For sale by owner is a concept that has become possible because of the availability of the internet. Property owners now have the facility to connect directly with buyers without involving a real estate agent. This is possible because of the property listing websites on which sellers can list their properties.
Whether your concern is to “sell my place” or sell a commercial property everything can now happen with a simple click.
The traditional method of property selling entailed approaching real estate agents who would help find buyers for the property by advertising it or holding open houses. The sellers were dependent on agents because there was no direct way of connecting with buyers. The sellers could advertise their house or commercial property for sale by putting up “For Sale” boards and advertising about the property in newspapers. This had a very limited reach. As a result, the sellers either had to wait for a long time to find a buyer or get it sold through a real estate agent.
If we look at the present times, property selling has undergone a complete transformation. Real estate agents and sellers have all moved online for selling a property. Properties are advertised on property listing websites and social media sites to connect with buyers.
You may wonder that if both real estate agents and property owners use property listing websites, why should a seller do it himself and not through a real estate agent?
Why does a seller need to sell his private or commercial property directly?
The chief reason why property owners sell a private or commercial property without an agent is that they don’t have to pay huge sums of money as commission.
Besides this, when a property owner sells a property on his own, the sale is faster because, unlike the agent, the property owner does not have to focus on multiple properties. He can give his undivided attention to his own property and sell it fast.
The property owner has complete control over the entire process, right from listing to selling.
Since the property owner knows his property the best, he is well-equipped to advertise it effectively and sell it.
When an owner sells a property, he can experiment with different prices and maybe get a better deal than the real estate agent would have got him.
If you have decided to sell your property privately, there are two things you should bear in mind to strategize the sale of your property:
1. Step into the shoes of the buyer and think from his point of view. This will help you in altering and presenting your property to the buyers in a way that will be attractive to them.
2. Think like a real estate agent! When you are not hiring an agent to sell your property, you are the agent for your property. Therefore, you will need to think of how exactly an agent would have gone about the sales process and proceed accordingly.
The strategy for marketing and selling a house and commercial property are different.
Let us delve into how you can sell your house privately:
As you need to look at the house from the perspective of the buyer, you will need to prepare your house in such a manner that a prospective buyer can visualize his home in it. Therefore, you will need to de-clutter your home and remove any articles that are personal in nature.
You will need to price your property. This can be done by comparing the property with similar properties in the neighborhood. You can also check the prices of similar properties on the internet. Alternatively, you can take the help of a professional property evaluator.
Next, you can list the house on a property listing website by uploading the description, photographs, virtual tour, etc.
Promote your listing by sharing it on social media sites such as Facebook, Twitter, etc.
Potential buyers will view your listing and connect with you directly.
You can arrange showings of the property.
Once the buyer and seller have agreed, the deal can be closed.
You will require the help of a legal professional for closing the deal since he will be familiar with the laws and can draft the contract.
In case you are planning to sell your commercial property privately:
Ensure that your commercial property is in impeccable condition. It should be painted, clean, neat, with minor or no maintenance issues. Make sure that the lawns are mowed, the driveway repaired and overall the property gives a good impression to passers-by.
Not just the exterior, even the interior of the property should be in good condition. All repairs must be complete, windows cleaned, clutter removed, etc.
You can put up high-quality signboards in the driveway to indicate the availability of the property.
It is recommended that you seek the help of a professional for estimating the price of your property. This is because the price of a commercial property is tough to estimate. It depends on factors such as:
These can be calculated by property managers. Property managers can assess the price of factories, warehouses, etc. by estimating the income-earning unit in them.
The price of a commercial property is calculated by considering State and Government taxes, council rates and charges, and stamp duty, etc.
For a commercial property owner calculating the price by considering these factors is a cumbersome task. Besides, it may provide inaccurate results. Therefore, it is best to get it evaluated by a professional.
You will need to list your property on a commercial property listing site. In order to sell your property fast and connect with serious buyers, make sure that you upload a clear and precise description and upload high-quality photographs.
Just listing the property on a commercial property listing site is not enough. You need to promote it extensively to enhance its visibility. You can list on multiple sites and also consider promoting the listing on social media sites. While advertising your property, be sure to mention what are the special features of the property.
Once you have connected with a serious buyer, the next step is to negotiate the price. It is always better to have a “Face to Face” negotiation with the buyer. Before negotiating, prepare yourself to answer questions as to why your property is better than your competitors, explain the USP of your property, etc.
While negotiating the price, make sure that you have the lowest price you will agree upon in mind beforehand. Also, start with a high opening price so that there is enough scope for negotiating.
Commercial property selling has its own set of complexities involved. Therefore, make sure that you hire a legal professional who can guide you through various stages of the property deal.
Selling a home or a commercial property privately has become easy ever since the internet has made a foray in the field of real estate. Property owners are no longer dependent on real estate agents. On the contrary, they can easily sell their property on their own by listing it on for sale by owner portals.
This helps them save a substantial amount which they would have paid the agent as the commission!