Property Brokers Private Sales Assistance Kit

Private sale Tips for selling your own home

pb.co.nz Property Brokers Ltd Licensed REAA 2008

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Tips for selling your own home If you would like to sell your home privately without the assistance of a real estate agent, there are some important steps you should take to achieve a smooth sales process and good price for your property.

Here are nine things to consider...

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Registered Property Valuation (RV)

Set the sale price

Prepare your home for market

Before a property is sold or a loan is approved, some lenders will require

Research the current market and look at comparable properties in your area that have been listed recently and/or sold to determine a market price for your home. Decide which fixtures and chattels will remain and factor these into your price.

Before you begin marketing your property, you should spend time preparing your home for market.

Tips on how to do this can be found on the back page of this brochure.

Marketing and Advertising

Create and install a sign

Create a fact sheet

The public need to know your home is for sale. You will need to put together a blurb emphasizing the positive attributes of your home to make it appeal to the buyer. To begin advertising, research and obtain quotes from local advertisers and place those that are most visible to potential buyers.

You can use print media such as your local newspapers, or online through websites such as TradeMe. To make a good first impression, take photographs of a professional standard or hire a photographer when your house is looking its best and free from clutter.

To keep things professional, work with a signwriting company to create a sign to place at the front of your home to show it is on the market for private sale.

Create a flyer with basic information about your home to give to people viewing the property.

This should include land area, floor size, number of bedrooms, bathrooms, garage space, fencing and rates and your contact details.

Viewings and follow-ups

Offers

Settlement and Moving

Conduct viewings at a time that shows your home at its best (follow the tips on how to prepare your home for viewings on the back page of this booklet). You should be present to show people through your home and answer any questions they may have. Always follow up viewings to gain feedback from buyers about your home, especially in regards to price.

Once an offer is received, consult your legal representative to prepare a Sales and Purchase Agreement. You can choose to liaise with the potential buyer directly, or have your legal representative do the negotiations on your behalf.

Leading up to settlement day, ensure that your legal representative has completed the sales process for a smooth handover. Pack up your home and leave the property in a secure and tidy condition.

a valuation (especially for first home buyers). To attract more buyers, you may want to obtain this yourself to present to potential buyers.

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Challenges of selling privately Private sales can often work, but sometimes sellers can run into complications and have difficulty selling their property. Some reasons for this are...

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› Buyers can be put off Private Sales as there is no accountability for fair conduct, under the Fair Trading Act (1986). Under the REAA 2008, agents have a duty of care to both the buyer and seller.

Property Brokers have a mandatory vendor disclosure to help safeguard the buyer. Buyers may be unwilling or reluctant to discuss their financial position with you directly. › Selling through an agent will put more money in your pocket. Private buyers take the commission plus an additional 3-5% off what you are asking when determining what they will pay. When buyers see a professional marketing campaign and service, they expect to pay a premium price. › You may not feel comfortable negotiating a sale price with potential buyers and may accept an offer you are not happy with. An agent can use their expertise and experience to work through negotiations impartially and provide a safe environment for both parties.

› An agent can weed out the serious buyers from those that have only viewed your property out of curiosity.

This ensures the safety of your home and increases the chance of sale. › Potential buyers may not feel comfortable giving you honest feedback about your property and would prefer to speak to someone who is impartial. › You may feel anxious about following up viewings and not want to give buyers the wrong impression or hurry the sale. › You may not have allocated enough time to assist the buyer with the terms and conditions they need to satisfy to proceed with the purchase, placing the sale at risk. › An insincere offer may be made and accepted resulting in you having to spend time and money in litigation to resolve this. If using an agent, you are at a much lower risk of this happening.

The most important aspect of the sale process is the final negotiation.

This is when most sellers benefit from having a salesperson to communicate the real position of the seller to the buyer. Our best work is often done in the last two hours of the sale process.

This is when most clients need our services and our expertise. The marketing, showing and all the other aspects of the sale could be in vain if you falter during the final negotiation.

Hiring an experienced negotiator makes good sense.

› A real estate agent guarantees their work. They will only get paid a success fee once your home is sold.

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How to prepare your home for market Create a feeling of spaciousness throughout the home. Move unnecessary items to increase appearance of room sizes.

Show your home at the best time of day.

Consider which rooms benefit from morning and afternoon sun and be sure to tell your buyers what you like best about your location, house and garden. Open curtains and turn lights on where necessary and air your home to ensure it smells clean and fresh, especially if smokers live at the property.

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Kitchen

Plumbing

And lastly...

Ensure the stove, dishwasher and other appliances included in the sale are in working order and the sink and all work surfaces are clean.

Ensure all plumbing is in working order and any dripping taps and leaks have been repaired.

Bathrooms

Replace all light bulbs if not working and repair any broken switches.

Create a feeling of spaciousness throughout the home. Move unnecessary items to increase appearance of room sizes. Show your home at the best time of day. Consider which rooms benefit from morning and afternoon sun and be sure to tell your buyers what you like best about your location, house and garden.

Open curtains and turn lights on where necessary and air your home to ensure it smells clean and fresh, especially if smokers live at the property.

Ensure the bathroom is clean and fresh.

Remove clutter and replace sealant around fixtures if required.

Wardrobes and cupboards Keep these tidy and organised to showcase the amount of space and storage. Having spacious and good storage space is a key selling point.

Children and pets Keep children and pets away from the house during viewings as they can distract potential buyers.

Lawns and yards Weed all gardens, mow lawns, trim hedges and tidy all edging on the property. Ensure all rubbish is removed from the property.

Lights

Halls and stairs Remove clutter from hallways to emphasise width and clear away any objects from stairs.

Hardware Check all hardware and fixtures and tighten, grease or replace where needed.

House exterior Wash all walls, steps, doors and screens and repaint if necessary. Clear gutters and drains of debris and wash windows.

Garage Clean and tidy the garage and remove any cars to show off workshop areas and storage space.

We wish you the best of luck with your private sale.

If you have any questions or require any assistance, please get in touch.

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For all your property needs, please call 0800 367 5263

Licenced REAA 2008

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Disclaimer. While all care has been taken in preparing this publication, Property Brokers Ltd, its sales consultants and staff accept no responsibility for the accuracy of the information at any time. The information contained has been prepared by PBL for informational purposes only and should not be a substitute for legal, or other professional, advice; you are advised to seek specific advice relevant to your circumstances from a suitably qualified professional.

PBL does not accept any responsibility or liability for any action taken as a result of relying directly or indirectly on the information in this document. How you use the information is your sole responsibility. If you have concerns about the information in this publication, contact PBL directly.