Selling your home privately is not only possible – it is fairly simple as long as you pre-plan to ensure the process goes smoothly. The main benefit to selling privately is to save on the high commission rates you would have to pay a real estate agent, but it does add more work to your plate so you have to ask yourself what is more valuable – time or money? Hometopia can give you a good idea of just how much you can save by selling privately.
Many New Zealanders tend to shy away from selling privately. Our aim at Here’s a House is to make the process effortless for sellers with our user friendly platform giving them the confidence they need to get the job done. From beginning to end, here are the steps to sell your home without any assistance, apart from a lawyer…
Value Your Property
You first need to decide on a realistic price you would like to receive for the sale of your property and also factor in how much time you have to sell. The price should not be so high that it turns potential buyers away but it also needs to be high enough to make the sale of your property worth the effort. To get an idea of what your property is worth, you can do research by browsing real estate advertising sites or you can post your home on Here’s a House labelling it as ‘testing the waters’ – this allows you to see what people are willing to pay.
Enlist a Lawyer
It is important to enlist the support of a lawyer regardless of whether you are selling your property through a real estate agency or privately. Having a lawyer on-board will ensure documentation, title transfer and the payment of funds is legal and tidy. As a private seller, we recommend you contact your lawyer early in the process to ensure you are set up correctly. You should also ensure that they are the right type of lawyer to assist with property conveyancing assignments and that they are clear about what you need from them.
Ready Your Property
Ensure your property is at its best before you undertake any marketing or reach out to potential buyers. This may include fixing things that are broken or damaged, completing renovation work or making minor changes to lift the property to the standard you want. However, it is also important to be realistic about what is achievable in the time frame you have. You might instead opt to factor the cost of the unfinished work into your expected sales price.
List Your Property
Register and list your property online with a compelling description of your property alongside general property details and professional photos. This is where you need to think like a marketer and put yourself in the shoes of the buyer. It’s both free and easy to post on Here’s a House so register once you are ready and let the property conversations begin!
Negotiate
Once you have interest from buyers, don’t be afraid to negotiate your terms – the ball is in your court. Both parties should walk away from this sale happy so keep in mind that things like; price, deposit, dates, contract clauses, etcetera, can always be worked out.
Complete the Purchase Agreement
A sale and purchase agreement sets out the legal obligations and conditions for both the seller and purchaser of the property. In New Zealand there is a standard Sale and Purchase Agreement put out by the Auckland District Law Society Incorporated (ADLSI). It is recommended that you and the potential buyer use this form when agreeing on the conditions for the sale or purchase of a property and seek the advice of your respective lawyers in doing so. Your lawyer can provide you with this form or alternatively you or the buyer can purchase the form from the ADLSI.