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Should I sell my home privately?

Should I sell my home privately

Selling your home privately can be time consuming and stressful.

One question that every homeowner asks themselves when thinking about selling is “should I sell my home privately”? Since the meteoric rise of Trademe,  more and more people are selling online…if you are comfortable with selling a heater online then why not a house? The process is virtually the same when it comes to creating a listing; you sort out your wording and photos, pay your fee and you’re off.

The main reason homeowners consider trying to sell their home privately is to avoid losing some of the sale price to commission. The commission on selling a residential property is generally somewhere between 2% and 4% of the sale price, and this can be a significant amount of money. However if you decide sell privately you need to be sure that you can negotiate for the best price for your property or going to all the effort to sell it yourself can be a false economy. Also, don’t believe that it can be done on the cheap, there will still be costs involved so these need to be researched properly so you can make an informed decision.

Selling privately does essentially come down to whether you have enough knowledge to be able to prepare and market your home successfully, and perhaps most importantly, do you have the confidence?  Selling is a skill, the benefit of using an agent is they are the intermediary between two parties, helping negotiations towards an outcome that suits everyone. Dealing with potential buyers face to face would not be a comfortable experience for a lot of people.

If you are used to the sales environment, have experience with marketing and are comfortable with dealing with potential buyers and their needs head on then it may be for you. If you are good at marketing, dealing with legal documents, can understand Council property data and builders reports, and are good at promotion and systematically following up potential buyers then you are more equipped to sell privately.

At Bestagent we research to find the top real estate agents in your local area. We believe that top agents have all the skills needed to be able to deal with homeowners and their needs, understand how each property should best be marketed, be excellent at communication, present themselves professionally, and as mentioned above, be excellent at negotiation.

A top agent will work hard to get a top sale price for your home that could off-set their commission.

If you do go down the path of selling your home privately then we highly recommend researching how to do this and to talk to your lawyer before you start so you can make sure you comply with any legal requirements throughout the process.

Don’t forget, one of the considerable benefits available to property sellers who use an agent is that commission is only paid upon sale of the property.  There are not many professional industries that provide the same amount of service up front without guaranteed return.

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