You’ve chosen to sell privately, but that doesn’t mean incurring any costs at all. It means far lower costs. But don’t scrimp entirely. Some aspects of marketing just aren’t negotiable.
Many owners believe that they are capable of selling their properties without the assistance of estate agents – and they probably are. But if you’re wondering whether or not to take this route, it’s vital to bear in mind that an educated marketing plan for the property is crucial.
It’s a waste of time and money advertising to the wrong market, and in addition, you need to look professional. When the financial stakes are as high as they are when buying a property, buyers become uncomfortable if faced with a process that looks and feels amateurish.
The good news is, with the wealth of professional assistance now available to lend a helping hand to private sellers – literally from A to Z – selling privately does not mean selling alone.
How do you sell your house privately?
Listing your property on a reputable website – ideally with the option of a video or virtual tour and floor plan – is vital. For your listing, you’ll want to display a comprehensive range of photographs, a detailed description of the property, and ideally, a map showing the area.
Big savings on commission
Realistically, the reason to sell privately is based on the perceived cost saving. Just do the math on the commission you’re liable to pay the estate agent who successfully closes the sale – the industry norm ranges from five to 7.5 percent – and compare it to the far lower cost of selling privately.
Selling privately is perfectly possible, but you need to ask yourself if you have the time and temperament to give it the attention it deserves. Show days are an important part of a marketing plan and, as onerous as you may find them, you need to be prepared to do them. You need to be able to distance yourself to the extent where you can sell your own home in a dispassionate way.
Where to start?
Properties that are poorly-advertised, overpriced, and a host of other factors, will linger on the market and become overexposed. The market becomes weary of them, and sellers can find themselves unable to regenerate interest.
Making mistakes can cost you time, money and untold stress.
Do your homework. In most instances, it makes sense to trawl the Internet, speak to others who’ve gone this route, and contact a company that specialises in helping private sellers get it right, like Private Property. They aren’t relying on a house to be sold in order to be paid, so their key focus is on providing superb service – it’s the platform on which their reputation stands or falls, so it’s in their best interest to assist you in putting your property out there, in the right way, to the right buyers.
For you, the seller, it’s comforting to know upfront what your marketing costs will be. Some private sale companies offer a standard service, others have different tiers of packages at different costs for a range of services. Some, depending on the package that you choose, can advise and assist you on absolutely every aspect of the sale, even helping you to price your property correctly and providing professional For Sale and On Show boards.
READ MORE: There is no catch to selling privately
Create a marketing plan
Listing your property on a reputable website – ideally with the option of a video or virtual tour and floor plan – is vital. For your listing, you’ll want to display a comprehensive range of photographs, a detailed description of the property, and ideally, a map showing the area.
This way, prospective buyers are able to get a comprehensive feel for your property before they view it. Conversely they also save you from the time-wasting (and disheartening) task of showing your home to buyers who didn’t have enough information to know that it just isn’t for them.
It stands to reason that the early days of your property being on sale are the most important. It’s a new “listing”, so those buyers who’re seeking a property in your price range/area, need to be alerted via SMS or email instantly. That’s why a marketing plan needs to be designed beforehand – nothing piecemeal – so the strategy you’ve chosen speaks to the marketplace with one voice.
In addition, you might consider advertising in your community, provincial or national newspapers. Investigate the costs – it’s cheaper to run a campaign than to place single adverts, so ask about those bulk rates or special offers.
Selling privately – not selling alone
Drawing up a plan can be daunting, but tackle it methodically and it’s very straightforward. With your list of criteria, you can either select a partner to assist you to sell your home – a company specialising in this – or do it the other way round. Do some work on the Internet, find a company that you feel answers your needs, and ask it to help you establish your marketing plan.
In conclusion: How to market your property yourself
- Get advice from property experts
- Speak to people who have sold privately before
- Create and stick to a marketing strategy
Private Property provides a convenient portal to market your home by listing the top deals and beautiful homes actively on sale right now
