Thinking of selling your property in Australia? Well! as a seller, you need to assess the market before deciding to go ahead with the sale. This will enable you to decide on whether you should choose “my private real estate sale” over selling with an agent or not!
A look at the current real estate market scenario in Australia, we can say that the results of the recent federal elections have cleared the clouds of uncertainty. These results have made one thing clear that the prices of homes in cities like Melbourne and Sydney will continue to remain high. However, the market is expected to bottom out by the end of this year or beginning of the next. This is because the Coalition government is introducing reforms such as lowering interest rates for first-time home-buyers and reducing taxes, etc.
These reforms are definitely going to impact the housing market in Australia positively with more activity in the real estate sector. This is also expected to provide the much-needed boost to the Australian economy.
Now, what this means for a home seller is that this is the best time for him to sell his home. This is because the prices are high now and they will bottom out subsequently. Also, the facilities being provided by the government are going to make buying easy. Hence, there will be a demand for the property.
Therefore, a seller can capitalize on the situation and make the most of it and sell his home.
Next comes the question, what is the best way to sell a home?
There are basically three ways of selling:
Selling with the help of an agent
In this case, the property owner outsources the entire selling process to an agent. The agent performs all the activities such as listing, marketing the property, finding a buyer, negotiations, closing the deal, etc.
This takes a huge responsibility off the shoulders of the seller. However, on the flip side, the real estate agent charges a substantial amount as a commission for the services rendered. This could be around 6-8% of the total proceeds of the sale. Besides, an agent is unable to give focused attention to the sale since he sells multiple properties. This could delay sales.
In this case, the agent assists the seller at different stages of the sales process for a fee. The seller is in control of the entire sales process and the agent assists him as and when required.
My private real estate
In this case, the property owner sells his house on his own. There is no involvement of a middleman. The property owner prices, lists, and promotes his property on his own. He directly connects with buyers and negotiates and sells his property.
Since there is no agent involved the seller does not have to share his profits with anyone. He is able to give his dedicated time and efforts to the property sale. As a result, the house gets sold fast.
In recent years, the concept of “my private real estate” has become popular because property owners can list their home for sale on property listing websites and connect with buyers directly.
This gives complete control of the sales process to the seller. He can list, promote, price, negotiate and close the deal all by himself.
Given the current real estate scenario in Australia, the property sellers stand to gain if they sell their property on their own. This is because they will be able to sell their property at a high price and don’t have to pay any commission or fee to an agent. Also, since it is expected that the number of buyers is likely to increase, sellers have a great opportunity in a high demand market.
How to sell a property privately?
Selling a property privately entails:
- Accurately pricing your property.
- Listing your property on a Property Listing Website. There are numerous online estate agents in Australia who can help you complete a property sale. However, you should be cautious that you don’t list your home on a fraudulent site. Choose the site carefully. List your property by uploading high-quality pictures and a virtual tour of your home. This will help buyers get an idea of your property.
- Buyers will view your property and connect with you directly for purchasing it.
- You will have to arrange showings of your property to prospective buyers.
- The next stage is, negotiations. A handy tip while negotiating is to start with a high opening price so that you have a margin to negotiate. Also, be clear about the minimum price below which you will not sell your home.
- Once the deal is finalized, you will need to complete the paperwork which could be quite cumbersome. You can take the help of a legal expert for this purpose.
Although, the process seems fairly straightforward. However, stats reveal that the % of private property sales completed successfully is not very high.
This is because sometimes the sellers lose focus and sometimes it is because of their choice of the online estate agent. Choosing the right website for listing your property goes a long way in the success of the sale.
So, how do you choose the right online agent in Australia for selling your property?
- When you browse through various property listing websites on the internet, look for a site that is genuine. You can verify this by looking at the client testimonials or reviews on a review site.
- Shortlist a number of sites and compare the features they offer and the expenses associated with listing the property on each one of them.
- Check whether the website promotes your listing or not. There are online agents that share the listing on multiple websites and on social media.
- If the website charges for listing, it is a good idea to ensure that you get your money’s worth by listing on the website.
The real estate market in Australia post the federal election is just right for property sellers to sell their homes. Sellers need to carefully select the best online agent in Australia to sell their property privately.
Jodie Kelly is the author of this article. Jodie is a marketing executive at Minus the Agent which is one of the leading online estate agents in Australia.