That is normal. Because you are doing the negotiation yourself, you do not have a third party involved that does not have the emotional attachment to your property.
Not another low offer, argh
Let's look at some of the reasons for the low offers, firstly. Private property sellers need access to Real Estate online sites, ReDIY can do this. Could it be that you are attracting the wrong buyers. Bargain hunters. If you are advertising on Gumtree, this could be a reason for low offers. Do you really think Gumtree is the first choice of sites when looking for property. Gumtree is a great site. It is visited by at least thousands of people every day. Mostly, they are looking for a bargain. a great second hand item at a great price. Genuine buyers of real estate, will go to the major Real Estate sites when searching for a new property. Realestate.com.au is Australia's #1 property site. Domain.com.au has a monopoly in some states. ReDIY can advertise your private sale, for a low, one off fee, online on Realestate.com.au, Domain.com.au and other dedicated real estate sites. These sites attract hundreds of thousands of genuine buyers each month. By advertising on the major sites, you will attract a lot more enquiry. More importantly, the enquiry is from genuine buyers of residential real estate. More enquiries should result in more inspections which should then result in more offers. Hopefully, more acceptable offers. If this does not happen, there could be another reason for receiving low offers.
How important is a good, eye catching advertisement and great photos?
When selling privately, using online advertising, the actual advertisement is important. ReDIY can assist with suggestions. Have an impartial look at your current advertisement. Does it capture your attention? The heading needs to be a grab - emphasising the best feature. This could be about the Property or its Location. Your text needs to include all the features of the property. It can be written is an essay format or a list format. Make mention of the fixtures and extras such as heating, air conditioning, ceiling fans, dishwasher, car accomodation, fencing, outdoor entertaining areas, etc. The location and proximity of all living conveniences needs to be highlighted. This includes, schools, parks, public transport, shopping and hospitals. Take yourself back to what was the one thing that stood out and made you buy the property. This could be the same for the next buyer. Make a story of it. Good quality photos are especially important. The main photo could be the determining factor for buyers to look more closely at your advertisement. Borrow a good quality camera, if need be. Show photos of the best features of the home. Maybe consider professional photos. Many companies can do these and most will include a floor plan, for extra. The photos do need to be a realistic interpretation of the property. Photos that are photo shopped to an unrealistic view of the property can cause frustration in buyers. When they inspect and see a living area that is half the size portrayed on the ad, they will feel misled and upset about their waste of time. When selling your home privately, using online advertising, the photos and text are important.
Little Red Riding Hood had the Same issue. Too High, Too Low or just Right.
If you are using online advertising, having lots of enquiries and inspections but are still receiving low offers, it could be that your price is too high. Do some research on the Real Estate sites. Check out comparable properties, their price and what they have to offer. Perhaps go and visit some open homes in your area to see what your competition is. You could even ask a Local Agent to give you a free market appraisal. Another option is to have a Licensed Valuer value the property for you. This will cost but because they are being paid, they have to be accurate. They can be sued if they get it wrong.
If you are advertising your property for private sale, online without a price, it could be scaring the right buyers away. Some buyers will not enquire about properties that do not display a price. Also when no price is displayed on the real estate sites, there is a hidden price range in the backend. This allows buyers to search for properties within a price range. Check the range you have selected in your advertisement. Using the online sites, to sell privately, is the way to go. You just need all the facts.
Peeling Paint, overgrown gardens can be the cause of low offers.
Maybe the reason that the offers are coming in low is that the buyers are seeing lots of required repairs and maintenance. Buyers are guilty of looking for issues that need to be repaired. They do this as a negotiation ploy to justify their offer. There are lots of things that can be done,at a low cost, to eliminate a great many of these. Weeding the garden, mowing the lawn, pressure washing the driveway, removing garden waste will certainly help with first impressions. Look for small maintenance jobs that you could do and take the time to attend to these. If there are some other low cost repairs that require a tradesman, it may be worth considering have them fixed. Lessen the number of items requiring attention and the buyers lists shrinks and their offer increases.
Endowment effect explained..
It is very understandable to have emotion involved when negotiating on your own property. In the Real Estate industry, it is referred to as the "Endowment Effect" A Real Estate Agent does not have that emotional involvement. At the end of the day, he/she wants to get the offer accepted, the sale done and get paid. A positive side to having a Real Estate Agent negotiate on your behalf is that hopefully, he/she is fully trained in negotiation and can take emotion and pride away from the negotiation process.
You too, can read up on Negotiation. There are many good books on the topic. Another option is to enlist a trusted friend to handle the negotiation for you.
Use ReDIY to advertise your Private Sale online, on Realestate.com.au and domain.com.au, as well as the other online sites. This is the first step. We are here to offer guidance to Private DIY.