DIY selling- can you handle it?
One could be forgiven for thinking that selling a property in today’s market would be relatively easy, especially if you’re selling in a thriving and active growth capital city like Sydney. Days on market are at their lowest for a decade in some suburbs, selling agents are asking for final offers within hours of a first “open for inspection” showing and seemingly making the process look simple. But is it that easy? Behind the scenes, despite how it appears, most good professional selling agents put in a great deal of work in obtaining listings, organising marketing, exposing property to the widest field possible, dealing and liaising with all parties (not just purchasers and vendors) to obtain the very best outcome for their clients.
If you wanted to potentially save money, however, and adopt a DIY approach to selling your own property, be sure that you are 100% ready. Dealing with buyers may just be a little trickier than you think, when you’re on the other side of the transaction! Here’s my top tips for ascertaining if you are up to the challenge of selling privately:
1. Be prepared. Not only physically, with a well-presented property, but emotionally so that you are able to remove yourself from the property and approach selling with the professionalism it deserves. Buyers will criticise, find fault and you need to be ready to handle and address this accordingly.
2. Organise your marketing like a pro. Maximum exposure is essential if you are to obtain the best price outcome for your property. If you’re not advertising online via the two major portals (realestate and domain) you may as well not be advertising at all. Also consider print advertising, flyers, signboards- all add up to increase the number of buyers and create competition.
3. Have a script ready. Professional selling agents know their properties well, and are able to wax lyrical about features/selling points to buyers, creating a sense of urgency and ‘want’ for a particular property. Focus on the positives of the property and role play ‘selling’ with family members and friends to sharpen your skills here. After all, you are taking on the role of a seasoned salesperson. Overcoming objections, both on property and price points is going to be required here.
4. The art of negotiation. It goes without saying that if you are uncomfortable/awkward about this part of the process then you shouldn’t be privately selling. Not everyone is cut out for this process, hence Australians preference for getting a third party to handle property transactions. You need to be on top of your game, especially if their are multiple interested buyers. Managing this process effectively can easily make a difference of thousands, so be sure you are able to negotiate between all interested parties to draw the highest possible purchase price (and terms) from your sale.
5. Be realistic on price. We may all think our property is worth more than our neighbours, but if you price inaccurately or use the wrong pricing strategy to draw out buyers, you run the risk of ending up with a stale sale. Make sure you know the market and price accordingly.