Private House Sales
Private house sales are essentially the same as a for sale by owner. The main benefit is avoiding the hefty percentage fee, charged by a high street agent on the sale price of your home.
It can be a great way of maximising the profit on the sale of your house but there are a few things to consider. The workload is vast and there are a number of areas that often get overlooked when deciding to go it alone and sell your property yourself.
If you’re selling, you’re likely looking to buy a new home, so if you do choose to sell your property yourself, we’d highly recommend getting support for your mortgage with our Mashroom Mortgage advisors. Getting a mortgage is just as complex as selling and trying to do both yourself could easily overwhelm you. Pick your battles and book a call with one of our advisors today to get their support on the other side of the process.
1. Set a reasonable asking price
One of the main reasons behind a property failing to sell can be the price. Making sure you value your home correctly is essential, to avoid it being sat on the market for months on end with no interest.
Although the internet has gone some way in helping to remedy this issue, it is highly recommended to consult a professional to ensure you are asking the correct price.
The market is constantly changing and it is the main influencing factor that will dictate the price you can get. Researching sold prices in your area is a good starting point.
2. Put together a property listing
A good property listing is key to secure the sale of your property. It’s the bridge between someone seeing your home for the first time and then actually seeing it in the flesh.
From the photos and floor plan, to the key features and the description, everything needs to be polished and in ship shape to attract buyers.
In order to maximise your listing’s efficiency here are a few tips:
- Hire a professional property photographer
- Make sure your listing includes a floor plan
- Make a list of your property’s key features
- Use property description tools
For more detailed advice, take a look at our guide on How to Make the Most Out of Your Property Listing.
3. Advertise your property locally
Around eight out of ten property buyers already live within five miles of the home they purchase, so spreading the word of the sale around your local area is ideal.
You could advertise in the local press, including advertising-only newspapers, as well as local noticeboards or smaller local publications, such as parish council newsletters.
Can I advertise my house online?
If you are looking to advertise your house online, posting pictures and any property information on social media is your best bet.
If you are looking to get more exposure on social media, Facebook groups and local communities are definitely the way to go.
Remember to always read the guidelines and online community rules, before posting anything on the various groups. If no regulations are provided, get in touch with the group administrator as they can advise you on any best practices.
What about advertising on property portals?
Popular property portals such as Rightmove and Zoopla are unfortunately not accessible to property sold privately. To advertise on these portals you must be an established estate agent, so selling on your own excludes you from this.
4. Host property viewings
Once your property starts to gain interest you will be inundated with calls asking to view. This can be time consuming but research has found that 50% of buyers prefer viewing a property before making an offer, so conducting viewings efficiently is fundamental to securing a sale.
Before the viewings take make sure you have your documents in place
You should create a detailed room-by-room guide, listing the dimensions and points if interest for each room, including the number of windows, telephone lines, radiators, electrics and TV capable points. Imagine the route you will take to show buyers, and follow this room order in the particulars.
On the day of the property viewing
On the day of the viewing, remember to greet your buyers at the front door and remain positive about the property. The atmosphere you create will influence how people feel about your home.
For more detailed advice on conducting viewings yourself, take a look at our guide on House Viewing Advice for the Seller.
5. Manage offers to your property
The ideal scenario is people want your property so much they offer the asking price. If buyers are competing for your property, here are some factors to consider when deciding which offer to accept:
- Get to know the buyers as much as possible. Ask detailed questions that will help you understand what their situation is, if they are currently trying to sell their own property and if they will be in a chain if so.
- How are they looking to pay? Are they cash buyers? Do they have a mortgage offer in place?
- How much are they able to pay? Ideally, offers should match if not go over the asking price, however, this is not only the case.
If a buyer is looking to offer less, be clear with what’s included in the sale.
A buyer that places an offer with the expectation that the house comes with most of the furniture, is likely to reduce it on learning that it doesn’t.
Top tip: It always pays to consider what you might throw in additionally if the potential buyer raises their offer as a result.
6. Seeing Your Sale Through To Completion
So you’ve managed to find a buyer on your own, job done? Unfortunately not, there is still the painstaking process of seeing your sale through to completion. Again this can be an extremely time consuming process and can make getting on with your daily life almost impossible.
There is the rigmarole of potential chains, chasing estate agents, solicitors, exchanging contracts, chasing for the return of the contracts, the potential of your buyer pulling out, unforeseen issues from surveys and the list goes on.
So we really weren’t joking when we said it would be nigh on impossible to then organise a mortgage on your next property at the same time! Yes, you could go directly to lenders, but this is time-consuming and you’re unlikely to find the right deal for you. Mashroom Mortgages has access to over 90 lenders and 12,000+ mortgage products, so we really can help out, leaving you free to focus on your sale.
