hi guys. Its me again. I had a topic last week on desperation..ive decided to sell my apartment in the city. went to see a financial planner, said sell for sure. then a real estate guy who said dont sell privately.
as im a young female with little experience in this field (though my father will come with me if i sell privately), was wondering if anyone has done it, if its dangerous, how did you set your price and what is a good company to use. I was advised to use a company called my home is for sale (based in brisbane). i contacted them, they were not very friendly and i dont feel they will really help negotiate for me. what do you advise on this. as for agents, ive lost so much on my investment that im afraid of losing another 16000 in fees for them. But i need my property evaluated and i already have an idea of what it may go for, should i stick with my instinct bec ive shopped in the building looking at recent sales of similar apartment…what should i do?
cheers, lachinovSelling privately is always fraught with danger: not in a physical but in a financial sense.
Companies which 'assist' you to market a property may give you little more than 'how to market' the property and access to some of the major advertising portals. They do not assist with setting the sales price, local area knowledge, negotiations, strategy, presentation etc.
A good real estate agent brings with them a wealth of knowledge about recent sales, their own sales, a database of buyers (agent's networks) etc which you do not have access to (nor does a diy sales outfit). The agent then can bring to the fore their skills in negotiation to achieve the best price for your property – you will need to be open with the agent as to what you want to acheive, even if it is to minimise your losses.
Buying your own home is often the biggest single investment most people make, it is worth the money spent on a good agent to handle the sale of your property. Where did you get $16k in agent's fees from? Unless Qld agents are asking horrendous commissions, it should cost you less than 3% inclusive of advertising (at least in NSW).
If you set your sales price too low, you cannot negotiate upwards. If you set the price too high, you disenfranchise a whole group of buyers.
If you want to save a few $, use a conveyancer rather than a solicitor for the legal work, generally much more cost effective esp on sales.Have you considered leasing out the unit and moving back home? This may be a viable alternative.
hi. thanks for that advice. Im actually living at home, its leased but i just am losing alot of money yearly paying off its balance and with the interest rates set to change again, ill be paying more and more and the strata fees are scary. can i ask you what a conveyancer does? do they help you set the price. I was told yest by a real estate agent that alot of the city agent charge up to 3000 dollars for advertising which they could do for free for you online.
As a licensed agent and developer i will always still use an agent.
Interview 3 or 4 agents Including the one who manages the property, by the sounds of it you have spoken casually to one agent who is out to maximise the commission and is well outside the normal parameters of fees – it is a recession afterall.
A conveyancer does the legal work relating to the sales contract.
ok…ill speak to a few agents. it seems the best way to go.
Hi
What is the location of the property? If you furnished it could you get more for rent? eg aparently Sydney apartments rent for up to $150pw more if furnished…
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
it gets me about 500 a week…but if i put in furniture it might get me about 650 but i have to spend about 10-15k to do that. besides, overall, the strata is seriously killing the entire investment. i pay about 1300 per quarter…this is not gonna go down to be frank.
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