Why You Should Sell Without an Agent
Sure, there’s a time and a place for agents. But most of you have nothing to lose and everything to gain.
When selling your property, you have more options available to you than just relying on an agent. Consider the fact that 90% of all property enquiries in Australia are sourced via the internet. Nowadays, buyers are using the internet to find properties, not agents.
Who Can Sell Privately?
There is no template for the ‘ideal person’ who can sell privately, with a little help anyone can do it. We have worked with a variety of vendors over the past 10 years, each of which has had their own motivations for wanting to sell privately.
At buyMyplace we offer a variety of customisable marketing campaigns, giving you the freedom to choose the level of support and assistance you’ll require. With our support team available seven days a week, you’re not truly going it alone if you decide to sell without an agent.
So, Why Sell Without an Agent?
The benefits to selling privately are endless. When we conducted our most recent customer survey in 2018, we asked our vendors why they decided to sell privately. Not to our surprise, these three responses surfaced time and time again: savings, control, and transparency.
Show Me the Money
The primary attraction to selling privately is quite apparent. The average Australian saves $20,000 in agent commissions and fees by selling their property themselves.
What might surprise you is they don’t just save money on 2-3% commission fees. They also save by avoiding the additional 1% charge for marketing and advertising fees.
When you sell privately, you’re in control. So, you get to decide how much to spend on your marketing campaign. We will always offer our opinion on best practices, such as how to boost your property views and enquiries. But, ultimately, it’s up to you to allocate your budget as you see fit.
Houston, We [Will Not] Have a Problem
Taking control of your biggest asset might be a scary concept to some people, we get that. But it’s such a unique and empowering experience! Our vendors love being able to make their own decisions, especially when it comes to how their property is advertised and what is said to their buyers.
Think back to when you bought your current property. Do you remember what it was like to buy property through an agent? How soon did they get back to your enquiries? Did they take the time to truly help you understand the benefits and unique character of the property?
When you’re in control of selling your property, you can improve buyers’ experience and first impressions of your home.
We’ve lost count of the number of times our vendors chose to sell privately because of an agent’s poor work ethic. One of our most recent vendors had been missing out on groups of potential buyers simply because their agent didn’t have time to show them through the property. What’s more, the agent also failed to follow through in scheduling alternative inspection dates with those buyers. So, you can imagine our vendor’s frustration…
Agents are busy people because they have several properties to manage at once. When you’re in control, your number one priority is selling your property, no one else’s. You have complete visibility of interested buyers and you can work within your schedule to find mutually convenient times to show them through your home.
Oh, and one last thing. You might have been told that you can’t list your property on Australia’s major real estate websites if you’re not an agent. Admittedly, it’s true – well, almost. By selling through buyMyplace, you’re able to list your property on those websites using our agent license. What does that mean for you? It means you have access to the same audience as an agent. It means selling privately doesn’t limit your ability to advertise your property like a true professional.
Ethics, Agents, and Houses, Oh my!
Transparency, it’s a word we all want to hear and trust. Unfortunately, when you think “Sales and Marketing”, not many of us believe it. Many of our vendors have been burned by agents. Their stories are laced with deception and broken trust.
For example, take this transcript from a Today Tonight segment, which outlines a real-life case of a breach in ethics by an agent trying to manipulate the market.
Real Estate Tricks: Today Tonight Segment
LJ Hooker agent Shannon Daniels thought he had a killer sales strategy for a home he was selling in Sydney’s western suburbs. Daniels promoted the property as a deceased estate – adding that the vendors were “dying to sell”.
Not only would the juvenile joke have been in extremely poor taste had it been a genuine deceased sale, it was also a complete fabrication, with vendors Nataly Suarez and Danny Cooper very much alive and kicking.
The NSW Office of Fair Trading immediately instructed the agency to withdraw the ad. Steve Griffin, the office’s deputy commissioner, outlines why advertising in this way is unacceptable and highly unfair to consumers:
“Buying a home is the most important decision that you’ve got to make in your lifetime and so you need every possible bit of information that you can rely upon to make a very important decision and having misleading information about a home is just simply unacceptable and there are very strong laws not only in NSW but across Australia that deal with this type of issue.”
LJ Hooker provided a statement, advising that to date their Campbelltown office has an unblemished track record and that they will cooperate with any inquiries by NSW Fair Trading.
The company made it clear an apology has been issued to the couple embroiled in the controversy, who are reportedly happy for the Campbelltown office to continue marketing their property.
NSW Fair Trading is now investigating LJ Hooker Campbelltown. There are severe penalties for companies which break the law.
“There’s strong fines, $20,000 for an individual, $110,000 for a company in NSW. Persistent offenders can end up being taken to the Supreme Court and ultimately, if they fail to obey the SC orders, can end up in jail,” outlines Mr Griffin.
LJ Hooker’s bogus deceased estate advertisement is just an example of unethical behaviour in the Australian real estate industry.
Home buyer Shane Crawford put a deposit down on a property he was told by the estate agent was 2.5 acres of land, only to discover after signing the contract it was in fact only 1.5 acres.
“He said he’s very sorry but basically because I’ve signed the contract and I looked at the property it was sort of a case of well, tough luck.”
There are so many cowboys, you could be forgiven for thinking this sector is the Wild West. The question begs to be asked – is anybody policing it?
“Each state and territory is responsible for regulating real estate agents within its boundaries. There are some national reforms on foot, within two or three years time there’ll be a national approach to licensing a real estate agent and regulating them,” Steve Griffin explains.
Consumer advocate Neil Jenman says vendors have the right to approve the advertisements before they’re released but most of the time agents just go ahead and advertise anyway.
“Vendors should say show me the advertisement before you put the advertisement in, let me see what it is you’re going to be telling people about my house. But what’s worse than that, if this is what they say in public, imagine what they say in private.”
He suggests buyers check out real estate by mystery shopping – by calling up your real estate agent and pretending to be a buyer. It is an innovative way to check what the agent is saying about your house and you.
NSW Fair Trading’s Deputy Commissioner Steve Griffin makes it clear the buck stops with the real estate agent.
“The real estate agent stands to risk their license, at the end of the day if they continue to breach the law they lose their license and their livelihood, so we stand ready to take on licensees and real estate agents that don’t do the right thing, and we’ll remove them from the industry if they’re not playing the game in the right manner.”
LJ Hooker Campbelltown withdrew the advertisement for Nataly and Daniel’s house on the instruction of NSW Fair Trading and printed an apology in the Macarthur Advertiser newspaper.
This is only an excerpt from the Today Tonight Article.
3, 2, 1, Go!
Selling privately means the information that’s being communicated with the potential buyers is all verified by yourself. You are accountable for the expectations and results from the sale of your property. Not only will you naturally adhere to the ethics and transparency of selling privately, but you’ll also walk away with massive savings!
Ready to get started? We can help you with that.