With many people struggling to sell their house in the current housing crisis many are turning a blind eye to the useless real estate agents by deciding to take selling into their own hands. The power of the internet and availability of sell-it-yourself resources has enabled many people to sell their home without parting any money with these real estate rapists.
With up to 80% of home buyers starting their search on the web for purchases it would be a wise place to start your marketing machine on the internet. The cost-free services currently offered by this website and competitors is a great cost effective way to get the ball rolling by introducing you to people who are actually looking at purchasing in the suburb you are selling in. But beware- there are many sites out there that are willing to take your money straight up without any results being achieved so be sure to only hand over money if your house is sold through that portal.
Recent data predicts as much as 12% of people sell privately and not for reasons unfounded. With commissions in the range of 3-6% there is money to be saved. A $400,000 house sold at 6% commission equates to a massive $24,000 in the back pocket of the real estate agent, not including the associated marketing and legal expenses.
Other advantages to
selling privately include being able to show the house when it suits you. The requirement to wait around for real estate agents to show your property to others is a great time waster especially if you are trying to hold down a good paying job. You also have complete control of the bargaining process however to give yourself the upper hand it may be a good idea to read some books on how to negotiate. The stories we hear from sellers about real estate agents being given offers for properties and not passing them on to owners is quite staggering and very unprofessional however rampart the practice may be.
The processes in selling your house privately are not that challenging. It is law for you to be in possession of a ‘Contract of Sale’ which can be prepared by your local conveyancers for approximately $400 before you place your property on the market. The next step is to do your research. This is made easy by the vast wealth of knowledge on the internet. Trawling the big real estate sites can give you a good idea on the current market conditions. Once you have worked out your price it is time to market your property. The internet should be the first port of call for this successful form of exposure. Put up signs all around your area to attract local buyers who are crawling your suburb for properties on the weekend. This type of exposure is invaluable.
Below is a video based on the success of people privately selling their home in the United States. It contains some good tips on how to sell your house yourself successfully.