Congratulations on considering to sell privately. Selling your house privately is easy, legal and can save you thousands of dollars in agent commissions and advertising fees.
Benefits to sell privately
Technology makes it easy to sell privately
The internet has made selling easier and more profitable. The internet has enabled people to sell everything from small household items (eBay.com.au) to cars and even boats. Selling you home privately online is no different.
To illustrate how buying a home has changed, 91 per cent of property buyers search on the internet through major 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. Real estate agents are also not needed any more for many property transactions.
Now is the best time to sell privately
Demand for property in Australia has undergone substantial growth and continues. Properties are sold by owners in less than one or two days – without using real estate agents. More and more people are preferring to deal directly with vendors. If you are buying or 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 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 they have to pay the advertising fees whether the property is sold or not.
An agent will suggest eight weeks to try to get maximum market exposure, 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. This means no one misses out and this contributes to increasing the chance for a quicker sale. Dealing directly with the buyer removes the middleman (the agent) and speeds the process.
Agents advertise their business at your expense
Ever noticed that all print-based advertising for your property, whether it be your “for sale” board or a print ad in your local paper carries the photo or real estate agent’s business name? Why are they advertising their business when they should be keeping the buyer focused on selling the property, your property?
When you sell privately you advertise your property. You are not helping an agent grow their business. They should do that using their own money.
Would you pay someone around $15,000 a day to sell your property?
You may well, 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 letâ€™s add another two hours for small things. All up this is around 10 hours, just over a dayâ€™s work. For this you pay them $15,000. That works out to $1500 per hour. Ouch!
When you sell privately you are not paying anyone a rate of $15,000 a day to sell anything. The benefits to sell privately far outweigh any limitations (of which there are few, if any). If you are not convinced yet that selling your home privately is the way to go, ask yourself one final thing. Why would anybody who has the confidence to sell your property require an exclusive agreement that limits you from selling your own home?
Some agent stories you should read
A recent segment on Today Tonight says it all. See segment here.
To sell privately has never been easier or risk free. Why wait? Call us today on 1300 289 697.
** Important information: The Vendor Advocate Package
buyMyplace is acting as a commission free, licensed real estate company who will arrange for addition exposure as part of the Vendor Advocate Package.
In order to comply with these siteâ€™s Terms and Conditions, all purchasers of the Vendor Advocate Package will need to complete our compliance pack brought to you by buyMyplace, simply authorizing the licensed agent to offer the property for sale and understand that no vendor contact details can be visible on these third party websites.
Please note, by agreeing to these terms & conditions, no further costs will be payable to buyMyplace other than the agreed package cost and renewal fee.