Real Estate private sale is where a seller does not appoint a broker to sell his property but directly sells it themselves. By going for this option, brokerage cost and other commissions are saved in the process. The seller gains some valuable money this way.
Private selling is picking up in many countries. It is up to 15% in some countries like USA, Canada and UK, while it is as low of 2% in Australia. Real estate industry is encouraging private selling in many countries. While in Australia the real estate owners are still lamenting private selling of properties as they tend to lose valuable business.
While going for a property sale, always evaluate your property through a professional evaluator. Some of these facilities are found online. Never overprice or under price your property, while selecting the real estate private sale option. It is recommended to seek help from professionals or other related websites, to fix a price for your property. You may even discuss with neighbours who have sold out recently about the going rate or consult the state department for the current price of the property in a particular area.
Overpricing your property might land you in trouble, as they a rare to be sold. A property in the market for a long time also causes unnecessary suspicion. It is best to settle the deal as early as possible without being greedy.
Once the decision on price is taken, it is advised you either put a sale board or place your property for sale on a good property website. This way you could attract customer sitting at home. Always keep a small buffer for negotiation. Never a property is bought without negotiating. This buffer avoids you from suffering a loss.
There are local newspapers which offer real estate private sale option, where you can post an advertisement and sell your property. Though reputed news papers do not allow advertisements free of cost as they are professional agencies.
Internet is a hot commodity to for real estate private sale. All you have to do is put up a ‘for sale’ board and wait for the responses from the prospective buyers. Generally, the response is very attractive when compared with real estate agents. Ultimately, the seller saves thousands on commission and other expenses, which he may have to shell out while selling through an agent.
Property sites are increasing in number and it has opened the flood gates to real estate private sale. Many property sites are offering free advertisement section for sellers. This technique increases the seller base. These free advertisement facilities are not offered to professional real estate agencies.
There are some real estate agencies that go for percentage base commissions. Small time property sellers definitely cannot afford such exorbitant fee. Such charges of course could be borne by large property sellers or buyer. Individuals are free to choose their mode of selling. Nobody can force a seller into the hands of a real estate agent. The seller decides what is best for their situation. Real estate agents can opt for bigger customers who have no time to settle their property.
There are two views to a buyer; some buyers feel that the agent is a better intermediary while discussing price issue as they give you honest feedbacks. Certain buyers prefer owner to agents as they wish to deal with the seller directly to avoid tricks played by some agents.
A major disadvantage of a real estate private sale is that the buyer is well aware that the seller is saving money through the deal by private sale and may want to share the profit of the sale too. It is sensible of the owner to lower the price for the sake of the buyer as he is anyway going to profit from direct selling.
The instant your property is sold you can move on with your life, instead of an unsold asset sitting on the head as priority. The ultimate aim is to sell the house without making any loss and not look for immense profits in the transaction. Never sit on a property for a longer duration as you make lose buyers. Clinch the deal as early as possible using the private selling as an alternative to real estate agents.