Selling without an agent

I'm about to put my ppor in Canberra on the market. I'm seriously considering selling it without an agent.

Anyone got any advice for or against?

Most buyers in Canberra buy and sell through Allhomes, which private advertisers can use. Having read some of the listings I'm sure I can do a better job.

In Canberra we need to have a building and pest inspection done upfront and available to prospective buyers. Is there anything else I need upfront?

I'm Presuming I come to an agreed price with a buyer and then visit my lawyer to draw up a contract.

 

Do you need a contract and searches prior to being able to show the property like in NSW?

 

This may help @Nemo

http://the-riotact.com/selling-a-house-privately-in-canberra-my-2013-experience/120647

 

Thanks Coota

Dave - I'm not sure. I guess it can't hurt to go see solicitor up front and get those prepared.

 

Hi Nemo

I don't think it would too hard in Canberra. Like you mentioned - allhomes is the main advertising platform for property - so as long as you're able to get some nice photos done and can write up a fancy description, then it shouldn't be too hard to sell yourself.

Having said that though- agents tend to be quite ruthless and will likely push potential buyers for higher offers and/or will start playing buyers off one another.

Cheers

Jamie

 

I've only sold once before in Canberra. My agent was the most unethical dodgy person I've ever met. I think that experience has made me think twice about listing with an agent.

I have a fairly good idea of price - both what is a good price to achieve and what I would be willing to accept. Have some comparables - think I'm pretty realistic.

 

Thanks Jamie - yeah it's the negotiating that could be tricky. I'm a bit of a push over

 

That article was really helpful Coota. Has everything I need to know. Thanks

 

Hi @Nemo

Here's a good article on the topic Selling Your Home: With Or Without A Real Estate Agent .

Best of luck!

 

I just used DIYsalesandleasing.co.au to lease an investment property.
You can sell your house on realestate.com.au through DIYsalesandleasing for a small fee.
You get your photos put on the site and you save all that commission.They pass all the leads on to you. All my future sales and leasing will be done by them. The property i leased was leased in three days and i save around 2k every year that would have gone to an agent to go on holidays. EASY. Brilliant

 

I never advise to buy property without any agent. If you buy property on self you can face some problems and if you hire a property agent you are tension free. Because agent are well know how to deal with property owner.

 

@Nemo, did you have any success?

 

I ended up using an agent. Mainly as I'm moving interstate and was unsure of timing of new job.

Agents been pretty good, charging me a reasonable price (1.65%).

I've sold one IP. PPOR is going to auction next week.

 

Good luck! Let us know the result.

 

Best of luck nemo.

Hypothetical, say you had a home with development approval in place for 3 or 4 townhouses in a higher priced neighbourhood. The home is obviously worth more developed.
The potential buyer will most likely be a builder knowing the exact price to offer before it eats into any profit.
And comparable sales will most likely reflect this.

Would you bother using an agent?
@MTR, thought you might help answer as its your field.

 

is the market hot?
I would always use an agent regardless, if you get the right agent you can create competition.

I am not good at selling, would always use someone who has this skill and who can milk it just my opinion

 

We tried selling one of our IPs ourselves. I figured I could do a better job marketing the property myself compared to some of the marketing I'd seen in the area. Styled the property completely, had a professional photographer and paid for photo board, brochures. Held open home every weekend for 4 weeks as well as by appointments throughout the week. Great turn out and positive feedback but not a single offer. Either the potential buyers thought it would be rude to be honest about their feedback to me or felt nervouse making an offer to the owner directly. Long story short, an agent introduced himself to us and had an offer within a week.
Moral of the story, although the comission seems like a lot of money to hand over I think it's money well spent providing you can select an agent who is a skilled negotiator.

 

Yeah assuming the market is hot.
Was doing some research into what properties with plans and permits already in place sell for, and working backwards what the highest offers should be achieved before builders walk away from the deal as it would no longer stack up for their profit margin.

The selling part would be interesting as I'm not an agent, and perhaps getting just one person or new builder that would be happy to take less than standard buffer profit, could achieve a better result with an agent.
But then on the other hand, if you know the price it's worth, and happy to take that price and no more, maybe advertising it and seeing what happens might work. Without the additional 20+k in sales fees and advertising. Just my thoughts

 

... problem is you don't have the data base etc

I think if you focus on what you may save in agents fees you are missing the big picture. If market is booming you are in the box seat. you should know what sales price is achievable, tack on agents fees to this..it's doable

Most important factor IMO is getting the right agent, I love aggressive, intelligent agents that work buyers. Spend more time selecting the right agent once again this is just what I would do, you need to go with your gut