For Sale By Owner

 

House for sale by owner

 

 

 

 

 

 

 

Selling a property without using a real estate agent is becoming increasingly popular because many  vendors choose to sell their own homes themselves not only to avoid paying agent fees, but also to  maintain control over how their property is marketed and presented.

 

If you plan to sell your own home then you will be responsible for:

  • Setting the asking price
  • Deciding on the method of sale (Private Treaty or Auction)
  • Organising and paying for advertising and marketing
  • Preparing your property for sale
  • Ensuring that all the necessary documents are accurately completed and up to date
  • Organising and attending the open inspections
  • Answering any questions about the property from buyers
  • Agreement to sell the property and decide on a settlement date

 

You will also need to consider the following points: 

 

1.  Setting the Price

You should be realistic about price as setting the price too high can put off potential buyers.  What are the current market trends and what is the demand for a property like yours.  You can research this by:

  • Looking at the price of what similar homes have sold for
  • Engaging an independent valuer to value your home
  • Asking a real estate agent to appraise your home and provide an estimated price range

 

What is my home worth?

We as Land Agents are often asked “What is my home worth?

If you are considering selling your own property as a For Sale By Owner, then the most important decision you will make is to determine the correct answer to that question.  This alone may determine whether you are successful or not at selling your own property.  Also, don’t be fooled to think that the selling process and negotiations can’t be complex and time consuming, not to mention the legal requirements that must be satisfied.

 

 

2. Determine what’s included in the sale of your home

Before you place your home on the market, you will need to decide what will be left in the property when it is sold.  It is normal for appliances that are hard-wired e.g dishwasher and light fittings and furnishing such as curtains remain and are included in the sale.  Personal items such as furniture, rugs are usually excluded from a sale and should be detailed on the sales contract.

 

 

3. Decide on your Advertising & Marketing

This is a very important part of the selling process as it will determine who will become aware of your property and will affect the achieved price.

If you are planning to advertise your property, then you will need to consider:

  • Where you want to advertise (online, newspapers)
  • How much you want to spend on the advertising
  • How to present your property at its best
  • Photography
  • Printing flyers and brochures

 

4. Presenting your property for sale

We have all heard that first impressions last – some suggestions for making a good first impression include:

  • Consider a fresh coat of paint
  • Will the property look better furnished or unfurnished
  • De-clutter the home
  • Ensure that the property is clean and tidy
  • Brighten the interior, ensure that all lights are working
  • Mow the lawns, weed the garden and prune the shrubs

 

5. Open Inspections

By having open inspections you will give potential buyers the opportunity to look at your property – usually allow between 30 and 45 minutes once a week.

 

 

Case Study – below is a recent example of how what looks simple can actually cost you a lot of money.  Two similar homes in the same suburb of Evanston Park, both in the same street.

 

Home A is For Sale By Owner, while Home B is listed with a Licenced Land Agent.  Both homes feature 5 bedrooms, 2 bathrooms and a double garage.  Home A has a land size of approximately 758m2, while Home B is approximately 858m2.

 

Home A sold on the 6 April 2017 for $460,000 (after 24 weeks), while Home B sold on the 11 Jan 2017 for $525,000 (after 12 weeks).   A difference of $65,000 and 12 weeks – don’t let this happen to you!

[Source: CoreLogic (RP Data)].

 

We are passionate about real estate and are here to help!

Getting the price right in addition to attracting the right buyers and then negotiating the entire transaction are all elements that are vital if you are going to successfully sell your own home, after all it is for most people their greatest financial asset!

We offer a Free Market Report of property values in your area and advice – simply contact us and we will send the information to you.