It’s never been easier to get your personal real estate broker.
There are at least a dozen websites that let you sell your home yourself, with fees a tiny fraction of the commissions charged by sell real estate online.
Marina Tretiach recently sold her house in Sydney’s Lane Cove through ForSaleByOwner.com.au, saving 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 thought to myself that we are capable of doing all the stuff that agents do,” Marina says. “I am just really acquainted with the location and i also are aware of the house and so i was certain that I was able to do nearly as good employment while they could do.”
Marina found this process easy, the site providing a youtube video tutorial on what to do.
The websites seem to be broadly similar with their approach. They have a basic marketing package where online ads are put on leading real-estate websites also in the sites themselves.
The owner can add further products and services, for instance a “for sale” sign to the front from the property and brochures.
Although all properties are listed with prices, the owner can opt to attend auction in which the website can supply an auctioneer for the entire day.
The seller decides whether to have open houses or whether to have private viewings, the owner handing every one of the inquiries themselves.
Marina sold her house for that asking price within 3 weeks of listing.
Her open houses were well attended but one day she received a telephone call from somebody who had seen the for-sale sign and wished to see the house privately. He was the eventual buyer.
Paul Heath, the chief executive of BuyMyPlace.com.au, says by selling their properties themselves vendors can help to save lots of money in commissions and marketing costs.
Applying a standard commission of 2.25 % to the median Sydney house price equates into a saving of $24,000.
Also, there are some savings about the typical marketing expenses of approximately 1 per cent, he says.
Heath says private vendors in most cases get appraisals from the local realtors and go to numerous auctions and look at what similar properties are fetching.
Colin Sacks, chief executive of ForSaleByOwner, says private vendors need proper support.
“It’s one important thing never to make use of an agent but another to never work with an agent and to get it done well,” he says. “A broker does bring certain skills on the table and so the real question is whether we can bring those skills together within an online environment. This site offers vendors by using a ‘dashboard’ where they are going to see all the inquiries and dexkpky60 people are considering their ads in Domain.com.au and Realestate.com.au and other sites.”
Sacks says most people using his site are paying about $1000, consisting of a for-sale board to the front from the property.
Real estate brokers are sceptical of claims produced by websites that private vendors are routinely achieving higher prices than should they had used a real estate agent.
Michael Harris, the director of Raine & Horne in Sydney’s Newton, has been selling property for 17 years.
“The Things I am today is not what I was as i were only available in real estate property, that is what your average mum and dad will probably be like,” Harris says. “People usually do not realise the volume of work that you need to do to sell a property.”
Real estate professional Trudy Biggin, of Biggin & Scott in Melbourne’s Brighton, says an effective agent can advise on how the home needs to be given to create that “wow” factor.
She says one of many skills of a good agent is within negotiating using a potential buyer in an attempt to attain the best price for the vendor.
“Once you learn that somebody really likes your house, the skill is to keep them focused entirely on that house and to pay reasonably limited price,” she says.
Sam Lally, a buyer’s agent at Buyer’s Advocate Australia in Melbourne’s Hawthorn, agrees.
Lally sold real-estate before switching to helping buyers and he says you need to know how to speak to potential customers, what information to have from their store and the ways to qualify them.
In the role like a buyer’s agent, Lally “loves” coping with vendors directly.
“Some people think their skills with their professional parts of expertise are transferable to property negotiations,” he says.
“Private vendors tend to be no match for experienced property negotiators, like buyer’s advocates or agents.
“Vendors who use good agents have an improved chance to getting an improved price for his or her property.”