Selling without commission: Such advertisements are usually in the minority on real estate portals because many sellers prefer to hire an agent for the annoying task. But if you have the confidence, you can also offer your property without professional help. This means that both the seller and the buyer can save costs: the commission, i.e. the costs for the broker, can amount to up 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 house owners’ association
If you want to sell your property without the services of an agent, you have to do it yourself, which would otherwise be done by a professional or at least supported. The first step is to gather information about the house or apartment. For example, an extract from the land register, the land map and an energy certificate. If there is no floor plan or if it is very old, a new one should be made. Evidence of repairs, such as invoices, is also useful. In the case of multi-family houses, the declaration of division and minutes of the owners’ meetings are also included. Prospective buyers can view these documents to get an idea of the property. Defects in the property must not be ignored. “If you know about damp walls or asbestos contamination, for example, you have to tell those interested. You can’t lie,” says Wagner. Otherwise a liability risk arises. In the event of a dispute, the buyer could demand that the purchase price be reduced or the purchase be reversed.
The documents you have gathered are also important in determining the right price. This isn’t easy for many people, as houses and apartments often have a lot of memories associated with them. You can quickly ignore an unfavorable location or outdated furnishings. But objectivity is required here. In order to determine an appropriate price, it makes sense to look at relevant real estate portals or advertisements from real estate agents and banks and look for comparable values. Real estate price indexes in the region also help with the assessment. If you don’t have the confidence to estimate the purchase price, you can hire an appraiser 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 will have concerns as to whether there is something wrong with it.
Once all the information has been compiled, you still need an exposé about the property. Key data such as size, condition, furnishings and number of rooms belong there. 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 selling.
If the property is for sale on portals or in advertisements, viewings need to be organized. Here, too, it is worth putting in some effort. To ensure that the first impression is correct, sellers should get the property in good shape before the viewing appointments, tidy up, clean and, if necessary, make small 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 the viewing,” reports Wagner. The sellers should therefore think beforehand about how they select potential buyers. For example, should only the fastest ten requests be invited? Or should a young family get the contract?
As soon as an applicant expresses interest in the property, negotiations begin. The days when owners got rid of almost any house at their desired price are over, confirms Wagner. “Buyers are haggling more again. It is therefore essential for sellers to set a lower pain threshold.”
Once both sides have come to an agreement, all that is missing is the purchase contract. Sellers should ask the other party to appoint a notary. If the deal falls through, the client bears the costs incurred. This can happen at any time, for example because financing collapses. A notary is impartial and advises both sides on the purchase contract. He creates 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 fully completed once 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 his account. Only then will 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 prepare a handover protocol.
This text first appeared in the business magazine “Capital”, which, like “stern”, is part of RTL Deutschland.
