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Cutting out the middle-man: why you don't need an agent to sell your home

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Cutting out the middle-man: why you don't need an agent to sell your home

When it comes to selling your property, people don’t often like to break with tradition. That’s why selling your home without an agent has, until now, not been a popular option. But more and more Australians are turning to new technologies like Homesta that are enabling people to take control over the sale for themselves.

Of course, real estate companies and agents will tell you that it is not advisable to sell your home privately, as you ‘may not have the right knowledge or skills’ and ‘are not connected with a wide enough network of services and potential buyers’. However, the truth of the matter is that you are likely entirely capable of selling your property privately without the help of a real estate agent and obtaining the best price for yourself. This article explains why you should think about cutting out the middleman and selling your home without an agent, and how this is entirely possible.

Here are some of the reasons why you don’t need an agent to sell your home.

It is entirely within your legal right

Selling your house privately is a right that you have in Australia that is legislated on a state-by-state basis. The first thing that you need to do when thinking about selling your house is make sure that you are across your legal obligations as a seller. These laws vary according to which state you are in and there are different processes and documents you need prepare before you begin advertising your property. The best thing to do is meet with a solicitor or conveyancer who can help you sort out the legal side of things properly- remember that if you were choosing to sell with an agent this is a step that you would have to be taking anyways! You will need a contract of sale and a vendors statement and other relevant disclosures.

You will save on agent commission

The first obvious benefit to selling your house privately is financial gain. By cutting out the middleman you will automatically be saving yourself tens of thousands of dollars by avoiding using a real estate agent. In Australia, the average commission for an agent is 2.4 percent- meaning you could save anywhere between $18,000 - $20,000 in agents commission and real estate agent fees by selling your property privately. It is also important to consider that agents have a primary interest in closing the sale. Although they are legally obligated to get the best price for their clients, if you are unlucky and choose to sell with them at the wrong time, or if the agent is unable to connect you with the right buyer, you might find yourself in a situation where you are pressured into selling your property for a price lower than you had hoped. Taking the sale into your own hands may well enable you to avoid this scenario happening.

The savings don’t stop there. Agents are known for having connections to people who can take care of the marketing, repairs, and cleaning associated with selling your home. If you choose to sell privately you can source these services on your own, and get the prices that you’re looking for. With the advent of technology there are numerous places you can source cleaning and repair services yourself at the right prices, as well as use the platforms available to market your property that are cost free! Why pay someone else to do something you can do for yourself?

You can easily find buyers online

Traditionally, one of the most important aspects of hiring an agent to sell your home is that they are connected with a network of potential buyers making it easier to sell fast. But times have changed! It is much easier to connect with potential buyers yourself especially when you’re working through a platform like Homesta.

There are numerous benefits to finding a buyer yourself. One of the most advantageous aspects is that you can negotiate the price with them personally, and not have to work through an agent. You will also have more control over how your property is marketed and presented to the buyer.

It is important to keep in mind that the biggest risk for vendors selling their house privately is underselling their property in a misunderstanding of how good the market actually is and the price they could be getting for their property. To negotiate the price yourself, you must be market savvy and understand what the true value of your home is. That is why it is important to get an accurate valuation on your house and research market trends in your local area to assess what the best times of year are to be selling your home. It is best to do some thorough research to establish a clear plan around when you wish to sell your home and a fallback in case you are unable to meet your initial deadline!