How to sell your home without an expensive estate agent

Tips from the real estate expert - How to sell your home without an expensive estate agent

Selling without commission: Such advertisements are usually in the minority on real estate portals, as many sellers prefer to hire an estate agent for this tedious task. But if you are confident, you can also offer your property without professional help. This can save both sellers and buyers money: The brokerage fee, i.e. the cost of the estate agent, can amount to a good seven percent of the purchase price, depending on the location.

In principle, anyone can do this themselves, says Julia Wagner, Head of the Civil Law Department of the German Homeowners' Association Haus & Grund Deutschland. Selling a house is not rocket science, but: "It's time-consuming, you can't just do it on the side," says Wagner. Posting the advertisement on portals is the easiest exercise. From then on, selling on your own takes time and nerves. It makes sense to live near the property. After all, the effort is difficult to manage from a distance.

"You must not lie"

If you want to sell your property without the services of an estate agent, you have to do what a professional would otherwise do or at least support you in doing. The first step is to gather information about the house or apartment. For example, an extract from the land register, the cadastral map and an energy certificate. If there is no floor plan or if it is very old, a new one should be drawn up. Documents relating to repairs, such as invoices, are also useful. In the case of apartment buildings, the declaration of division and minutes of the owners' meetings should also be included. Prospective buyers can view these documents to get an idea of the property. Defects in the property should not be overlooked. "Anyone who knows about damp walls or asbestos contamination, for example, must inform prospective buyers. You can't lie," says Wagner. Otherwise there is a liability risk. In the event of a dispute, the buyer could demand that the purchase price be reduced or the purchase reversed.

The collected documents are also important for setting the right price. This is not easy for many people, as houses and apartments are often associated with many memories. It's easy to ignore an unfavorable location or outdated furnishings. However, objectivity is required here. To determine an appropriate price, it makes sense to look at relevant real estate portals or advertisements from estate agents and banks and search for comparative values. Property price indices for the region also help with the assessment. If you don't feel confident enough to estimate the purchase price, you can commission a surveyor to determine the value of the property. This makes sense, advises Wagner, because: "After all, it is important to go to the market with a realistic price. Otherwise, the chance of selling the property quickly decreases." If a property has been on the market for too long, prospective buyers may be concerned that something is wrong with it.

Effort for portals is worthwhile

Once all the information has been gathered, an exposé of the property is needed. Key data such as the size, condition, furnishings and number of rooms should be included. As well as information about the location and defects. It is not enough to simply list all the information. Good photos make the property attractive and increase the chances of a sale.

If the property is for sale on portals or in advertisements, it is important to organize viewings. Here, too, it is worth putting in a little effort. To make the right first impression, sellers should get the property in shape before the viewing appointments, tidy it up, clean it and, if necessary, carry out minor cosmetic repairs. Another challenge: as soon as the property is advertised, questions need to be answered and appointments made. "Many owners report that they are literally overwhelmed by inquiries and hardly know how to decide who to invite to view the property," reports Wagner. Sellers should therefore consider beforehand how they select potential buyers. For example, should only the ten quickest inquiries be invited? Or should a young family win the bid?

As soon as an applicant expresses an interest in the property, it's time to negotiate. The days when owners could get rid of almost any house at their desired price are over, Wagner confirms. "Buyers are haggling more again. It is therefore essential for sellers to set a lower pain threshold."

Handover protocol also makes sense when selling

Once both parties have reached an agreement, all that remains is the purchase contract. Sellers should ask the other party to appoint a notary. Because if the deal falls through, the client bears the costs incurred. This can happen at any time, for example if the financing collapses. A notary is impartial and advises both parties on the purchase contract. He draws up the contract according to their specifications. For example, it should also state when the purchase price is due and what rights buyers have in the event of defects. The consumer advice centers recommend that sellers exclude liability for defects in the contract. A right of withdrawal should also be regulated - for example, if the buyer does not transfer the purchase price.

The signature seals the purchase. However, it is only complete when the purchase price has been paid and the property has been handed over. The former owner is responsible for checking whether the money has been credited to their account. Only then does the notary ensure that the new owner is entered in the land register. In the next step, the seller hands over the property to the new owner. As with a rented apartment, it makes sense to draw up a handover protocol.

This text first appeared in the business magazine "Capital", which, like "stern", belongs to RTL Deutschland .