The traditional way of selling property was to put up a ‘For Sale’ sign on the property and get in touch with a real estate agent in your area. Similarly, if you wanted to buy a property, you would get in touch with the local estate agent’s office that would have a collection of properties that were up for sale.
These days it has become possible for you to sell the property on your own without involving a real estate agent at all, thanks to real estate listing sites.
Selling Through A Real Estate Agent
Real Estate agents and brokers still control the majority of the market share when it comes to buying and selling property. This is because the estate agents are well connected and aware of the prices in the market. This enables them to get your property marketed and sold much more quickly.
Real estate agents also give sellers a lot of convenience as they can deal with potential buyers and answer inquiries about your property. Agents are experienced in differentiating between potential buyers and people who are just scouting the market with no plans of buying. They save you a lot of time dealing with uninterested buyers.
Agents are also good at negotiating with buyers. They can bring out the positive features of your property and present them to the buyers to get them interested which might be difficult for most people unless they are seasoned sales people themselves. Your agent can help you get a slightly better price than you might be able to negotiate yourself.
There are drawbacks to relying completely on your agent however. While they may present your property to potential buyers, they will also be pushing properties from other sellers that they represent.
Agents usually charge commission as a percentage of the property and they may be more interested in making a deal rather than the deal that you want. You may also find pressure from your agent to sell your property for a price which you don’t find acceptable.
Selling Your Property by Yourself
Selling your home by yourself requires a little more effort on your part. The benefit is that you can save the fees that you would need to pay your broker.
Selling a property on your own can seem like a big ask, if you haven’t done it before. You would need to do a lot of market research about prices in your neighbourhood.
A good way to start is to look at the sale prices of properties that recently sold in your surrounding neighbourhood. Make an objective comparison between your property and these sales, taking account of any differences in features.
Once you have a fair assessment of your property value, you can list it online at https://www.buymyplace.com.au for potential buyers.
After having listed your property at a reasonable value you should get some inquiries and offers. This would be the negotiation phase where potential buyers will try to see if you are willing to reduce the price. You will also need to arrange property inspections for the buyers.
Once a buyer has agreed to purchase the property, you will also need to arrange for the purchase contract, title transfer and legal counsel.