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How Does Selling Your Home Privately Cut Costs?

Selling the property and cutting costs

There’s no doubt about it, selling your home privately can land up saving you a lot of money - if done so correctly, that is. If done well, you could save around 7% of your total selling price which would have otherwise gone to an agent’s commission fees.

The potential downsides of selling your home privately

However, there’s a reason that on average, only 5% of people land up listing their property privately. Most likely, the percentage is so low because the process to sell your home can take up to 6 months or longer, and people selling privately might lose patience or simply not have that amount of time to dedicate towards it.

Another potential reason you may want to go with an agent instead, is that although going privately may save you in commission fees, you may land up losing money in the long run if you make a costly mistake, like pricing your home incorrectly, for example.

The possible upsides to selling your home privately

However low 5% may be, you should not be discouraged to take things into your own hands. After all, you know your home best, and this can actually help you gain an advantage. You just need to prepare yourself for what you’re getting into. Set your expectations appropriately to avoid getting disappointed. As mentioned, selling a house takes time, especially if you’re going to do everything yourself.

The main upside to selling privately is, of course, saving on the commission fee mentioned before. However, it also opens up the opportunity to place your home on the market without factoring in these fees, meaning you can offer your home for a cheaper rate than your competitors without losing money - potentially increasing your chances of selling.

So, how do I go about selling my home privately?

Although the idea to sell your home privately can be overwhelming, there are steps you can take to make the journey easier. Essentially, you’ll need to do the job of both the estate agent and the homeowner. This means that ideally, you’d want to have a look at what they do and mimic it to the best of your abilities.

First, you should do research into what other properties similar to your own, are selling for in your neighbourhood. This way, you can get a good idea of how to accurately price your property. Be sure not to overprice your property, as this may make it impossible to sell.

Secondly, you’ll want to take note of all the highlights your home has to offer potential buyers, as well as all the basic details like the number of bedrooms and bathrooms, as well as the price you settled on and the property’s size. You should also take or have someone take professional photos to showcase your home in the most attractive way possible.

Once you have the above nailed down, you’ll need to list your property on the main property websites in your area - think Property24 if your home is based in South Africa, for example. Be sure to include your written details about the home as well as the pictures and your contact details.

Prepare yourself for the reality of your home actually receiving an offer and selling

Prepare yourself and your home to invite those interested in the property to come by and view it for themselves. You’ll need to show them around and also provide and answer any questions about the property that they may have.

Many interested buyers will try to negotiate the asking price, so it helps to prepare yourself for this, too. Know your house’s worth, and don’t be afraid to turn down offers that go below it unless you really need to sell it in a hurry.

Finally, you’ll want to seek out the guidance of a skilled attorney who also deals with property law. They will help you finalise the sale and make sure that everyone involved receives the appropriate documents.

Are you looking to promote your business?

South African real estate businesses can create their free business listing on nichemarket. The more information you provide about your business, the easier it will be for your customers to find you online. 

Registering with nichemarket is easy; all you will need to do is head over to our sign-up form and follow the instructions. If you require a more detailed guide on how to create your profile or your listing, then we highly recommend you check out the following articles.

Recommended reading

If you enjoyed this post and have time to spare, why not check out these related posts and dive deeper down the rabbit hole that is homeownership.

Tags: Real Estate , Homeownership

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