Could you sell your own home?

October 27, 2017 No Comments

Could you sell your own home?


Posted by Karl Smith in Agency Blog

When you calculate that your real estate agent’s commission is around 2-3% of the sales price plus GST, you can see the temptation of trying to sell your home yourself. However, you have to ask yourself whether you have the skills and experience to navigate the legal and financial maze of the real estate market and whether the time you spend working at selling the property is worth the money you will save. Many home owners who have tried selling their home privately end up with a greater appreciation of the value of a professional real estate agent, in attracting buyers and setting a fair and realistic price.

So what is involved in selling your home privately?

Talk to your solicitor about conveyancing

Usually, your real estate agent would oversee the legal aspect of the selling process, so if you are selling privately, talk to your solicitor or legal advisor to ensure you keep on track of all the paperwork and legal requirements of conveyancing. This includes preparing a contract of sale, changing the deed title, arranging the payment of stamp duty, booking building inspection reports and attending settlement.

Set a fair price

Establish the sales price by arranging a valuation, and do your own research by looking at how comparable properties have sold in your area. While it can be tempting to aim for a higher than market price, when you are selling privately, when you will do better to stick as close to the market price as possible. Haggling can be a hazardous business, and you could lose a potential buyer or lose out on a good price if you are inexperienced at negotiating and don’t have a real estate agent to act on your behalf.

Promote the sale

One of the biggest disadvantages in selling your house privately is that you don’t have a long contact list of people looking to purchase in your area; nor do you have an online profile designed to attract people to your property. Your real estate fees would cover your advertising costs, so if you are selling your own home privately, you need to pay these costs directly.

Mainstream real estate sites such as Domain will only feature agency listings, but there are a range of websites such as realestateyourway.com.au or forsalebyowner.com.au which provide a website listings for DIY property sales. Look carefully into their fee structure, as they generally require pre-payment before listing and you want the listing to stay active until your property has been sold. Check whether the fee is refundable if you have no responses on their site within a certain timeframe.

Order a professional sign for the front of your house, to catch the attention of any potential buyers driving past on their way to a high profile real estate listing. Print up some brochures for potential buyers, including your asking price, contact details, a convenient summary of the local area (proximity to schools, shops and public transport) along with photographs of the house. Plus staging the property for maximum value.

Arrange your showings

With a DIY sale, you can arrange the open houses and other viewings at your convenience. However, to remain professional, you should ensure that it is convenient to show your house at any opportunity. As you don’t have a list of houses to show potential buyers, they will quickly lose interest in your home if you are not available to show it at their convenience.

Take the names and contact details of everyone who comes to view your home, so you can follow up if necessary. Give each person a brochure so they have a copy of your contact information and some photographs of the home to help them remember what they saw.
Once you have an interested buyer, you also have to be available for second viewings and inspections as required.

You will also want to spend time having a follow up system. Calling any intersted buyers and starting the negotiation process with them.

Written offers only!

Once you have accepted a written offer, contact your conveyancer to set the paperwork in motion. The next step is to exchange contracts and then settle.

As you can see, you are not simply paying a real estate agent to sell your house – you are paying for the convenience of not having to manage a difficult and precarious sale on your own.

Regardless of whether you sell privately or through an agent, you are still responsible for the essential advertising fees and legal costs and you have the additional challenge of attracting interested buyers, presenting your property in the best way to maximise its value and securing a fair price for your property.

Agency Blog Home Loan Guide

A Home Loan Guide For First Home Buyers

Owning your own home is a goal or dream for most Australians these days, but we all had to start...
Read More
A Home Loan Guide For First Home Buyers
Agency Blog

Pride Of Ownership

Like the pride of ownership you will no doubt experience when you purchase your home, we have pride of ownership...
Read More
Pride Of Ownership
Agency Blog

Whats my home worth?

Are you thinking of selling your home? You should know exactly what it’s worth before making such an important decision....
Read More
Whats my home worth?
Agency Blog

Our Commitment To You

Buying or selling a home is a complicated process that involves many people. It’s also one of the biggest financial...
Read More
Our Commitment To You
Agency Blog

How you could pay off your home loan early

You may have signed up to a 30-year home loan. But that doesn’t mean your home loan needs to run...
Read More
How you could pay off your home loan early
Agency Blog

Not all agents are created equal

Having the right real estate agent by your side when buying or selling a home is critical. So how do...
Read More
Not all agents are created equal
Agency Blog

Know someone in the market to buy or sell?

As real estate agents, we take pride in helping families, friends, neighbours and colleagues buy or sell a home. We’ve...
Read More
Know someone in the market to buy or sell?
Agency Blog

Reasons A Home Doesn’t Sell

One of the most common questions in real estate is “why is that home on the market for so long?”...
Read More
Reasons A Home Doesn’t Sell
Agency Blog Preparing to Sell

When is the best time to sell?

Lifestyle changes are often the reason behind our decision to sell. Whether you are relocating, have a growing family or...
Read More
When is the best time to sell?
Agency Blog

Could you sell your own home?

When you calculate that your real estate agent’s commission is around 2-3% of the sales price plus GST, you can...
Read More
Could you sell your own home?
Agency Blog

Buyers Beware

Don't make these mistakes! The rules of real estate are always changing. On the one hand, affordability is hovering at...
Read More
Buyers Beware
Agency Blog

Top Tips for Finding a Trustworthy Real Estate Agent

Your real estate investments are arguably the most important investments of your life – both financially and personally. You are...
Read More
Top Tips for Finding a Trustworthy Real Estate Agent
Agency Blog

How to choose the right property for you

Your home is perhaps the biggest investment of your life – particularly as it is not just a financial investment,...
Read More
How to choose the right property for you
Agency Blog

Why you need a property inspection

Whether you are purchasing a new home or an investment property, you are about to embark on one of the...
Read More
Why you need a property inspection
Agency Blog

How to ensure your renovation will increase your house value

There are two main benefits to renovating your property – firstly, you can make it more comfortable and compatible for...
Read More
How to ensure your renovation will increase your house value
Agency Blog

Upgrading Your Home Before Selling?

Most people have walked through beautiful model homes and wished their own home had all those modern features. Model homes...
Read More
Upgrading Your Home Before Selling?
Agency Blog Preparing to Sell

5 features that rarely add value when you sell

There’s a rule of thumb when renovating that you should aim to add three dollars back from every dollar you...
Read More
5 features that rarely add value when you sell
Agency Blog Preparing to Sell

Tips for valuing your property

As a vendor, you want to get the highest possible price for your property. However, setting an unrealistic price will...
Read More
Tips for valuing your property
Agency Blog Preparing to Sell

Auction or Asking Price? Your sale options

There’s more than one way to sell your property – and you may have a preference of how you’d like...
Read More
Auction or Asking Price? Your sale options
Agency Blog Preparing to Sell

11 key steps to selling your property

Selling a home isn’t quite as simple as sticking up a ‘for sale’ sign and waiting for the buyers to...
Read More
11 key steps to selling your property
{"slides_column":1,"slides_scroll":1,"dots":"true","arrows":"true","autoplay":"true","autoplay_interval":2000,"speed":300}

PREMIERRE GROUP PTY LTD | Copyright 2014