Are you ready to sell your own home without using a real estate agent?

Here's how...

1. Establish your timeline

In an ideal world you would sell your home and move straight into a new one. Unfortunately, this it takes a lot of luck and good planning — and time.

Allow at least 4-6 weeks to sell your home. When you find your new home you will also need time to negotiate and 6 weeks to settle.

Many people choose to find their new home before putting theirs on the market. Unless you are financially prepared, it can put enormous pressure on you when it comes to selling your home. Either by the burden of paying two mortgages or paying for expensive bridging finance. This can force you to buy a property you are not 100% happy wit — or accept too low a price for your home.

One solution is to try and negotiate a delayed settlement on the sale of your home to give you more time to find a new house and get your affairs in order.

If that fails be prepared to arrange temporary accommodation as well as storage for your belongings as it may take time to find your new home.

2. Determine the market value of your home

Before deciding to put your home on the market you need to determine its market value. Don’t guess it! Most sellers want to believe their home is worth more that it is and are sadly disappointed when it comes to selling.
Australian Property Monitors, Australia's leading source of property price reports, can help you establish a fair asking price for your home by providing a home price guide from as little as $49.95.

This includes a current market price estimate (as used by some of Australia's largest financial institutions) plus any reported sales history on your property, statistical price data, historic median price movements for your suburb, auctions clearance rates, a list of nearby comparable sales and more.

If you feel your house is unique do not hesitate to use the services of a professional valuer. A list of these can be found in the services directory of this website.

Being well educated will increase your confidence in your asking price and help ensure you get the right price for your home.

If you have asked local real estate agents for their appraisals be wary. Often their appraisals are underqualified and more designed to sell you a Sole Agency Agreement to sell your home than give you a true indication of the potential sale price of your home.

After you sign the agreement they use a variety of methods to condition you to accept a lower price and ensure a quick sale.

To order your appraisal, just click this link: http://www.homepriceguide.com.au/index.cfm

3. Get your finances in order

Speak to your bank or mortgage lender and ensure that you have the finance needed to move. Make sure you account for all your selling costs, stamp duty, legal fees, inspections and moving expenses.

Don’t overstretch yourself. You may be overoptimistic about what the market will pay for your house or underestimate what your new house will cost. Make sure you can afford the higher mortgage payments if you are planning to step up.

Use our free calculation worksheet to determine if you are financially ready to move.

4. Hire a negotiator

Ensure that you have a good solicitor to prepare your contract of sale and do all relevant searches. Ask friends or neighbours to recommend somebody with whom they have had a good experience.

This is one area where you shouldn’t skimp as once you have found a buyer you need the sale to go through as effortlessly as possible.

If you are on a tight budget you will find a number of fixed-price conveyancers in the Yellow Pages. Ask the solicitor of they would be prepared to negotiate the selling price with the buyer for you. This puts one of the most uncomfortable areas of selling your own home in the hands of a competent negotiator.

5. Get your paperwork in order

Obtain building and pest inspection reports. While this is usually up to the purchaser, having them in hand may remove obstacles to a sale. It also shows a prospective buyer that you are upfront about the condition of the house and reduces the possibility of any stressful last-minute haggling caused by an unexpected report.

If you have recently completed renovations or maintenance, have receipts handy to show the depth of the work completed. Be thoroughly prepared to answer any question your potential buyer may have.

6. Get your home in order!

Clean, clean and clean. Everything from floors to windows must be spotless. Tidy up cupboards (Yes, they WILL look!) and try to make your house look like it has plenty of storage space.

Eliminate Clutter. Remove personal items and clear all surfaces of everything but the charming essentials. Try and view the house as if you were the buyer.

‘Stage’ each room so it looks practical, warm and inviting. Furniture stores have been using this technique for many years to sell furniture. Don’t hesitate to hire a storage facility to get rid of that extra furniture, junk or toys. Excess furniture can make a home look cluttered, uninviting and small.

Ask your friends and neighbours what they like and dislike about the house and be prepared to make some changes. Consider using a home decorating service such as Freedom (www.freedom.com.au). They charge a nominal fee and it may make the difference between an enquiry and a sale.

Make all necessary repairs. Take care of those little jobs you have been putting off for years — such as that creaking door or dripping tap.

Paint! Make sure your house looks clean and fresh. A quick coat of paint can do wonders for those dark rooms. Scrub down any mildew with sugar soap and give it a fresh coat of paint. Use light neutral colours for both inside and outside your house.

Tidy the front and back of the house. If the garden looks sad, consider hiring a professional gardener. A few new trees and some woodchips can make a dramatic difference. Hire a cleaner with a pressure hose to clean your pathways and outdoor surfaces to give your house a fresher look. Should check what's allowed.

7. Arrange a pre-approved home loan

Work out how much you owe on your house and how much you are prepared to borrow to buy your new one. Carefully estimate and include both your selling and buying costs.

Ask your lender your lender for details of the various products available such as Deposit Bonds or Bridging Loans, and ensure your lender divulges all fees in writing.

Include in your overall calculations costs such as telephone, gas and electricity connections, removalists, taxes, stamp duties, conveyancing costs, real estate commissions, surveys and advertising costs.

8. Obtain an appropriate marketing plan.

At forsalebyowner.com.au we offer professional marketing support that will help sell your house better than so-called professionals. This ranges from stunning photography to attractive, response-generating sign boards and advertising.

9. Get ready for inspection

It is important to show prospective buyers that you are not just being cheap by not using an agent.

By being thoroughly prepared and presenting your house in a truly professional and enthusiastic manner, you will show people you are doing it because you are confident that you will do a better job.

No one knows what is attractive about your house better than you. Assuming that you have followed Step 5 and have carefully staged each room, add the final touches by placing fresh flowers on the table or a bowl of fruit.

Open blinds and curtains and turn on most of the lights. Make sure the home is filled with welcoming aromas such as freshly baked cookies or cinnamon incense.

Keep pets out of the house. Some people are afraid of animals or allergic to them. Don’t make prospective buyers feel uncomfortable by having the whole family there; choose one spokesperson and make sure they dress professionally.

Show genuine interest in the buyer. Make sure you are prepared to answer questions. Make sure you are prepared for potential buyers to look into ever cupboard.

Above all, be confident: don’t apologise for anything. You may drawing attention to something the buyer has completely overlooked.

10. Obtain the real value of your home.

Any item real financial value is only what somebody is prepared to pay for it.

If you offer to sell your home for half its value, you will have hundreds of buyers knocking down your door. If you offer to sell it at twice what it’s worth you will have none.

After determining the market value of your home (Step 2), you now need to set your asking price. The simplest way to do this is to state in your advertising “Offers above [$XXXXXX market value]” and see how you go. If you do not get any offers within a couple of weeks begin to lower the price until you attract a buyer.

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