Managing a quick private house sale – our six top tips
Managing a private house sale might save you some money. It's not a given that it will - especially if you're looking for a quick sale. Some buyers will smell blood. Use our Six Top Tips for selling your house privately to stay one step ahead of other sellers - and hard-nosed buyers.
One – research your own house valuation
Managing a private house sale makes it crucial that you take the time to research your own house valuation using a comprehensive form of the ‘comparables’ method.
Don’t worry, we show you how. But the main point here is not to rely solely on estate agents’ valuations. These are less house valuations than assessments of the level of asking price the market can bear. They are also pitches to win your business!
Some private sellers can appear greedy or unrealistic so value your property before setting a price. To achieve a quick sale consider the relationship between the two.
Two – use incentives to achieve a quick sale
To achieve a quick private house sale consider using incentives to encourage buyers to complete quickly. For example, by offering to reduce the price of your property by a certain percentage for completion by a certain date or offering cash back for a similar commitment.
Three – marketing your property
Managing a private house sale means you are responsible for getting word out that your house is for sale. Use a ‘For Sale’ board and combine promotion on the internet with advertisements in your local newspaper (or whatever publication is suitable for your house).
Tailor your advertising around the kind of buyers most likely to be interested in your house. Communicate the appeal of your home and something of your disappointment at leaving (“we’re moving..sadly our lovely house is staying put..”). Don’t misrepresent your house but try to write sufficient that prospective buyers can build up a picture of your house in their mind’s eye.
Four - identifying the best buyers
Without an agent or broker working on your behalf, during a private house sale you're responsible for asking buyers about their personal circumstances. It’s important to ask the right questions geared to finding an able and qualified buyer.
This means you’ll be asking financial questions. It will feel unfamiliar (and possibly uncomfortable) at first but our guide will have you up to speed in no time.
Five – the importance of smartening up your house
Put in time and effort into getting your house ready for showing prospective buyers. This can be done over a weekend. Very short of time? Then focus on cleaning and tidying up.
For some reason private house sales work best for smarter properties.
‘Hard nosed’ buyers may regard private sellers as a ‘soft touch’ so don’t give them an easy target. Some prospective buyers will always be petty or picky but don’t make it easy for them.
Six – negotiating the best deal
If you’re overriding priority is to get a quick sale don’t let your pride or ego get in the way.
Try not to be the person who mentions price first but...
If a suitably qualified buyer comes along with an offer shy of your asking price don’t reject it out of hand. You’ll know how you have priced your property and the minimum you’re prepared to accept. Sometimes the best advice is to ‘cut and run’.
On the other hand, if your property is attracting a lot of viewings then it might be worth holding out a bit longer until you have another offer on the table. As you’ll have organised yourself to take the full contact details of all the people who book viewings, you always have the option of going back to interested parties later.
Follow our private house sale tips and you too can have a quick private house sale.