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Selling without an agent

Discussion in 'The Buying & Selling Process' started by legallyblonde, 3rd Apr, 2016.

  1. legallyblonde

    legallyblonde Well-Known Member

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    TAS
    I know this has been asked before... But I was hoping to pick your brains about a particular scenario a family member is dealing with.

    Property for sale
    -5 acres of pasture
    -Very high spec 30+ square home desigened for entertaining with a double garage/workshop
    -Lovely undercover and landscaped outdoor entertaining area
    -20 minutes to Hobart (in the nice direction aka the channel)
    -Spectacular water views

    Owner is currently getting quotes from agents which are almost $40k. Some are willing to negotiate down to approx $30k (since the owner just purchased off them recently).

    The property is extremely well presented and will sell itself. The owner isn't sure that the agents will help push the price up $30-$40k to make their commission worth while. The owners have previously subdivided, selling the blocks themselves and as a result are confident in their ability to deal with potential purchasers. Other than saving on commission the home was built by the owners and has a number of technology features to improve lifestyle and reduce energy use ect that the agents do not appreciate. This is a unique home that the agents seem to want to fit into their simplistic boxes (e.g. does it have a heat pump?).

    Whilst I am sceptical about selling DIY, I am also of the belief this house will sell itself and the people looking in this mid $800k+ are more likely to be more mature and happy to deal with owners. Agents sale estimates are all over the place due to the lack of houses at this end of the market.

    Any thoughts on selling higher end homes without an agent or any recommendations for services to help you sell yourself (with access to the Domain/RE.com.au).

    Thanks in advance!
     
  2. Nick Valsamis

    Nick Valsamis Well-Known Member

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    The main thing that your friend needs to consider is if they believe they can get the same results without the agent.

    The cost to advertise as an owner is quite small so there is no massive loss in trying if they have the time to do so.
    They can get ideas for the best marketing method from speaking with the sales agents as well.

    If they believe they can and are comfortable in going through the whole process themselves then it is their choice to do so.
    Then it is just knowing what to do to get the sale done.
     
    Xenia likes this.
  3. Xenia

    Xenia Adelaide Property Manager Business Member

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    People looking for bargains will often target owner sellers and not agents who are expert negotiators.

    The number one thing that drives a sale up is exposure. Expose to as many potential buyers as possible and have lots of people attending inspections to create a sense of urgency and competition. This is alone drives prices up and bidding to higher offers. This is often where agents can help, some have a bigger reach through a marketing campaign they know works, targeting the correct audience or own databases.

    target owner occupiers, well written copy, great photos and staging, good quality brochures, test test test.... avoid any form of marketing to investors (unless you want low ball offers). Target the higher bidding buyers with a more emotional vested interest.

    Absolutely justify the high price with solid evidence and comparables to avoid low bidders.
     
    wylie likes this.
  4. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    A $2 million home in my neighbourhood was sold "Forsalebyowner". I asked the owner about it and he was happy with the result. Agents in the area though... of course they want their commission! So i've been saying we are considering selling it ourselves and they tell me the owner said he wouldnt do it again. I checked with the owner and I get a very different story.

    I am looking at advertising mine via "Buymyplace". There's only about 3 other homes for sale in my suburb so extremely low stock on market and this suburb is great for families, as you are well in the catchment for Cheltenham Girls and Epping boys high schools, strong reasons to buy in the suburb.
     
    Xenia likes this.
  5. TheWiseOne

    TheWiseOne New Member

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    Long time reader here.... a friend suggested to me that to sell your own place you can go to other local (comparable) opens and when people go to (or get into) their cars after viewimg the home, you hand them info on the place you are selling. If the person is interested, they'll go to your place! That's something an owner seller can try, it's not appropriate for an agent to do.

    Funnily enough that's how my parents sold their home 20 years ago, (well, they just told someone at the other home open, without giving them any written info from memory.) But they still had to pay the agent for the sale.
     
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  6. legallyblonde

    legallyblonde Well-Known Member

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    My other thought is... they can give it ago now... if unsuccessful the owner is happy to stay put (renting out the new place that will settle in June) and then look at listing with an agent again in spring/early summer.

    The property is on a very private internal blockst the end of a no through road. So exposure will mostly be online.

    someone has suggested that selling yourself means that older less internet savvy buyers may not see it.

    Def one that is aimed at Ppor buyers!
     
    Xenia likes this.
  7. hammer

    hammer Well-Known Member

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    Just make sure you price it correctly. I see a lot of DIY sellers and they are 9 times out of 10 at least 20 per cent overpriced. They are emotionally connected to their property and can't for the life of them understand why anyone would think that it is worth less.

    They usually stay on the market for ages before being bedrugingly handed over to an agent....
     
    Xenia likes this.
  8. Marg4000

    Marg4000 Well-Known Member

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    To assist, I suggest getting a valuation done to support the asking price. Be prepared to explain how the asking price was decided, with details (Internet) of recent comparable sale details and prices. Sold properties only, asking prices are irrelevant.

    Also have a solicitor draw up the proposed contract of sale so you copies can be given to interested parties.
    Marg
     
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  9. Bozley

    Bozley Active Member

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    Hi Legally Blonde

    Ripple Real estate charge a flat rate of $7700 to sell a property (regardless of the value of the property). I have used them before and they were good.


     
  10. legallyblonde

    legallyblonde Well-Known Member

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    This was my argument exactly! I have never even inspected a place that was for sale by owner, simply because they were hugely overpriced! If it didn't sell in a reasonable time frame it would be taken off the market and then later pitched by an agent (when summer comes around again). No rush... They can rent out the new place.
     
  11. legallyblonde

    legallyblonde Well-Known Member

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    That is good to know Bozley! Their adds are in the guide every week but I don't know anyone who has used them! I should encourage owner to check out a Ripple open home to sus them out!
     
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  12. Dylan33

    Dylan33 Well-Known Member

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    I just excepted an offer on my place. I used AGENT IN A BOX. Very pleased! I took the $700 package with all the instruction videos and studied them on how to handle enquires and negotiate. Saved myself a heap and enjoyed the whole process. I would advise to spend some time on the photos though or get a pro in to do them.
     
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  13. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Is this the same property as you posted about in January when you didnt have a buyer with an agent?
     
  14. SmashedEconomy

    SmashedEconomy Active Member

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    How is this any different to an agent listed property? Agent take instructions on the sell price from the owner who adamantly demands an unrealisitic price, that the agent acquiesces to, to get the listing. This may not be so prevalent in hot inner Syd/Melb markets, but its certainly the case in many other areas of the country. Ive bought most of my properties for 10% - 20% under the listed price - all agent listed.
     
  15. legallyblonde

    legallyblonde Well-Known Member

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    UPDATE: Owner has listed with an agent. Decided it would be less stressful to delegate!

    If you want to check it out visit RE.com and search for postcode 7054 newest to oldest. You cannot miss it.