Pros and Cons of Selling Privately

In tough economic times many sellers are trying to cut costs by selling privately. This might be an easy way to save money or to bring your asking price down but one should consider the pros and cons carefully before you DIY:

The advantages of selling privately are:
* You do not have to pay an agent any commission meaning you can offer a better price. In doing so you have a better chance of selling your property.
* As the homeowner you know your house better than anyone else. This means you can point out all the positives in and around your property.
* Because some new light was shed on agent's doing shady business deals, sellers has become more cynical. When selling privately you can rest assured that this won't happen.
* The internet has made advertising easy and affordable. It has also made it easy to find out the exact value of your house and its great for comparing prices to other properties.
* Some homeowners are good at driving a hard bargain. They take pride in their sales skills which results in them selling their property in no time.

If you are interested in selling privately you might want to consider these disadvantages:
* Sometimes homeowners can pay a lot for ads in newspapers. This means that they have to dig into there savings before they are guaranteed that their property will be sold.
* Buyers have the tendency to point out drawbacks while haggling for a better price. This wears you out emotionally because your home gets criticized by almost every potential buyer.
* Most DIY sellers lack the legal and negotiating skills necessary to sell a property.

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Choosing a Good Tenant

Choosing the right tenant is probably one of the most important things that a landlord must do. This is mainly because it is very hard to get rid of a bad tenant and it is often quite costly. See the process of selecting a tenant as a business decision and always make sure that your tenant meets certain standards.

Firstly, lets look at some characteristics of a good tenant:

§ A good tenant pays the rent on time. This means that your tenant must have a regular source of income and a history of prompt and complete rental payments.
§ A good tenant has good references from former landlords.
§ A good tenant does not engage in illegal activities and abide by the terms of the tendency.

It is important to make sure that you tenant has these characteristics and don’t settle for anything less. If your friends suggest a tenant be sure to check out all references and don’t take anyone’s word for it. Do all enquiries yourself.

Here are some tips for choosing the right tenant:
§ Make sure your ad reaches a large audience. This way you will have a wide choice of potential tenants.
§ Make sure to draw up a complete application form with space for present and former landlords’ names and phone numbers and a complete history of previous addresses.
§ Make sure to check all references and ask what the reason was for the termination of the contract.
§ Look for gaps in the applicant’s rental history or for a pattern of many tenancies of short duration
§ Always run a credit check on your top two applicants.
§ When you have selected a tenant make sure that all paperwork is in order and that you both sign the lease. Take time to explain all clauses to your tenant to make sure that there is no misunderstanding.
§ If you are using a property manager make sure it is someone who will use proper care and procedures during the selection process.

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