Tips to Sell Your House without an Estate Agent

I sold my house in a month - You can too

Selling a house can be emotionally more stressful than buying. Initially when we decided to shift, moving to a new place sounded exciting. At that time, we were engrossed in the house hunt so the thought of leaving didn’t bother. But as the excitement worn out and the truth started sinking in, it became difficult for us to consider leaving. 

For days, we tossed the idea of selling – staying. Since this was our 1^st buy every corner of the house had some memories. Our modular kitchen designed by us, the furniture selection etc. was making it tough. With no experience and a complex, emotional transaction on our hands, it was challenging. Finally, we had to consider what was vital for our family and we chose sell.

But the pain does not end here.

For years what we considered our home, suddenly became just four walls.

Then when strangers started coming to our house and poked around our closets and cabinets; criticized the place that we so proudly welcomed guest and then to top it all off, they offered us money that we didn’t consider our house was worth – we were losing our minds.

Though the entire process was not easy it was not impossible and we were able to sell our house in a reasonable amount of time and at a very good price too.

We sat and discussed about how we go about it. And we decided that we will think of it from a financial perspective. We need to get the best price we could so that we can buy our next house. We started thinking as a businessperson and not a homeowner.

With no agent hired, considering that we had to do the marketing ourselves. Also for this, we had to be well versed with the market rate, price trend etc. So I started a comparable market analysis with the help of various online housing sites, and posted free listing of my Ad for Sell.

Now since I had done a search as a buyer, I had a fair idea what as a seller I should be posting. During my house hunt, those listing with photos attracted my attention. Therefore, first I took pictures of every room of my house. (Photos help as it provides the buyer a fair idea of how the flat will be and genuineness of your Ad).

I wanted my photos to be crisp and clear, so I took them during the day when there is plenty of natural light available and from different angles. As I wanted to showcase my home's best assets and to give potential buyers a better idea of what entire rooms look like.

Then I filled in all the required data a buyer would need. (Always give accurate and complete information, so that you get only genuinely interested buyer, since their requirement meets your description.)

We decided the price of our flat after assessing the market value of my locality and building. Since my building was 1-3 year old, it didn’t have depreciation value. To attract buyers we kept it negotiable while still leaving some breathing room for the bargaining that would take place. Also we highlighted the fact that the buyer would save on brokerage (2%), and No VAT, No Service Tax in compare to under-construction.

Saying all this when you post your Ad for selling your property, remember to check the box that reads brokers please do not contact. I didn't do that and had to go through the nuisance of attending calls from the brokers. And went emotionally low when they discourage you by saying you are quoting higher than the market value. As they want their brokerage, they will lower your price, to attract buyer. Please do not listen to their advice. I didn't. You do your own research and quote the price. (Be realistic though)

Now comes the waiting time. For the first one week, I didn’t get any response. And that phase was killing me. Then slowly the calls started coming. 

While we were checking out places new and resale to buy our new home, we realized that the sample flat showcased by the builder had a significant impact on our liking. So, before any potential buyer would visit we would clean and the declutter the house, get rid of any odour and make it look presentable.

  

With my two little munchkins tidying and cleaning the house is a task. But more than that our biggest concern was the walls, which had drawings done by my 2 great artist. And we noticed that it was hindering our buyers. We at this stage couldn’t afford to hire a professional, but there were many things we could do on our own. Since we had white walls, my hubby decided to put a fresh coat of paint the by himself.

I had my brother come down to help us and with his fresh pair of eyes, he pointed out to areas of our home that need work - because of our familiarity with the home, we may have become immune to its trouble spots.

And, we attended to minor issues like grouting coming off the tiles etc so that a potential buyer should not wonder whether the house has larger, costlier issues that haven't been addressed.

Though it was inconvenient for me I made sure to clean and declutter the house before every single visit.

Even after doing all of these things, the house may sit on the market for far longer than we expect. And every day we had to prepare ourselves mentally and financially for less-than-ideal scenarios. 

There were times when we got buyers who were ready to pay full cash, but the price that they were offering were much less than the market value. And we really had to resist the temptation.  But we are glad that we didn't go on impulse.

Finally after a month of posting the listing, and restless waiting our house was sold out.

All I can say with my excursion is Be patient. This may take longer than you have expected. But don't give up.

Also read:
http://noviceexcursion.blogspot.in/2015/01/tips-for-buyingselling-your-flat.html