I know this topic has been discussed some time ago, so sorry if I am going over old ground, but I am interested in reasons people have for using real estate agents to sell their property.
From memory, some of the reasons given last time were related to statistics on ratios of properties sold through agents and exposure.
Convenience for one thing. I don’t have the time at present to travel a distance to show the property we currently have listed, 45 minutes away, or to hold open houses. Got a reduction on the commission though and took all costs into account when purchasing to renovate and sell.
Lately though, I notice a few Private Sale signs on properties which would be OK if I lived in it, no worry making a time for inspection.
Anna
Hi Jimbo,
It’s all about leveraging your time. Like Steve said in his book when he did his first reno. It took him months, took all of his time and alot of money. He lost on all ends. He concludes by saying that he’ll leave the hammer to the tradesman and the books and accounts to him. Get an expert to do what he/she is expert at.
Spend your time doing more productive things like looking for more properties, spending time with family. Life is too short to worry about doing something you havn’t dealt with before.
Kind Regards,
George.“If You never never ask, you’ll never never know”
The other reason is that when you do work yourself, you cannot claim your time as tax deductibe but paying someone else for their services, you can claim this on Tax.
Kind Regards,
George.“If You never never ask, you’ll never never know”
Up front – I am closely associated with a Private Sale co (FSBO Aust) and strong avocate that most people (not all, but the vast majority) should consider sell their o/o property themselves. The savings (tax free on the family home) are very substantial – an average last fin year of $15k within Sydney metro. And, I might add, with LESS time (yep)and a lot less drama, than selling the same property through a agent.
However, invest property is not so straightforward, due to tenants, location, tax implications, etc. Due to individual circumstances and temperment, etc, I’ve probably recommended to about 50% of people approaching me considering selling IP’s that they should use an agent – not something I like doing..
Different horses for different courses. Selling privately is a definite option for property owners, but not the correct choice for everyone, everytime.
theloanarranger
We LOVE buying from private vendors. We get deals super cheap & with all kinds of bonuses thrown in – BECAUSE MOST PEOPLE CAN’T SELL!
Our current PPOR we got well below market price because the Vendor both advertised very poorly (two line ad with a hotmail address only) and represented poorly….he only got two people through over five weeks at the end of the boom when it was still a sellers’ market in Canberra…we just bided our time until he was really sweating (had bought a new place, couldn’t afford too mortgages) and then made our best offer.
If you want to sell by yourself make sure you have a look around some REAs and see how they sell places. Don’t put yourself in the position of knowing nothing about what you are doing. Though if you do take this approach having no idea about how to sell, drop me an email – I’d be interested in buying from you.
We like using REAs to sell because it keeps us one removed in the process & this gives us a lot more control over the negotiation process. Besides if the REA does a lousy job we pay nothin….what’s to dislike.
Cheers,
Aceyducey
I’ve just negotiated a deal for my brother from a private seller.
6 month settlement, can do whatever we like to the property, and I can move in at exchange, and pay a much lower rent than the going rate. At settlement time, my older brother will probably move back into his house, kicking out my younger brother who’ll then most likely kick me out [
]. Hopefully by then one of my parents tenants won’t have liked their rent increase, and I can move in there – or anybody else want to offer me cheap rental (must have high fences for my puppy dogs, oh yeah, you need to allow me to have pets)[biggrin][thumbsupanim]Cheers
MelTime saving and they have the latest “shafting” techniques down pat.
]. Hopefully by then one of my parents tenants won’t have liked their rent increase, and I can move in there – or anybody else want to offer me cheap rental (must have high fences for my puppy dogs, oh yeah, you need to allow me to have pets)[biggrin][thumbsupanim]
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