Want to sell your property? A Guide to Alternative Advertising Streams
Well, you could go the traditional route and use an estate agent, but there is another way that will put your property in front of far more people and will cost you WAY less than the commissions charged by estate agents. How? Get your property advertised online YOURSELF!
How to sell your home?
There are lots of different ways of marketing your property - from auctions to YouTube, we guide you through the options using a traditional estate agent has its advantages (they will advertise the property for you, arrange viewings, etc) but it does come at a high cost - many agents now charge as much as 2% of the sale price which often adds up to many thousands of rupees.
So more and more people are choosing to bypass traditional estate agents and sell their properties themselves using the growing number of available online services. One such service was launched by HelpOnProperty. Our website allows owners to market properties for free.
How to prepare your home for a quick sale?
If your home firmly refuses to sell, do not worry – some expert tips can help you get the ball rolling:
Make sure you select the best Estate agent for the type of property you have. Look in the Estate Agents window to see if houses like yours are advertised there. Set the right price, keeping in mind that the market calms down in summer, so there is no need to be too ambitious.
- First impressions are vital! - The front garden and the drive must be tidied, if possible paint the front door. Kitchens and bathrooms are the keys to fast selling, so get them clean and polished. Replace bathroom lino, door handles, and kettle with a new one. Clear out the clutter, turn the storage room into a bedroom, then ask a friend to come round and give their honest opinion.
- If your home still isn't selling, ask your agents why they have not been able to sell it and how you can help them to improve things. The two essential factors of home selling are presentation and price. Most of the sellers will have an emotional reaction to a house within a few seconds, so things need to be tidy and your kids can't leave their clothes on the floor!
- Even more important is the price - Property Markets can cool off so you need to attract the most number of buyers. A high price won't get people through the door, so put it at an indicative price below your expectations, and then you should get multiple bidders who will push the price up. If you are prepared to gamble a little this strategy can pay off well.
- If it still doesn’t sell - lower the price to attract a whole new level of buyers - there's no point tinkering around on the margins.
We strongly believe there's no such thing as a house that won't sell. If it isn't selling it's too expensive. The danger is that there can be huge optimism in terms of value, so estate agents will come up with a figure they hope to get, and the vendor spends that in their head. See what you can buy in your area for the price you ask. If you need to lower the price, take the house off the market for two weeks before launching it with a new agent at a price of at least 10% lower.
Some cosmetic things can also be done that can make a buyer to chose your home over someone else’s. Window cleaning is most important: it will make rooms lighter and brighter.
However, if you find yourself in need of a very rapid sale and are happy to accept a cash offer from an investor then you can consider using a specialist fast purchase company.
Online Sales Options
- How does it work? You can put together a short video or slide show with audio commentary showing and describing your property - this is now much easier than you might think with most PCs and Mac computers these days coming with in-built media software. This video can then be posted to video-sharing sites such as YouTube. Prospective buyers can take a virtual tour of your property and contact you directly to arrange a viewing.
- How does it work? Post details and pictures of your property on the online auction site, decide how long you want it to appear, and set a start price. Play safe by including a reserve price.
- What are the benefits? - People love the idea of online auctions, which can drive prices up. Catch bored office workers surfing the web in their lunch hours. What to watch out for: Beware chancers: it’s a nonbinding sale.
Property Auction Houses
- How does it work? - The auction house will take photographs and put together details for a catalog, which will appear three weeks before a sale, giving prospective buyers time to look around and arrange surveys. It will also value the house, giving a nonbinding guide price. Once the hammer has gone down, the sale is binding on both sides. The buyer pays a 10% deposit and the sale continues as it would through an agent.
- What does it cost? Not much less than an agent – auctioneers' fees are usually about 1.5% of the property’s value, and there is a catalog entry fee, depending on how much space you take. You will also need to pay a solicitor to complete the sale.
- What are the benefits? - It can be a good way to get rid of a property that needs modernizing. Auctions also make for a quick sale. The auction date gives everyone focus and sales are sometimes agreed upon prior to the auction, which makes it even quicker. What to watch out for: Unless a property is unmodernized, it's not always the best place to go as most auction buyers are looking for some kind of discount to attract them to it. If you receive an offer before auction, the contract must be signed before the date of the sale, otherwise, it will be auctioned anyway.
- How it works - Place an advertisement in the classified section for as long as you like; buyers will then get in touch with you directly.
- What does it cost? - An advertisement in Home (two columns wide by 5cm), seen by a potential 3.3m readers, costs approx INR 6000. Loot, a newspaper dedicated entirely to classified adverts, charges the same for a three-month national listing, appearing in its editions.
- What are the benefits? -You can catch the browser that may not have been consciously searching for property. What to watch out for: Check the newspaper’s circulation figures – and make sure it attracts the right kind of reader.
- How it works - You list your property for sale, upload photographs, and give as much information about it as possible. Potential buyers browse the website and get in touch with you directly if they’re interested
- What it costs - Prices vary. Sites like Olx.in gives you a free listing on its website, which it says has 5,000 hits a month. By paying a small amount, you can make your property featured. You can also have your home listed on other property-finding sites, including Magicbricks, Housing.com and 99 Acres, which together can give you more than 100000 hits, and receive a personalized for sale board. Meanwhile, helponproperty.in is offering a free listing for anyone selling a property in the next few months.
- What are the benefits? Much cheaper than using an agent. You’ll save considerably on agent’s fees, and anyone in the country can visit the website to view details of your property. What to watch out for: It could be tricky to decide on your asking price without an agent’s advice, especially if you have an unusual property. Not all portals allow individuals to advertise (Rightmove, for example, takes listings only for agents), and the less popular websites don't get nearly so many hits.
Property Exchange and Buying Agents
- How does it work? Swap your house with someone else who wants to move. Sellers register their home and list where they would like to move to and the site searches for potential swaps. Money usually changes hands, as it’s rare to find someone who wants to swap property for one at the same price.
- How does it work? You approach a local buying agent, who has a list of clients looking for property in the area. If one likes the look of your home, you can arrange a private sale.
- What does it cost? Nothing; the agent is paid by the buyer. Those looking in this way are mainly high net-worth individuals not interested in anything for less than INR 500,000.