Should I Sell My House Privately?
Selling your home privately is easy, legal and can save you thousands of dollars in agent commissions and advertising fees.
Benefits of selling your home privately
- You save thousands in commission and advertising fees (average $15,000)
- You’re in control and can avoid signing multiple contracts.
- The sellers deal directly with the buyers. There is no middleman.
- Avoid paying commission.
- Buyers generally prefer to deal with the homeowner direct.
- You can sell your home quickly without waiting for an agent’s availability.
- Sell your property your way – you are not restricted to what an agent recommends.
- More money in your pocket.
- There is no pressure to drop your price to get the sale.
- If a buyer defaults, you don’t owe anyone a commission.
Technology makes it easy to sell privately
The internet has made selling easier and more profitable. It has enabled people to sell everything from small household items to cars and even boats. Selling your home privately online is no different.
Illustrating how home-buying has changed, 91 per cent of property buyers search major online portals and websites like buyMyplace.com.au or by seeing a “for sale” board. The rest browse local newspapers or talk to friends and family. Increased access to professional tools and business methods puts the seller back in control. Traditional methods of selling are no longer the only way to approach significant transactions.
Now is the best time to sell privately
Demand for property in Australia has grown substantially. Properties are sold by owners in less than one or two days – without using real estate agents. There has been a proven push for vendors to sell privately and deal directly with potential buyers. If you are selling, consider doing it yourself – and save thousands.
It takes less than eight weeks to sell a property
Agents will generally tell you they will put your property through an intensive six to eight-week marketing campaign. The campaign will consist of placing the listing on major websites, some print-based advertising and a series of open inspections. The fees can be up to $6000 for medium-sized properties. Most people do not realise that the advertising fees have to be paid regardless of whether the property is sold or not.
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An agent will suggest eight weeks to try to get maximum market exposure. Often, however, this has more to do with maintaining a certain number of listed when, in fact, it has more to do with the number of listed properties on their books. Open for inspections have to be shorter so they can fit them into their schedule.
When you sell privately you can either schedule your opens on-demand or extend your open to half or full days. As such, there is more scope for potential buyers to view your home, therefore increasing the chances of a quick sale. Dealing directly with the buyer removes the middleman (the agent) and expedites the process.
Would you pay someone around $15,000 to sell your property?
This may be the case if you use a real estate agent. It is not too hard to work out how much time an agent spends on your property. Over an eight-week campaign, they may hold six open inspections, each about 20 to 30 minutes = 3 hours. Over that same period, they may spend an additional five hours talking to prospective buyers and another two hours for miscellaneous tasks. These tasks total approximately 10 hours, just over a day’s work. For this, you pay them $15,000, which works out to $1500 per hour. Ouch!
When you sell your home privately you are not paying anyone a rate of $15,000 a day to sell anything. The benefits of selling privately far outweigh any limitations (of which there are few if any).
To sell privately has never been easier or risk-free. Why wait? Call us today on 1300 289 697.
Don’t believe us? Don’t just take our word for it.
See what our customer’s had to say about their experience of selling privately.