Anyone can sell their own property, just like anyone can represent themselves in court or do their own accounts, but selling your property yourself isn’t quite as easy as sticking it online and waiting for the buyers to roll in.
Here are some points to consider if you’re thinking of selling your property without using an agent.
Getting the best price
When selling a property you can use free online selling portals or just stick a sign outside and keep your fingers crossed. You probably will sell it eventually, but are you sure you’re getting the best price?
You can easily lose money by undervaluing or overvaluing your property and it not selling at all. Reputable estate agents have first-hand knowledge of the local market; they know what the market is doing and can give realistic prices.
Regardless of whether you’re selling your property yourself or going through an agent, potential buyers still need to know your property is for sale, and you will still incur advertising costs. Yes, you can list it on some websites for free, but are these where your potential buyers are looking?
We sold a unit for a colleague experienced in real estate who had been trying to sell a small unit privately for six months. After listing the unit properly to give it maximum exposure, it sold in a week at nearly 7% more than what she was asking privately.
Many agencies have databases of ready buyers and on several occasions we’ve sold properties without advertising them. This is because the buyer wanted the property and was willing to pay top dollar to avoid going to market.
A huge win for the vendor who had no advertising costs and the property was sold quickly.
Selling a property isn’t quite like selling a car and there are a few legalities in New South Wales you need to be aware of. For instance, it is an offence to place a house on the market without a proper contract in place and strata titles often require additional documentation.
The art of any good sale often boils down to good negotiation skills. If you aren’t a good negotiator, the chances are you won’t get top dollar for your property.
Selling a property does take time. Advertising, photography, floor and site plans, brochures, inspections, open houses and negotiation all need managing and have you got the time to follow up on every single person who sends you a message or gets in touch? Believe us, there are some people who just love calling up about a property but they aren’t genuinely interested in buying it.
Making your house look presentable and knowing what buyers are looking for only comes with experience. What you think is a good look may not work and having an outside person with no emotional attachment to the property will give an honest opinion. A good agent will give tips and advice to ensure you can get top dollar for your property.
Choosing an agent to sell your asset does also come with some decisions; unfortunately today anyone can get a real estate licence in less than a week and open their own agency. However, just like any other trade or job position you need to see how much experience they have, how strong their knowledge is and how dedicated they are to delivering you the best price and service.
Just because an agency is cheap, it does not make them bad; just as an expensive agency doesn’t make them necessarily the best.
Over the 40 years we’ve been successfully operating in the area, we’ve helped thousands of people realise their real estate dreams and we are committed to delivering the best service and achieving the best possible results for our clients.
We believe we go above and beyond expectations, which is why we are one of Newcastle’s longest established property management companies. Give us a call on 02 4954 8833 or pop into our Cardiff office for a no-obligation chat.
And don’t forget to check out our Facebook page for handy tips on selling your property or what to look for when buying a property.