyre saving money and time by marketing the house themselves... when in the end it costs them more money to go that route. When you sell your own house here are some things you need to consider... • If youre not a good marketer or arent ready to spend a bunch of time marketing your house right... selling it yourself may not be your best bet • If you dont do a good job preparing the house and the marketing materials... and working with buyers to really build the value of your house in their minds... you may actually sell the house for 3-8% less than you may get for the same house an experienced person marketed the house for you • Too many sellers never think about holding costs or opportunity costs... every month that your house doesnt sell means another mortgage payment, tax payment, insurance, utilities, etc. If your mortgage payment is $1,500/mo... and $1,300 of that is interest... if it takes you 7 months to sell your house... that cost you an extra $9,100 (not to mention taxes and insurance you paid during that time). So, if you were able to sell that house more quickly... would it make sense for you to provide a buyer a discounted price today so you can close quickly and move on? Something to think about. A local cash home buying company can give you a fast offer for a fair price.
How to Sell Your House Privately : To sell your house privately can be an exciting challenge for most people but can also be a daunting task especially if youve never done it before. While selling your house privately is never as easy as you think, its certainly a feasible way to avoid paying thousands of dollars in commission to a real estate agent. If youre confident you can do it or just want to give it a go, youll need to know the ways in which you can market your house so that you receive a quick hassle-free sale as well as achieving the best sale price possible. Here are several ways that you can market and sell your house privately... Sell Your House Privately - Tip # 1: Internet The Internet is probably the most utilised form of contact for buyers looking for a house so you should have your house listed on the Internet, but on probably no more than two websites (any more than two is unnecessary). Unfortunately the major sites realestate.com.au and domain.com.au dont allow private sellers to list their houses for sale. However there is a loophole...several private listing real estate websites actually subscribe as members to the above websites. So if you list your house with these private listing sites theyll automatically list your house on whichever of the major two sites that theyre subscribed to (for a price). Otherwise you can simply list your house for sale on a private sale website such as PrivateSales.com.au. Sell Your House Privately - Tip # 2: Flyers/Leaflets According to statistics, something like 80% of homebuyers buy a house within 5km of where they currently live. This being the case, its a great idea to create your own flyers using Microsoft Word or Microsoft Publisher and have them printed professionally by a printer. Flyers are usually dirt cheap so shop around for the best deal. Youll probably need around 5000 to make a splash in the area (in metropolitan areas) and something like 15,000 flyers would create a good coverage of your local area. You can deliver them yourself (if you have the time), or you could use a mailbox distribution company such as Salmat or PMP Distribution (These are Australias two largest distribution companies). Your cost of delivery will probably be a minimum of 5 cents per flyer under a certain delivery amount (say 30,000). This is quite cheap when you consider that youd either have to deliver them yourself (you could probably only deliver a few hundred per day) or have to pay a commission to a real estate agent. For ideas on how to design your flyers, simply copy the best ones that you receive in the mail from the larger franchised agencies such as Ray White, LJ Hooker etc. Remember to use a catchy headline at the top of your flyers eg. HUGE family house on a BIG 1200sqm block. Expect a 1% response rate on your flyers eg. Deliver 5,000 flyers and you likely receive around 5 calls. Sell Your House Privately - Tip # 3: Newspaper Newspapers are the most traditional way of advertising a house for sale. There are two ways you can advertise in the newspaper. You can have a display ad which is simply a picture ad along with a certain amount of text allowed (these are the most expensive ads but you can specify the unit size of the display ad from a small one unit up to an entire page depending on your budget). The other type of newspaper ad is a classified ad. A classified ad is a text-only ad that allows headings, bolding, underlining, bordering and even some coloured text to make the ad stand out. All of these features come at an additional cost but classified ads are the cheapest types of newspaper ads available. Prestigious and/or expensive houses usually work best as display ads since this is where your target buyer is looking for these types of houses. Sell Your House Privately - Tip # 4: Magazines Advertising your house for sale in magazines is a more niche way of advertising your house simply because magazines usually have a specific niche that theyre targeting their publication to eg. Country Property Magazine. This is not necessarily a negative; in fact it can be very positive because you have more qualified homebuyers looking in these publications for a house. Most magazines will have display ads as well as classified advertising available; again it depends on your budget as to what ad youll use. Sell Your House Privately - Tip # 5: Word of mouth Word of mouth is often overlooked as a possible way to market a house. You can spread the word through family, friends, workmates, business colleagues, schools, membership clubs that youre involved with, sporting teams. You could create some flyers and hand them out, send out a broadcast email for friends to forward or even organise a private open house for friends and friends of friends. Sell Your House Privately - Tip # 6: Signage Signage is a great way to attract local interest in your house. Itll create a stir in the neighbourhood and may even help you achieve a sale if one of your neighbours friends wants to move to the area. You can have a sign made by most printers; the material or product to ask for is a corflute sign to advertise a house for sale. Most printers are probably involved with a local real estate agency and create them often. It may set you back a few hundred dollars but shop around and see what you can do. Sell Your House Privately - Tip # 7: Open House Your end goal with all of your marketing is to get potential buyers to inspect your house and one of the most common ways for buyers to inspect houses for sale is through open houses. They offer buyers a somewhat anonymous way of inspecting a house without any sales pressure. Its a great way to screen buyers to see which ones are ready-to-buy so that you can spend the most time with those buyers. Create your own Inspection Register and get the names and contact numbers of everyone who inspects your house. This is not only good for the sales process but also for general security of your house. Have a set presentation for when you first meet potential buyers to let them know about some of the features of your house. Its a good idea to have brochures or flyers on hand to give to buyers. Questions to ask potential buyers are: Have you been looking for a while or are you just getting started? (if theyve just started looking they will need to be educated about prices in the area. They can potentially be time wasters as they dont have any reference points to compare your house with others. In addition to this, the type of house they think theyre looking for could be completely different from the one they actually buy after theyve completed some research. Are there any features that you particularly like about the house? How does this compare to other houses youve seen? Sell Your House Privately - Tip # 8: Investor Groups There are always investor groups or buying clubs that have a database of members that are constantly on the lookout for investment opportunities and could be suitable for you to approach to sell your house. A few downsides to these groups is that theyll want to buy the house for the lowest possible price and generally wont be emotionally driven to buy the house which can affect your end selling price or even negotiating power. If you have a particular urgency in selling your house then this option could be for you. A lot of these types of clubs promote the fact that they buy houses for cash with a quick settlement period. Several of these groups include WeBuyHouses.com.au and The Investors Club Sell Your House Privately - Tip # 9: Postcards Postcard marketing is a more unique and modern way of promoting your house for sale. They work the same as flyers except that your ad is printed on postcards that are then distributed to letterboxes. Its best to have them distributed by companies such as Salmat and PMP Distribution. Sell Your House Privately - Tip # 10: Publicity Publicity is probably THE most underutilised way to sell a house privately (or through an agent). Publicity is great for a number of reasons; first of all, its free, and secondly and most importantly, publicity promotes your house from a third party perspective. Instead of you saying my house is so great... you have a third party saying this house is great, you should go and see it!.
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