Should I sell my house privately?
PUBLISHED 2 JUL 2017
Many people have their reasons for not really wanting to involve Estate agents when they sell their house. They may not like the local agents for whatever reason - they may just not like dealing with Estate agents on a personal level, but usually the main reason is that they feel that traditional Estate agency commissions are exorbitant and they can save a lot of money if they make the effort to conduct a private sale. Fair enough, but in trying to help you to realistically answer this question – “Should I sell my house privately?” - We think you should consider these important points...
It needs to be correctly priced – The biggest mistake any private seller can make and the reason that most sales take far longer than they should, is that the selling price of a property needs to be correctly valuated. Most sellers over estimate the value of their own property as they have, over the years, been ill advised about its true value by local Estate agents just trying to pick up a sole mandate to sell it. Don’t be fooled, correct valuation of a property at the time of selling is vital and can make or break your sale. Consider this – If you have been trying to sell at the wrong price for months and months, potential buyers who are always studying the market, start to wonder why your property has not sold and get suspicious that there may be something wrong with it!.
You’ll need legal guidance – In a private sale, the Conveyance or transferring Attorney becomes an even more crucial component to the sale. It is he/she who will draw up the offer to purchase, hold the deposit and ensure every facet of the transaction proceeds smoothly and correctly until transfer of the property is completed. It is usually the Estate agent who does most of this and appoints the transferring Attorney, so this could be something you may have to deal with yourself.
It still needs to be listed – Let’s face it, you cannot sell a house without marketing it. The buyers out there need to know it’s on the market and as soon as possible it needs to be listed. If you are not using an agent you can pay for and try to use advertising boards (Your visibility is severely limited using this method) or pay for expensive print advertising ...not much point in trying to save on commissions if you are to go down this road! ...
Online property agents - Thankfully you have another option and it is your best your option as a private seller. You can cover all of the aforementioned issues by connecting with a reputable online property agent who will, for less than 2% (dependant on the sale price), list and market, valuate your property and give great legal advice, or point you to the right legal people. Over and above that, a specialist online agent like JVP properties will also screen prospective buyers, make appointments, negotiate between buyer and seller, draw up the offer document and manage the transfer process until registration. That’s pretty incredible considering you are a private seller, free to deal with whom you like and pay a pittance in commission!
So the answer to your question “Should I sell my house privately?” is a resounding yes – and it will be a pleasure if you partner with a good online property expert. Contact us and we can tell you more.