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Selling Your Property Without An Estate Agent
It is possible to save £1,000s selling your home privately and cutting out the estate agent, but what are the issues that you need to consider? Pricing the property Price your property too low and you could short-change yourself from the true market value, price your property too high and you will simply put off potential buyers. Before you put your property on the market, you need to do some market research. Are there any similar homes for sale in your neighbourhood? If so approximately how much are they going for? Look through the local papers and property sales websites to compare your home against others. Once you have identified a market value for your home, you may want to consider pricing it slightly lower than those sold through agents, so that prospective buyers feel that they are getting a bargain. Preparing the property for sale Any estate agent worth their salt will help the seller to prepare their property for sale and point out places where improvements need to be made, helping the home to sell quicker and for more money. Generally, vendors should be prepared to neutralise and de-personalise their homes prior to sale. This means clearing away clutter, plenty of white paint, a good spring clean and fixing all those little DIY jobs that never seem to get done. Marketing your property In the past, people who have opted to sell their homes without estate agents have used home-made 'For Sale' signs and local classified adverts. These can still be very effective and are definitely worth considering. In addition to this, a number of websites have sprung up, specifically for private sellers to advertise their homes. A quick search on Google or Yahoo will help you find the most appropriate site for your needs. Negotiating the deal One of the core advantages of using an estate agent to sell your home is their ability to negotiate the best deal without any financial or emotional involvement. Many people find negotiation an unpleasant experience and prefer to leave it to the experts. If you do decide to negotiate with the buyer, remember these core tips: Set a minimum price at which you are prepared to sell your home. Allow yourself room for manoeuvre - most people will try to negotiate, so make sure your asking price is higher than your minimum selling price. If the buyer is making a serious offer, try to meet them at a half-way point, slow the pace down and only surrender small chunks of money at a time - by making the buyer work harder for a discount they will feel they have got a better deal. Separate the real buyers from the time wasters, make sure they actually have the money to buy your property and are prepared to make a purchase - there is little point in negotiating with a general browser. Ask lots of questions -- 'When would you like to move in?', 'Do you have finance arranged?', 'Have you sold your current house yet?' -- This will help separate buyers from browsers and you could even identify information about your buyer that will give you a negotiating edge Close the deal Once you have agreed on a price with the buyer, you need to ensure the deal does not fall apart. Agree on deadlines for the survey, conveyancing and date of the final exchange. Until the exchange takes place, keep in touch with the buyer on a regular basis to ensure everything is progressing smoothly at their end and keep them updated on your progress. That way, there should not be any nasty surprises on the day of exchange. Hedge your bets The deal is never done until the money changes hands and even the best deals can fall through. Keeping your property on the market until exchange, will make it easier to bounce back if it all goes sour. Don Suter is Managing Editor of the UK Property Portal (http://www.ukpropertyportal.co.uk)), an online directory and magazine for UK property sales, rental, surveyors, mortgages, conveyancing, property insurance, removals, news, investment and development
MORE RESOURCES: Rules that helped set real estate agent commissions are changing. Here's what you need to know The Seattle Times Landmark Settlement Breaks Up the Real Estate Cartel The American Prospect Top real-estate CEO sees decades of housing pain ahead: 'What the Fed did will have a 30-year tail on it' Yahoo Finance Rules that helped set real estate agent commissions are changing. Here's what you need to know The Associated Press Five Ways Buying and Selling a House Could Change The New York Times Real estate commission change shakes industry's foundation University of Miami: News@theU Local real estate agents face uncertain future with new negotiation rules WJHL-TV News Channel 11 The Realtors' Big Defeat The New York Times Central Texas housing experts talk impacts from $418M real estate settlement - 25 News KXXV and KRHD Central Texas housing experts talk impacts from $418M real estate settlement 25 News KXXV and KRHD What National Association of Realtors agreement means for Texas real estate KAMR - MyHighPlains.com CrewBaltimore’s mission to accelerate women’s success in real estate Afro American Newspaper Investigation underway after 44-year-old real estate investor seen on video firing shots off boat docked at Lakeview ... WSVN 7News | Miami News, Weather, Sports | Fort Lauderdale National lawsuit could shakeup housing market, cut into real estate agent commission 11Alive.com WXIA A luxury agent on how the NAR settlement will change his business The Washington Post What Seattle-area homebuyers should expect after national settlement The Seattle Times Swimmo Invest Opens up a New Chapter in the Real Estate Industry Markets Insider Settlement will affect Iowa homebuyers KCCI Des Moines Once America's Hottest Housing Market, Austin Is Running in Reverse The Wall Street Journal Cities Face Cutbacks as Commercial Real Estate Prices Tumble The New York Times New rules on real estate commissions could change the housing market game LehighValleyNews.com Rules that helped set real estate agent commissions are changing. Here's what you need to know KXLY Spokane Illinois real estate: Home sales in Peoria, Tazewell, Woodford counties Peoria Journal Star Realtor group will pay $418M to settle commission lawsuits The Associated Press Chicago Voters Face Choice on Tax to Fund Homeless Programs The New York Times Foreclosures Are Rising—Especially in This One State—but Not for the Reason You Might Think SFGATE Realtors Reckon With a Seismic Shift to How They Get Paid The Wall Street Journal Israeli real estate event: Legal complaints escalate NorthJersey.com Rules that helped set real estate agent commissions are changing. Here's what you need to know News10NBC What the death of the 6% real estate commission means in D-FW The Dallas Morning News Real estate commissions, unassailable for decades, could crumble after landmark settlement The Denver Post Is real estate the best investment in 2024? Racine County Eye Changes could be coming to fees related to home buying process Fox 46 Charlotte Is the Era of the Celebrity Real Estate Agent Over? Industry Reacts to Settlement That Could Slash Commissions Hollywood Reporter Bay Area Real Estate Executive Charged with Wire Fraud, Identity Theft in Investment Scam - Hoodline China's Real-Estate Market Just Set a Record—but Not a Good One The Wall Street Journal The NAR Settlement's Impact On Commissions And Home Prices Financial Samurai National Association of Realtors Agrees to Slash Commissions to Settle Lawsuits - The New York Times Real estate lawsuit settlement upends decades-long policies that helped set agent commissions WQAD Moline Manhattan Real Estate Update westsiderag.com Realtors Reach Settlement That Will Change How Americans Buy and Sell Homes The Wall Street Journal Rules that helped set real estate agent commissions are changing. Here's what you need to know Antigo Daily Journal A commission settlement may affect housing market 9News.com KUSA Agent Migration and the Power of New Mike DelPrete End of 6% real estate commissions could mean lower home prices The Atlanta Journal Constitution A Look Into the Future of Home Buyers' Agent Commissions The Wall Street Journal Antitrust ruling rocks real estate: Buyers brace for shift in commission structures Straight Arrow News 4 ways buying a home in D-FW may change after landmark Realtors settlement - The Dallas Morning News 4 ways buying a home in D-FW may change after landmark Realtors settlement The Dallas Morning News National Association of Realtors to cut commissions to settle lawsuits. Here's the financial impact. CBS News Blackstone, World's Top Alternative Asset Manager, Eyes Record Highs Amid Real Estate Bottom Investor's Business Daily Commercial Real Estate's Systemic Threat: Separating Fact From Fiction Commercial Observer Jill Schlesinger: Real Estate Settlement - My Bellingham Now My Bellingham Now - 4 Ways a Settlement Could Change the Housing Industry The New York Times Real Estate Stocks Drop As NAR Agrees to $418 Million Settlement Markets Insider |
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