Many home owners are tempted into selling their homes without the services of a real estate agent. The biggest reason? To save money. Others prefer to rely on the expertise and knowledge of a licenced real estate professional when it comes to selling. To help you decide which option best fits your situation, we’ve outlined some of the things you need to think about when selling your home privately.
Understandably, the biggest reason property owners choose to sell their homes privately is to save on paying an agent commission. Unfortunately, many sellers become so fixated on saving commission and going it alone, they fail to calculate just how much they are spending in order to sell.
Pricing the property
In many cases, privately sold properties fetch much lower prices than those listed with a real estate agent, simply because real estate agents are skilled at pricing the property correctly, setting the best sale price based on current market conditions, and negotiating to close the deal.
Choosing the best sales method
Selling a home is a major transaction. Ultimately, you want to achieve the best possible sales price for your property. Deciding on the right selling method for your property will depend on your needs and the current market, and may take some research on your part.
Guiding you every step of the way
A good real estate agent takes the hard work out of selling; whether you choose to sell by negotiation, a tender process or at auction, your real estate agent will guide you through the process, handle the paperwork and ensure you understand your rights and obligations, every step of the way.
Getting legal advice
One of the benefits of the working with a real estate agent is that, in the unlikely event something goes wrong with the sale, you as the seller are entitled to seek guidance from your agent, and even apportion blame if your real estate agent has acted improperly in any way. Even if you decide to go ahead with a private sale, it’s a good idea to have your lawyer go over the paperwork.
Real estate agents have access to a range of marketing resources often not available to private sellers, and can use their own past experience to determine which of these are most effective in each situation. Access to potential buyers in their database could even help speed up the sales process.
Upskilling to keep up with market trends
Because real estate agents are continually upskilling to stay on top of changes in the industry and to property legislation, your real estate agent is able to advise you throughout the sales process and help you make informed decisions.
Buying or selling
Before you take the plunge – be it buying or selling a first home or investment property – talk to one of our brokers about your current financial situation, and let’s put a plan in place to ensure you’re getting the most out of your money.
While all care has been taken in the preparation of this publication, no warranty is given as to the accuracy of the information and no responsibility is taken by Finservice Pty Ltd (Mortgage Express) for any errors or omissions. This publication does not constitute personalised financial advice. It may not be relevant to individual circumstances. Nothing in this publication is, or should be taken as, an offer, invitation, or recommendation to buy, sell, or retain any investment in or make any deposit with any person. You should seek professional advice before taking any action in relation to the matters dealt within this publication. A Disclosure Statement is available on request and free of charge.
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