Monday, January 6, 2014

Selling your property without a broker

Hiring a real estate broker to market your property can be a great way to sell a property. However, brokers also charge a percentage of the sale price, leaving you with less revenue. If you’re not in a rush to sell your property, you may consider selling your property without a broker. 

1. Fix up your property

Consult with a lawyer specializing in real estate. Make sure the contract of sale is foolproof, with every page signed by both parties.

Some damages may have set in on your property. Doing some repair work and repainting can do wonders for your property’s appeal to buyers. Avoid doing major renovations, as these may only come out as sunk costs. Do the maths and decide whether the investment is worth it, before you spend on repairs and renovations. 

2. Set a competitive value

Look around your property’s area and find out how much other homes are selling for. Pricing your property too high may scare off potential buyers, while pricing too low may leave no room for negotiations. Set a property value that is on a par with other properties in your area. 

3. Get the word out

Real estate brokers have the edge of being in constant contact with potential buyers. This is where it might get challenging for you. It is important to let people know that you’re selling your property. Put up a ‘for sale’ sign at the gate. Advertise in newspapers and online. You may also try the word-of-mouth approach. Some even stick ads on car windows. 

4. Be prepared to negotiate

It is very unlikely for buyers to say yes to your initial sale price right away. There is bound to be some negotiation involved. Commit to a base price and stick to it. This is where the advantage of selling your own property comes in. Without the added expense of hiring a real estate broker, you can lower your price significantly and make a better deal. 

5. Prepare the paperwork

Consult with a lawyer specializing in real estate. Prepare the property title, legal contracts and other necessary documents. Make sure the contract of sale is foolproof, with every page signed by both parties. At this point, it’s just about kicking back and admiring the good work you’ve put in. - Aislinn Kee


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