DIY Property - How To Sell Your House Yourself
Tuesday, 15 January 2008
We have the ultimate in property hints and tips to show our viewers how to cut out the middle man and perhaps save some money in the process.
Liz O'Kane is here with a DIY Property case study and will give us her top tips for selling your house yourself.
Top Tips for Selling Privately
The most obvious advantage to selling privately is the savings you make on commission.
On an average house price of 300,000 euro where the commission charged is 1 ½% plus vat you will save over 5,000 euro by selling your home yourself. The higher the value of your home or the higher the commissions charged (3% in some parts of the country) the more you will save.
The seller is in control of the entire process
As a private seller you can show your home as often as you like and you can stipulate the times. You also have no other homes to focus on selling, except your own. You are in control of all bids that come in, all the feedback is firsthand rather than being told by an auctioneer and you control all negotiations to bring the sale to a conclusion.
Selling your home yourself means that your home is being shown and sold by the expert - the owner
Who better to provide an informed viewing of your home than you, the owner, the person who can highlight specific attractions and benefits of your home and also of your neighborhood?
A private seller may sell more quickly
If you are in a hurry to sell quickly, as a private seller you may choose to price more competitively. Because you are saving thousands on commission you may decide to use some of that saving to reduce the price of your property so it sells quicker, while still making the same (or more) profit as selling at a higher price through an auctioneer.
Buyers are attracted to private sellers
Feedback from privateseller.ie clients in recent times, shows that properties selling privately attract more enquiries than those selling through an auctioneer. Why?
Dealing directly with the seller appeals to buyers because they can
1. Feel they have a more trusting relationship with the seller.
2. The entire communication process is faster as the buyer is not dependent on a third party to deliver and return bids or negotiation messages.
3. The buyer is not at the mercy of a third party to represent his interest to the seller or to negotiate objectively and solely for him.
What are the legal issues involved?
A pirvateseller.ie survey showed that 8 out of 10 people thought that auctioneering and the legal aspects of selling a property were linked. This is not the case. Vendors are advised that they can legally sell their properties themselves but always retain the services of a solicitor to complete conveyancing.
A vendor may also sell privately even though they are in a sole agency situation with their estate agent (unless specifically otherwise agreed). A sole agency gets a commitment from the vendor not to sell through another agent. However, the home owner can still sell their home privately and independently themselves and avoid the agent's commission. If there is an estate agents board up and a private seller board, the potential buyer is likely to contact the seller directly than go through an agent.
What websites are there to assist?
Websites where you can advertise your home privately and that offer advice and help for private sellers are: www.privateseller.ie (the best) www.youbuyfromme.ie and www.sellityourself.ie You can also advertise privately on www.daft.ie
How many of us are actually doing it?
Estimates of how many people are selling privately in Ireland hover at around 10% of all residential property sales.
Sellers advertising on the privateseller.ie website increased 10 fold by 1000% in 2007 - so the selling public is definitely up for giving private selling a go!
There are currently 1100 properties listed on privateseller.ie
Approximately 65% of sellers using the service were previously with an auctioneer, so there are properties selling that auctioneers failed to sell.
In January there was a 400% increase in developers contacting the private seller website.
Around 30% of all property sold in the USA is sold privately
What do the auctioneers say?
Norman Gray is a small independent agent based in Ranelagh and his view is as follows:
One of the main advantages that the estate agents offer is a personalised service that removes all the advertising and sales pitch hassle from the vendor.
In a smaller firm you're likely to be dealing with the Principals rather than junior members in larger companies so the focus will be sharper.
Another factor that the smaller agents have as an advantage is that they're often dealing with a smaller number of properties so it's a bit like smaller numbers in a school classroom e.g. you get better attention.
The smaller agents can often provide a greater deal of flexibility in both the advertising packages and the fee structures and very often can produce sales faster than the bigger agents.
Many potential buyers prefer dealing with small independents as they will deal with the same person consistently
Any downsides to selling it yourself?
If you are not a natural sales person and are neither a good negotiator - you will need an auctioneer to sell your home!
Help Sell My House Appeal
Do you need help selling your house?
If so our property expert Liz O'Kane is here to help. She will come to your house, cast her expert eye over your property and help bring your sale to a faster conclusion.
So if your property has been on the market for a long time or you're about to put your property up for sale but don't think it's ready; Liz will give you tailored advice that's bound to speed up the sale!
To apply: Send us photos of your property (inside and outside), plus your name, address and contact numbers to: Send all of your information to firstname.lastname@example.org with Help Sell My House in the subject line.
Or you can post them to us: Help Sell My House, The Afternoon Show, Montrose House, RTE, Donnybrook, Dublin 4
Send them in as soon as possible as Liz will be filming around Ireland in Jan & Feb