Times have changed and it’s for the better. Technology now enables us to do business remotely and selling property privately is no different.

 
 

The internet has made complex financial transactions more accessible to the everyday person than ever before. Think about companies like Gumtree or Carsales.com.au. A decade ago we wouldn’t have even dreamed of being able to sell our own vehicles directly to buyers without the help of a car salesman. Now, the real estate industry is making the same transition.

 

New online platforms enable us to buy, advertise and sell property directly to each other as a community. By cutting out the middleman, we are empowered to take control of selling our most important assets. Plus we have the opportunity to earn thousands of dollars in savings that would have otherwise been spent in commission.

Investment properties are typically sold to realise Capital Gains or to liquidate assets. Upon selling an investment property, a portion of the profits are taken in Capital Gains Tax (15-20%) and, if sold traditionally via an agent, in commission rates of 2-3%. At first, 2-3% doesn’t sound like much, but if we put it into perspective, you may feel differently. If your property is worth $600,000, 2-3% means approximately $20,000 in commission. [1]

Selling privately provides a smart alternative to the traditional method of selling real estate. With online platforms like buyMyplace, you have access to the same professional advertising tools as agents. On top of earning thousands of dollars in savings when selling privately, you get to sit in the driver’s seat. Owning the process of selling your most valuable asset empowers you to make strategic decisions as you see fit.

 

Every industry faces myths, especially when it undergoes major change like the real estate industry has. To shed some light on the topic, let’s address the three most common myths related to selling privately.

 

Marketing and Advertising

One of the biggest myths in real estate assumes it isn’t possible to list a property on Australia’s major real estate websites, such as Realestate.com.au or Domain.com.au, without a real estate agent. The truth is, you don’t specifically need an agent, rather you need access to a real estate license to place a listing on those websites. When selling your property privately via online platforms like buyMyplace, we use our registered agent license to list your property on your behalf.

Selling your property yourself doesn’t mean you need to sacrifice the quality of your property’s advertisement. We give you access to the same quality marketing opportunities as real estate agents do. Everything from Upgrade Listings in online search results to professional photography and ‘For Sale’ signboards are available to you. You can even sell by auction if that’s what you think is best suited to sell your property.

Selling your own house is simple with buyMyplace

Enquire now to speak with our Private Property Specialists and learn more.

The Legal Stuff

Contrary to popular belief, traditional agents aren’t responsible for the legal aspect of selling your property. Of course, they’re familiar with the process, however all legal paperwork is handled by a conveyancer or solicitor. A quick Google search will help you in finding a suitable legal professional to take care of everything from your Contract of Sale to all other warranties and documents required.

 

Open for Inspections and Negotiations

Rumours suggest buyers don’t like dealing directly with property owners. However, our 2018 Customer Feedback Survey found most buyers thought property owners were more honest and insightful. [2] The truth is, no one knows your property better than you. You’re best placed to deliver the specifics of your property such as how easy it is to maintain the garden, the property’s rental yield, or how much buyers should expect monthly hydro bills to be. Whether you’re targeting residential home buyers or other investors to buy your property you’re best equipped to answer all their questions. 

The same survey found buyers thought the negotiating process was more efficient because there was no middle layer delaying responses. Our customers reported that, on average, they spent 14 hours selling their properties privately. It was also reported that 70% of properties sold within 90 days of listing on the market. Of that 70%, nearly half sold within the first 30 days of being on the market. [3]

Being a savvy investor is ultimately about the dollar signs. Although Capital Gains Tax isn’t avoidable, you can avoid paying commissions by owning the process of selling your biggest asset. Selling your property privately is a smart, financially savvy alternative to the traditional real estate transactions. Interested in finding out more? Chat with our Private Property Specialists by giving us a call on 1300 289 697. We’re always happy to help.

[1] Source: CoreLogic – based on a home value of $600,000
[2] Source: buyMyplace 2018 Customer Feedback Survey
[3] Source: CoreLogic

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