Before you become over-enthusiastic at the thought of what you will buy with the 3 per cent Estate Agent commission you are saving, consider the amount of work that a private sale involves. If you are also buying a new property, consider it again! This might well be one of the most stressful things that you have done in your life! If you are still up for it by now, read on. The following is a list of things you will have to do.
- Set the asking price - it should reflect the property's market value, but you might want to add a negotiations buffer bonus.
- Let people know about your sale - there are various ways of generating publicity. The most obvious is the word-of-mouth approach, but you can also put adverts in newspapers and property magazines, put your house on internet property listings, and put up a colourful For Sale sign. There are no limits to your creativity.
- Hold Viewings - show people around your house and try to make it look as good as possible. When it comes to property viewings, the first impression is crucial. Try not to sound like a salesperson - potential buyers might get suspicious if you are overly enthusiastic.
- Negotiate - a lot of money might be at stake, so you should be prepared for negotiations. Read our tips on negotiations in order to brace yourself for the inevitable haggling.
See also: Selling Property Privately