We would like to sell one of our properties by private sale to save on the commission.
Would like comments on the pros and cons and any helpful advice appreciated like where to advertise etc. Should we use web sites like DIY etc?
The property is in Qld.
Hi Kate,
I managed to see one of our IP’s privately and I found that it was reasonably hassle free. I believe you have to be very organised. I was and had a couple of blank O&A contracts, copy of title and recent rental appraisals on hand. I advertised in the Free local paper (WA – Quokka), in the main real estate paper “The West Australian” and on yourestate.com.au which is an internet site that allows you to present your home on the net at a low cost.
The only downside I can see in selling privately is that it may take longer to sell than it may through a R/E Rep. 2 reasons – The Rep can hit a larger cross section of customers and secondly I found that a lot of people were wary of buying privately.
Yes I did sell my property but it took longer than it should have!!
Hope this helps.
SQ
Hi SQ
If I was a buyer I guess i’d be a little unsure about buying privately but I have a terrific lawyer in Qld . I know he’d check out the contract of sale thoroughly.How did you feel about showing strangers through the house?
Was your IP tenanted at the time?
Hi Kate,
My IP was untennanted at the time so showing people through was not a problem. It was by appointment though.
sq
Hi kate2006,
You might like to check out ‘noagentproperty.com.au’ . Haven’t used it to sell but browse it now and then. Costs about $450 to advertise online until sold.
k
Kate
I think it’s a briliant idea – go for it. Yes, you do defniitely need to be very organized and professional so that buyers feel safe buying from you. It is a legal requirement to have the contract prepared….your lawyer can advise you on other protocol as well. Pretend you are an agent yourself and go through all the same steps that they would with a new listing. Present it as well as possible. Enlist the tenants cooperation. (You could even pay for a cleaner before the Opens if you think the property value merits it). You could also pay an agnet to run through the process with you and get local tips and advice. That’s what would I would do. I would sling someone $200 cash to sit with me for an hour and go through all the best local avenues. If you are not comfortable negotiating, you might even be able to enlist a friend’s help to do this for you!
Good luck!
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