Should I Sell My House Privately?
Selling your home privately opens the doors of possibility.
It’s like having an open-ended plane ticket. You have the power to set off on an adventure and decide what you do and when you do it without the restrictions of a return date.
Similarly, selling privately gives you control over the process of selling your home. You get to take the driver’s seat and sell it on your terms. You realise greater efficiencies because the layer between you and your buyers is removed. With more freedom and less pressure throughout the process everything from scheduling inspections with buyers to how you advertise your home is on your terms. Last but not least, you have the opportunity to earn thousands of
dollars in savings, which would have otherwise been spent on commission.
Technology makes it simple to sell privately
The internet has made the process of buying and selling goods simpler and more accessible than ever before. It has enabled everyday people to sell their own belongings online, including everything from vehicles to small household items. With emerging technology and online platforms such as buyMyplace, selling property can now follow suit. What’s more, home-buying behaviour has changed in recent years, with a large majority of people now using the internet as their primary source for searching and buying property.
Same advertising opportunities with more flexibility
Selling property traditionally via an agent will usually result in a six to eight-week marketing campaign, consisting of print-based advertising, listing the property on major real estate websites and a series of Open for Inspections.
What’s great about selling privately is you have access to the same advertising opportunities as traditional real estate agents do except you have greater flexibility to decide what works best for you. For example, your property is still advertised on Australia’s major real estate websites. However, whether you choose to invest a few hundred dollars more to boost your listing’s exposure in search results is at your discretion.
You also have the freedom to sell your property according to your schedule. When it comes to Open for Inspections, you may choose to host a 30-minute inspection rather than the traditional 15-minute window to give more buyers the opportunity to view your property.
With the same advertising opportunities, it’s no surprise that the average time it takes to sell a property privately matches the industry average of 90 days.
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If $20,000 was up for grabs, would you take it?
Let’s say your home is worth $600,000. With the Australian average commission rate between 2-3%, that means fees of approximately $20,000. On average, it takes the everyday person 14 hours of their time and effort to sell their property privately. If that’s all it took to be rewarded with $20,000 would you seize the opportunity?
Let’s put things into perspective. If you were a traditional agent, a six to eight-week campaign would see you hosting approximately three hours’ worth of Open for Inspections. Over that same period, you may spend five hours communicating with prospective buyers and another two hours in administrative tasks. That’s a total of ten hours, which is just over the standard 7.5-hour workday. On an hourly rate, that’s $2,000 per hour.
If it takes the everyday person an average of just 4 more hours to sell their home, seizing the opportunity to be rewarded with $20,000 sounds reasonable, doesn’t it? Simply put, selling privately is a smart and financially savvy alternative to the traditional real estate method.
Don’t just take our word for it.
Click play to see what our customer, Anne, had to say about her experience with selling privately.
Owning the process of selling your home and having the opportunity to earn thousands of dollars in savings is an empowering feeling. If you’d like to find out more about selling privately, let’s have a chat. Call us on 1300 289 697 or get in touch here.
Alternatively, browse the range of options available to you to sell privately here.