Navigating Home Sales: DIY Private Sale vs. Real Estate Agent

In this fast moving market, where properties are selling before home opens or very soon afterwards, you might be wondering how much work the estate agent actually needs to do and do you still get full value from their commission compared to just 12 months ago? Could you actually go it alone and save yourself their fees?

In theory, it should be reasonably straightforward to sell your own home without a real estate agent. If you can set the right price, sort all the admin tasks and view your home through an objective lens, you could possibly save some money on an agent’s commission.

On the other hand, a real estate agent can do so much for you. An estate agent is the gatekeeper between potential buyers and the seller, which means that the seller does not have to deal directly with buyers. Estate agents also perform the following tasks:

• Providing market research to the seller (recently sold comparable properties and their values)
• Marketing the property for sale
• Organising and hosting open homes
• Negotiating with potential buyers
• Managing the sales contract and paperwork
• Final inspection

Real estate agents need a license to operate in Australia and this involves completing rigorous training plus a period of work experience. The agent is obligated to work for the seller and represent their best interests, according to the ACCC. While commission and fee structures are not regulated in Australia, they are negotiable. Here are some more benefits to selling with a real estate agent:

1. Maximise your sale price – Private sales usually sell for less than agent-assisted homes. If you choose to go solo and avoid commissions, you could risk getting less equity for your home, including their commission fees. The agent’s knowledge of your area and their experience in pricing homes is invaluable and on average will get you the most money in the end.
2. Save you time – Selling a property is a time consuming and complex process. By working with an agent, you can save time and avoid the stress. Having someone else handle the showings and open homes will be more convenient and less disruptive.
3. They have the expertise and experience – Agents have a wealth of knowledge in the real estate industry and are experts in property prices, marketing, negotiations and legal aspects of selling.
4. Increase exposure – Agents can also increase the exposure of your property with eye-catching listings through their access to realtor websites. The more potential buyers who are made aware of your listing, the higher chance you’ll receive competitive offers.
5. Ready network of contacts – Your real estate agent will have an extensive network of contacts, including other real estate agents, solicitors, lenders, inspectors and contractors, that can help you with various aspects of your home-selling journey.
6. Strong negotiating skills – Negotiating with potential buyers is half the battle. Agents are skilled negotiators and can help you get the best possible price for your property. Agents are typically objective, as they don’t have the emotional attachment that you will have with your property.
7. Marketing and advertising abilities – Agents will handle all the marketing and advertising for your property, such as flyers, photography, virtual tours and open homes.

If you are still thinking about selling your home on your own, consider the following questions:

• Do you have the time to market your property?
• Do you have extensive networks to manage each stage of the sale?
• Can you price your property correctly?
• Are you willing to deal with the paperwork?
• Do you know where to find potential buyers and how to negotiate well?

Overall, using a great real estate agent can simplify the process of selling your property, increase your chances of a successful sale and help you get the best possible price.

If you’re interested in speaking with one of our real estate agents, you can start by getting one step ahead of the market and get your free appraisal now. Click this link or call for an obligation free chat on 9592 8188.