The pitfalls of selling your home privately
Category General News
When you're ready to sell your home, you might have wondered: should you sell without an agent? The thought of saving cash may have you rolling up your sleeves and putting out a "For Sale" sign. While your can-do attitude could work to your advantage, in many cases it can end up burning a hole in your pocket. Property practitioners remain an important part of the seller process and ensure you overcome the pitfalls. Here are reasons to turn to them instead of doing it on your own.
You could misprice your home
If you're looking to cut out practitioner commissions and save costs, it can be tempting to go the DIY route. However, you may not have access to real-time market data and valuation tools that can help you price your home accurately. Overprice and you can alienate buyers and have your house sit on the market for ages. Underprice and you could lose out on the true value of your property.
You may have limited exposure
Without the help of a practitioner, it can be a challenge to generate interest in your home. Established practitioners often have a network of potential buyers and access to marketing channels such as signage, property portals, and paid social media adverts. Without the word of mouth, you'll have less demand for your home and fewer options to get the price you're after.
Your time investment may not yield results
There's a reason real estate is a full-time job. It requires plenty of effort from valuation, marketing, qualified buyer checks, home viewings, negotiations, and dealing with paperwork. At the end of a busy workday or when you need family time on weekends, having a practitioner run around can take away the stress from your shoulders.
You have to deal with legalese
Practitioners complete an FETC in Real Estate at level NQF 4 that covers the legal aspects of the property industry. You may not have this know-how as you navigate the paperwork and processes of your sale. With so many new laws introduced in recent years, private sellers can be overcome by legal and liability issues.
You open the door to financial risks
Without a practitioner, private sellers can often face significant challenges. From accepting an offer that eventually falls through, selling below the asking price, to failing to disclose a known defect, the sales process can be a minefield for the inexperienced. There are also plenty of scams going around that a savvy practitioner is knowledgeable in sidestepping.
You could encounter safety risks
Holding viewings and meeting potential buyers exposes you to security risks for both your family and the condition of your property. Practitioners take precautions to vet buyers and also ensure your home is not damaged or stolen from during viewings.
Your emotions could cloud your judgement
As the place that you've invested time to make comfortable and a place of memories with the family, it's understandable you hold your home in the highest esteem. However, this can impact how you price your home. It can also prevent you from seeing the defects that you've lived with. A practitioner can see the cracks on the wall or smells that you've gotten used to and give you constructive feedback.
You have to negotiate by yourself
Dealing with buyers is a delicate process. Without property training and experience, you might not be able to get a good deal during your private sale - if at all. Property practitioners can remain calm and patient during back-and-forth interactions as they are also incentivised to get the best possible price. Being a private seller also carries the stigma you won't be able to negotiate well. Private sales are thus often targeted by opportunistic buyers who expect to come away with a bargain.
You need to have marketing savvy
From writing appealing listings, taking captivating pictures, choosing the right advertising channels, staging your home, to dazzling buyers during viewings, there's a lot that goes on behind the scenes. This becomes your responsibility which can be a stumbling block if you don't have the time or expertise.
You have to work on your own
No one can deny the rewards of selling your house. However, the road to get there can be a stressful one. Unless you have the support of family or friends, the process can leave you feeling overwhelmed and isolated. Having a practitioner at your side can be a blessing when you need guidance.
Sell your home with Kellaprince Properties
It's a huge task to sell your home privately. While it may seem like a great way to save cash, you could find your sale impacted by these pitfalls. A home sale is one of the biggest transactions in your life, so we encourage you to trust in the services of a property professional. Kellaprince Properties welcomes you to book a free, no-obligation valuation of your home with us. List your property here to get started.
Author: Kellaprince Properties