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Pitfalls in selling your property privately
The
temptation is always there to sell your home privately and keep the
commission instead of paying it to an estate agent. This may sound like
a good idea, especially in a slow market, but you should be aware of the
pitfalls:
1.
Costs of advertising and
marketing you have to incur with no guarantee that it will result in the
sale of your house.
2.
Print, design and display
own for-sale boards in accordance with local authority’s signage bylaws.
3.
Organise and run your own
show days.
4.
Be on hand to conduct
individual viewings for potential buyers.
5.
Lack of exposure. A
private seller lacks resources to expose property to a big pool of
potential buyers and create enough awareness. Good estate agents, have
access to a buyer network nationally and internationally.
6.
Lack of market knowledge
and ability to correctly price a property.
7.
Lack of experience /
skill in negotiation. Buyers are tough negotiators, having done their
homework and research.
8.
Legal and liability
issues. Property laws are complicated and the Consumer Protection Act is
a minefield that have to be crossed to achieve a successful sale.
9.
Unqualified buyers. There
may be many people wanting to buy but with the banks being so strict on
credit few buyers actually qualifies for a home loan.
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