Different methods of selling your house
Before the advent of the internet, property owners have very limited selling options. Today, houses can be marketed and sold instantly using various sales channels. While each of these channels has its own pros and cons, many sellers are increasingly using all of the channels simultaneously to help them reach their target audience quicker and make a fast house sale. We’ll be taking a look at four of the most popular sales channels below.
Real estate agencies
An oldie but still a goodie. Real estate agencies and agents work particularly well in small enclosed markets where name recognition and reputation carry a lot of weight. When sellers engage their service, estate agents will disseminate the information to all potential buyers in their stable, which also include property investors. In isolation, the chances of sale becomes exponentially lower the longer the property is not sold. After all, they have a limited number of likely buyers, and most of them would have already been alerted about the new property for sale. Conversely, an offer might also be made within days.
Online property portals
Online property portals are the rage these days owing to their wide reach and ease of use. At most portals, sellers can list a property for sale within minutes of registering, complete with photos and detailed specifications of the house. Since almost 95% of all buyers in the market today start their search online, listed properties will receive a lot of exposure for the duration of their listing. Most sellers actually list their house for sale in multiple portals since the listings are free.
Selling proeprties at auction houses is gradually becoming a popular option, particularly for higher priced properties. Auction houses record a remarkable rate of success, with at least 75% of all listings being sold (some auction house declare success rate of over 90%). The fixed and transparent cost and fee structure, as well as the reserve price option, is very appealing to sellers, as they can calculate the actual amount payable from the sales proceeds.
Cash buyers typically offer sellers only 80% of the market price of a house; a few go even lower. However, they are a popular option for most distressed sellers as the cash payment are usually received within two weeks (sometimes sooner) of a confirmed sale.
Which method is your favourite? Or do you also utilise all four sales channels when selling you home?