It’s never been easier to be your own real estate broker.
You can find at least twelve websites that let you sell your property yourself, with fees a tiny fraction from the commissions charged by online real estate auctions.
Marina Tretiach recently sold her house in Sydney’s Lane Cove through ForSaleByOwner.com.au, saving tens of thousands of dollars in agent’s fees.
The laboratory manager was looking to buy another house outside Sydney for over a year and had attended many auctions.
“I was thinking to myself which i is capable of doing all the stuff that agents do,” Marina says. “I am just really informed about the region and that i be aware of house and so i was sure that I could possibly do nearly as good employment while they could do.”
Marina found the process easy, the site providing a relevant video tutorial on how to proceed.
The websites seem to be broadly similar inside their approach. There is a basic marketing package where online ads are positioned on leading real-estate websites too about the sites themselves.
The vendor can also add further services and products, say for example a “available for purchase” sign for that front of the property and brochures.
Although all properties are listed with prices, the owner can opt to visit auction the location where the website provides an auctioneer for a day.
The seller decides whether or not to have open houses or if you should have private viewings, the seller handing all the inquiries themselves.
Marina sold her house for the asking price within 3 weeks of listing.
Her open houses were well attended but one day she received a telephone call from someone that had seen the for-sale sign and desired to see the house privately. He was the eventual buyer.
Paul Heath, the main executive of BuyMyPlace.com.au, says by selling their properties themselves vendors can save big money in commissions and marketing costs.
Applying a typical commission of 2.25 percent on the median Sydney house price equates to some saving of $24,000.
Also, there are some savings about the typical marketing expenses of about 1 per cent, he says.
Heath says private vendors usually still get appraisals from the local real estate professionals and go to many auctions and check out what similar properties are fetching.
Colin Sacks, chief executive of ForSaleByOwner, says private vendors need proper support.
“It’s one important thing to never utilize an agent but another not to make use of an agent and to make it happen well,” he says. “A broker does bring certain skills for the table so the real question is whether we are able to bring those skills together within an online environment. We provide vendors having a ‘dashboard’ where they may see all of the inquiries and dexkpky60 people are looking at their ads in Domain.com.au and Realestate.com.au and also other sites.”
Sacks says the majority of people using his site are paying about $1000, which includes a for-sale board for your front of the property.
Real estate professionals are sceptical of claims created by websites that private vendors are routinely achieving higher prices than if they had used a broker.
Michael Harris, the director of Raine & Horne in Sydney’s Newton, has been selling property for 17 years.
“Things I am today is not a few things i was once i were only available in property, that is what your average mum and dad will likely be like,” Harris says. “People tend not to realise the amount of work that you must do to sell a residence.”
Real estate broker Trudy Biggin, of Biggin & Scott in Melbourne’s Brighton, says a great agent can advise about how the property must be presented to create that “wow” factor.
She says one of many skills of a good agent is in negotiating having a potential buyer so as to attain the best price for your vendor.
“If you know that somebody really likes your house, the skill is to ensure they are focused on that house as well as pay reduced price,” she says.
Sam Lally, a buyer’s agent at Buyer’s Advocate Australia in Melbourne’s Hawthorn, agrees.
Lally sold property before switching to helping buyers and he says you should know how to speak with potential customers, what information to obtain from their website and the way to qualify them.
In the role as being a buyer’s agent, Lally “loves” dealing with vendors directly.
“Many people think their skills in their professional parts of expertise are transferable to property negotiations,” he says.
“Private vendors are usually no match for experienced property negotiators, for example buyer’s advocates or agents.
“Vendors who use good agents have an improved chance of having a greater price for property.”