SELLING IT ON YOUR OWN
If you are confident and have the time to invest in what’s needed to sell your property, it may indeed be the right thing to do.
CHECK OUT YOUR LEAD
When talking to people on the phone, try to establish whether they really are serious buyers. Key questions should be:
• Are you a cash buyer?
• Do you have a property for sale? Have you sold it on Konvenju? And when would you ideally like to move?
It also helps to understand why potential buyers are moving. This gives you time to think through how your property and its location may be suitable to them.
If you start attracting viewers, make sure you have their contact details (telephone, mobile, address, email, for example). Not only will this indicate how serious they are as potential buyers, it also helps you understand if they are wasting your time or not.
There are pro’s and cons to selling your own property, and one must understand that there are costs, allot of time and dedication and risks at stake when actually doing so. Real Estate agents get paid a fee to rid you of these extra stresses and are actually available to try and get you the best deal thus saving you money.
PROS
- Cheaper than paying estate agents
- Know someone who wants to buy your property
- Handle the negotiation yourself
- Sell the property in your own way
CONS
- Must always be available
- You must screen the buyer yourself
- Lack of security showing people around
- You must pay any associated costs such as advertising up front
KEEP ONE EYE ON THE VIEWER
During viewings, make sure you have put away anything that is valuable and ensure it is obvious that you have good security around the house such as window locks or an alarm. If the property is difficult for burglars to access, you will both deter criminals and be drawing attention to a key selling feature for many potential buyers. You are more vulnerable to get burgled selling your property on your own than selling with an agent.
Opinion is mixed as to whether you should let people look around on their own or not. The benefit is that it lets them have a good look without feeling pressured. You could always wait until the second viewing when you know the person is serious before allowing them unescorted access to ensure that they are genuine buyers..
Before a viewer arrives, think about some of the things you like about living at the property and in the location and make sure you mention these things when they arrive. Also point out key features such as storage space, en suites and the sunny aspects. It helps if you appear enthusiastic about the property and interested in the viewer’s questions and responses to a room. Don’t walk around the house with a long face as though someone has died in your family. You need to be interested and positive about the house.
BE PROACTIVE WITH YOUR POTENTIAL PURCHASER
Once the viewer has left, wait a couple of days before you follow up and ask them for feedback. Here are some ways of how to do this and at the same time gain useful feedback that could help you understand the pros and cons of your property.
Start the conversation with things like, ‘Thanks for coming to see the property. I hope it is the type of property you are interested in; and then ask a question that can’t be answered with a simple ‘Yes’ or ‘No: such as, ‘What did you like best and least about the property or location?’ It is also worth finding out what other properties they’ve seen and how yours compares. If your property has been ‘short-listed’, offer them a few days to think things over and plan to call them back with a view to organising a second visit. Follow up on the call — while you don’t want to be pushy and deter a possible buyer, you do want to obtain a second viewing and possible sale.
You will need to accept, however, that if they don’t come back to you within a month or so they are likely to be looking at other properties or are just finding it hard to say ‘no’ direct. As a result you need to concentrate your time on those who do still appear interested and are willing to come and have a second viewing.
Typically 80% of people buy a home near where they already live. Boards are a good way to advertise your sale, but are less common in Malta due to owner not wanting to divulge the fact that their house is for sale. It is proven that For Sale Signs work.
If your property isn’t what the viewer is seeking, try to find out why. Did your property not fulfil a specific requirement, or did it not match the viewers’ expectations? I s the problem something you can fix (like the price) or is it something you can’t change (the road where you live)?
If you are fortunate to receive an offer and have arranged a Konvenju date, you need to make sure that the Konvenju is a tight agreement. Do not let the purchasers get away with unnecessary conditions that will let them out of the sale whenever they have found something else. You need to be careful and this where usually an estate agent ensured that your sale will go through because the real estate agent would also ensuring that his work is also being appreciated when he receives his fee. An estate agent would very often know the buyer and would have worked with the buyer for some time and therefore can understand whether the client is biding time or can afford the property. Very often a sale doesn’t go through because the clients cannot get the full loan on the property. A good estate agent would have already screened the client and would know exactly what the client can afford and what the client cannot afford.
Delving into selling your own property may be worth trying; possibly putting all your eggs in one basket, that is on your own self esteem, may or may not be the best solution. This all depends on your endurance. If you feel you have the time to deal with it and you’re not in a rush why not, if you need to sell quickly, you may want to try both ways, possibly giving an agent an exclusive agreement where you will have the right to sell at a lower fee.