Our experience using Private Property to sell
Yesterday I heard a radio ad for Private Property and I decided to share our experience using them when I sold my flat 8 years ago. Prior to that I sold 2 properties using estate agents and really felt that for the enormous chunk which they take I did not get proportional value. When selling my flat I signed up with Private Property which was the best decision.
I can’t remember how I arrived at the market value to set my price on, I may have asked estate agents for a value, I would have looked at similar properties for sale in the same area, maybe the Private Property representative helped me to arrive at the asking price. When we signed up with private property we paid R1000 (it’s sure to be more these days), for that I got a “For Sale” board, my property was put on their web site and they provided paperwork such as the “offer to purchase” form. The representative talked me through the process and answered any questions which I had. He advised me that most of my offers would come through estate agents but as I was not bound to them in any way I had full control. Many agents brought people to see the flat, I told them the figure which I wanted and instead of a percentage cut they could take whatever amount of a potential sale which was over the amount which I wanted in my pocket.
In the end I sold privately not through one of the estate agents. The nephew of another flat owner in the complex bought the property from me. Selling privately benefited both myself and the buyer, because I did not have to factor in estate agents fees I could afford to sell at a lower price and still be better off than if I was paying estate agents commission.
Private Property provided the necessary documents and when the ‘offer to purchase’ was signed the rest of the documentation was handled by the attorneys.
I guess one potential problem would be security. When selling privately you are inviting strangers into your home. I’m sure that the representatives offer advice on how to handle the security. In my case most potential buyers were brought by estate agents and those which weren’t I vetted. I guess one must never just let a person in off the street, they should make an appointment and you therefore have the opportunity to be more careful. Perhaps it would be a good idea to ask your security company to be present if you have one or to ask a friend to be there.
When we one day sell the house which we are in I’m sure that we will sell privately, it just makes good financial sense