The idea of selling property privately has caught the fancy of every home seller as it has many advantages over selling through a real estate agent.  The major advantage is you can save thousands of dollars on agent’s commission. You can also have total control over the whole process without the intervention of a third party. There is no need to go through the chore of showing the property to the agents. Some extensive research and effort can bring you success when it comes to selling property privately quickly and also for a decent price.

The price

You can price your property slightly above the market price so that after negotiation you may get the average price.  To price your property correctly, you use the services of an independent licensed professional to value your property. The property is valued generally based on the location, size, condition and style of the property and if it is in the buyer or seller market. In the buyer’s market you must price your property competitively to compete with similar properties on the market at the same time. In a seller’s market you can add 5 to 10 percent more to fix your asking price and negotiate it towards the average price you have worked out.  The price you get will depend on how well you negotiate with the prospective buyers.

Negotiation

When asked by a potential buyer if you will sell for a certain price, you should politely tell them that you can consider all the reasonable offers in writing.  Oral promises are not accepted as legal.  

The contract of sale

The written proposal is also called a contract which must contain the following:

• The address and legal description of the property
• Sale price offered
• Closing date
• List of terms – Example: subject to satisfactory structural report, pest report and obtaining a mortgage for a specific amount
• Other legal requirements specific to the state

Advertising

Effective marketing and advertising your property through a variety of channels is essential to achieve a quick sale and good price in selling property privately. Your advertisement should contain a detailed description of your property highlighting all the positive aspects and selling points to get more buyers interested.   You can also use the oldest form of advertisement – the word of mouth through your neighbours, relatives, friends and associates as this is very powerful.  The ‘For Sale’ sign board is a good too as the local residents are potential buyers.  Many websites dedicated to ‘For Sale by Owner’ provide a wealth of information, tips and assistance in your efforts in selling property privately. Most of them are free to use and you can make the best use of these resources.

Preparing the property for sale

Needless to say, you need to do some ground work before you make an announcement about selling property privately. You have to ensure that the house stands out from all the others in the market especially the agents know how to present the homes to buyers professionally. Make sure all the fixtures and appliances are in working condition or carry out repairs for the defective. These small steps in selling property can add more appeal to your house and also add to the perceived value of your property.