UGANDA, Kampala | Real Muloodi News | Selling a house can take a long time and an enormous effort, especially when you decide to do it on your own. The process involves conducting market research, reviewing legal documents, handling negotiations, and more. It’s a highly detailed process that requires a lot of expertise to go smoothly.
Below are the steps you need to think about before selling your house yourself.
Make a Good First Impression
A potential home buyer will offer less than the asking price on a property that leaves a poor first impression. An agent knows what issues you need to fix and has contacts that can do the work.
The exterior of a property is the most significant influence of the first impression: exterior wall condition and painting, landscape ideas (plantings at the front and back of the house), windows, and compound cleanliness.
Interior considerations include decoration, wall paintings, furnishing, water pipes, electricity, and the property’s smell.
We did a thorough analysis of the first impression factors that influence home buyers to purchase in our series “The Science of Selling Your Home Revealed.”
Setting the Right Price
Agents have crucial information on what sells and how to maximize your profit. They compare similar homes that have sold in your area, and understand what is the right price to set for your property.
Agents have knowledge and experience on how to do this market research. If you do your own research, it may not be as informed. This could risk setting an inaccurate or unrealistic price, which could turn buyers away before they even get to the front door of your property.
Maximising Your Profit
Owners who sell with agents sell their homes faster, and have a greater chance of getting higher profits than those who sell independently, thanks to their agents’ connections and exposure.
Agents can expose your house to more buyers by posting it to their social media accounts with big followings, using agency resources, and proven sales strategies. An agent’s array of resources increases the bidding war for your property and boosts your sale price.
Below are just a few of the people you’ll work with when you sell a property on your own:
- The home buyer, who is trying to get the best deal possible
- The home buyer’s agent, who will use their professional expertise to advocate for their client
- The inspection company, which works for the buyer, will almost always find concerns with the house
- The appraiser, who assesses the property’s value to protect the lender
On the other hand, an agent will show the property for you, and deal with all these people on your behalf.
You need to know the laws and regulations that govern property in Uganda, and be aware of all the legal documents you need to handle. Further, you need to understand all the legal terms contained therein. Understanding the legalities can be daunting when you don’t have knowledge and experience about it.
Agents keep up to date with new laws and regulations on property, and can advise you on how to navigate this complicated process.
Selling with a professional real estate agent/broker will cost you anywhere from 5% to 10% of the property selling price. However, when you weigh up all the time, effort and headaches that come with selling a property, this is more of an investment than a cost. Further, the commission incentivises your agent to get the highest possible price for your home.
Selling your house on your own comes with a lot of responsibilities. It takes a lot of time and requires so much effort, knowledge and experience. Before you decide to sell your home yourself, look to sell with a professional real estate agent/broker. They will help you get the best out of your sale.
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