Selling it yourself makes sense - Herald Sun Article Nov 09

John Beveridge From: Herald Sun November 04, 2009 3:33PM

BUSINESSMAN Peter Butterss admits that he has copied the late Victor Kiam, who famously liked the shaver so much that he bought the Remington company.

Although in this case he was helping to finance the development of buyMyplace.com before he decided to sell his Hampton house through the do-it-yourself house sale company.

Having saved himself around $70,000 on the $2.5 million sale and finding a buyer in just 17 days, he is more convinced than ever that the business model works.

"We started with around 22 listings a month and now we are in the low hundreds every month and the business is growing very quickly by word of mouth," said Peter.

With the tedious but essential basics of the business now in place, Peter is pushing forward with a $3 million capital raising through the Australian Small Scale Offerings Board (ASSOB).

ASSOB matches up companies with more than 2500 investor subscribers who want to invest in fast-growing, unlisted companies and so far there has been strong interest in buyMyplace.com.

Once the money is raised Peter is planning a big marketing campaign to educate people on the benefits of selling their own house without an agent and ramp up interstate expansion across the country.

He points to the rapid growth of direct selling in Canada, Israel, Italy and to a lesser extent, the US, as proof that this is a world trend.

The attraction for buyers and sellers is saving money, with basic sales packages starting at $249 and ranging up to the premium package at $549.

A secondary benefit is that most sales are quicker than those using agents at just 16 days, because there is direct communication between buyers and sellers.

Other services such as decluttering, repairs, conveyancing, valuations, auctioneers and professionals to handle property inspections can be ordered on the website.

Peter said his research showed that most property buyers live within 5km so a professional board and good internet and advertising presence are the key selling tools.

He hopes to remain as CEO until buyMyplace.com is robustly profitable and floated on the ASX.