In fact, it's far more likely to take a toll on you, your job and more importantly on your relationships. It can deplete your energy levels, take longer than expected and not even achieve a good sales price and what's worse is that you could even end up with legal problems! So if you are considering selling your home yourself you'll want to be sure to take the following information into consideration. Let's face it, your home is likely to be your number one asset and selling it will be one of the most important financial transactions you'll make in your life. Maximising the sale price and profits has to be your main focus and you're going to need expertise in all of these areas:
Many home sellers sadly believe that marketing their home is simple and that their property will sell fast because it's better than everything else on the market. They believe all they need to do is upload a few images to the internet and they will get loads of enquiry. Unfortunately, no matter how beautiful their home is, how good the photos are, how well their property is presented buyers are very well educated and are always scrutinising property on price. But you know, it's not just about price either. In fact, it's all of this plus how and where the property is marketed. Unless the seller is on page one or page two of the search results, they have done what Google says and built a billboard in the forest where no one is going to notice it. Buyers don’t sit on websites and go to page 10 of the search results. Relying on 'cheap' marketing campaigns will only lead to poor search results which means little or no competition which in turns means less profit.
For example, if you have a gorgeous home that is beautifully presented but the asking price is wrong, the marketing is poorly done or worse non-existent the results will be low activity on your property and you end up selling below market value. On the flip side, if you price the home well and market it well you are likely to achieve high activity, creating competition resulting in solid offers in a much shorter period of time which a good agent can then negotiate upwards even further. So, saying “my home will sell well” is irrelevant if you don’t market your property correctly and a good real estate agent will have the knowledge to do this. A good agent will know the local market, identify the target market but more importantly... know how to attract and work with them. Spending even $100 on advertising your property without such knowledge is like flushing it down the toilet. It’s insane. Incidentally, it will cost you more to advertise anyway because agents are entitled to reduced prices and better positioning as they advertise frequently. Agents can also obtain free editorial, have access to a large network of agents who will be able to introduce buyers to your property as well as qualified buyers within their own database (which every great agent will have). Seriously, you will be on your own with no experience, limited knowledge and a lack of tools. Even before you get a chance to have your first Open Home, you could end up on page four and be a billboard in the forrest. Are warning bells sounding yet?
Some people have excellent negotiating skills in dealing with others. If you are thinking about selling your own home then it is possible you consider yourself one of these types of people. However, it's a know fact that trying to mix business and personal issues often provides poor results. Most agents I know will select another agent to sell their own property ensuring emotions are kept at bay. It may be difficult to hear criticism about your beloved home but what may be even worse is that buyers know you are the owner and won't want to tell you what they really think in fear of hurting your feelings. After all, it is natural to be defensive and protective of your property. If this happens, you may loose the buyer altogether.
To negotiate you need to be available, knowledgable, objective and confident. Buyers expect you to be highly professional with every single phone call, appointment, open home, text message and email. You need to be able to identify all different kinds of personality types, keeping in mind who your target demographic is and sell the home accordingly. You need to ascertain what is important to the individual buyer and careful not to 'turn off' a buyer with too much irrelevant information which may be important to you but not to them. Knowing what your buyer wants to hear is a great skill that top agents acquire by actively honing their skills daily.
The time involved to manage the buyer enquiry for a successful sales campaign can be overwhelming. Missing just one call can be costly. If you have marketed it correctly it could turn into a full time job. With no or limited real estate experience you won’t know how to qualify the good buyers from the tyre kickers… you will end up working countless hours for what appears to be no result. So be sure to plan to take time off work for the duration of the sale. If you don’t, it will be inevitable that buyers will consider other properties even before able to inspect yours.
Selling your home is far more than all of the above to get a good price. There will be more paperwork you could ever have imagined, some very strict and non negotiable legal procedures that must be adhered to especially when taking a substantially large amount of money, the deposit. Before taking your property to the market make sure you are clear on all the things you can do and cannot do. Knowing the laws are paramount as you could end up with serious problems. You also need to understand the many and varied terms and conditions that buyers will present along with their offers and how each will affect you. These can be difficult to understand and counter negotiate. An agent will be able to assist you understand such terms and conditions and ensure you are not taken advantage of. So, if you are thinking about selling your home privately, I urge you to reconsider. This will be a stressful time for you even with an experienced agent. Choose your agent wisely and you will end up achieving the best possible price for your number one asset.
ONE Wise Choice
ONE Agency Pinkerton Property