14 IMPORTANT FACTS TO CONSIDER BEFORE YOU TRY TO SELL YOUR OWN HOME
Occasionally, one can see "For Sale By Owner" signs, and some owner’s think that selling their own home will not only save them money, but believe they have an advantage over the sellers that have their home listed by a reputable Real Estate Agent. Before you decide to take on this very important and legally complicated process…remember not even most Solicitors recommend selling your own home yourself in today’s market. Here are a few of the reasons why:
1. You are limiting your exposure to potential buyers (less than 10% of what a good Real Estate Agent will generate) which theoretically means your home will take ten to fifteen times longer to sell on the market.
2. The longer a home is on the market the lower the selling price is. Why? Because most buyers think that if the home has not sold after this long…there must be something wrong with the home.
3. The selling/buying process begins AFTER the buyer leaves your home. Most sellers think that all it takes is for someone to see their home, fall in love with the great decor… and the offer automatically will follow. Remember that the buying process begins after they leave your home. If a Real Estate agent does not represent the buyer, and they are looking on their own…they usually leave the home and start to talk themselves out of the buying process. If the buyer is represented by a Real Estate professional they are trained on how to overcome buyers remorse--a very common occurrence.
4. Because of the limited exposure you will very likely end up with a lower selling price. Remember, in order to generate the highest price possible for your home… selling means exposure. You need the maximum exposure possible to generate the highest price possible.
5. Most buyers find it extremely awkward to negotiate or even to talk directly with sellers and therefore avoid For Sale By Owner properties.
6. Lack of negotiating experience and lack of pertinent information often will result in a lower selling price, or worse yet, a bungled contract and possible lawsuits.
7. The majority of qualified buyers are working with experienced Real Estate professionals.
8. Many serious buyers will pass by a For Sale By Owner home merely because they recognize that it is not in the real estate mainstream, this can sometimes make them wary.
9. As most local buyers now retain an experienced Real Estate sales person to represent them, you will probably be negotiating against an experienced professional.
10. Expected savings in Commission will also be greatly reduced if you offer a selling commission to entice Real Estate Agents to bring potential buyers.
11. If you are planning to use a Solicitor to help you negotiate the offer, then your Solicitors fees could possibly be higher.
12. Only Real Estate Agents have access to the up-to-date market information. News reports cannot approach the timeliness or specificity available to agents. Further, Real Estate Agents are involved in home sales much more frequently than the average homeowner is. This familiarity leads to a degree of expertise that provides an edge on negotiating and successful selling.
13. You only pay the commission to the Real Estate Agent, if they successfully sell your home at the price you are happy with.
14. Accepting an offer is one thing, ensuring a safe and successful closing is quite another. Real Estate transactions quite often have problems on closing. At times, expecting the Buyers and Sellers Solicitor’s to fight it out or resolve the problems, can sometimes mean the deal is lost. This is the time that your experienced Real Estate Professional can be the most important. Agents can act as a great mediator. Solicitors MUST act only on their client’s instructions and are not paid to negotiate.
Selling Tips - "Get rid of the pong"
A house that smells is a real turn off for any prospective buyer, or visitor for that matter. Smell is a chemical sense that has a powerful link with the brain, often creating an indelible association between an object or place and an offensive or pleasant odour. Even one-day old babies can be repulsed by an unpleasant odour, or made content by a pleasant odour such as their mother.
Choosing to ignore odours can negatively effect buyer reaction to a property even if it has everything else going for it. The first step to creating scent heaven is to play odour detective. Because we become familiar with the odours within our own homes, it is often difficult to register that there even is
an odour problem. If necessary, get friends, neighbours or family members to give you an honest odour appraisal, so don’t try and conceal any smells with sprays or airing before they come over.
The most common offensive odours include;
• Tobacco residue
• Kitchen smells
• Pets
• Mould
• Stuffy unventilated rooms
• Wet areas
• Outdoor odours such as compost
and sewerage
Removing odours
Persistent tobacco and kitchen odours are usually due to a residue that progressively builds up in fabrics and on hard surfaces such as walls and ceilings. Left long enough, a stain from the residue will become quite obvious. The only way to eliminate the smell is to scrub until it’s clean. Also check under fridges for run away bits of food or ‘who knows what’, and around stoves and range hoods for fat and cooking residue.
The fibres in carpets, furniture and curtain fabrics are also classic smell traps. Pre-vacuum powers may help to reduce carpet smells, but professional carpet cleaning will be much more effective and it will improve the appearance in any case. Most lounge fabrics can also be cleaned by your carpet
cleaner, using either steam or dry cleaning methods. Lace curtains are generally safe to hand wash, but drapes should only be cleaned by your drycleaner.
Mould needs to be killed to eliminate the smell. Plenty of sunlight and ventilation to dehumidify the area will make a big difference, but cleaning the entire area with bleach is the only real remedy, particularly in bathrooms and wet areas.
If the odour is outdoors you may need a plumber to trace your problem, although, make sure it’s not just a rotting compost heap before you make the call.
If you have tried everything you know, and your odour detective team gives it the big thumbs down, then it may be time to call in professional cleaners that specialise in odour removal.
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