Could I sell my own property?
Ever wondered if you really need an agent to sell a property or whether doing it yourself might be the way to go? Might it really be as easy as placing an ad on Marketplace or putting up a for sale sign in your front yard?
Well, there’s a bit more to selling a property than just posting an ad on social media, so let’s look at the pros and cons of selling a property yourself versus using an agent.
Finding the right price
Setting the right sales price for your property is critical. Set it too high and you’ll rule out potential buyers instantly. Set it too low and you won’t receive what your property is worth.
So how do you find the right price? Well it’s about knowing the market, including recent sales in the area, current supply of similar properties and also current demand.
It can take a while to get across these figures and current market conditions. As people who work in the industry day-in, day-out, this insight comes pretty naturally to agents who appraise properties and set their sales price every single day of the week.
The sales process can be emotional
Selling your property is a pretty big deal, with many factors to consider. Selling also often coincides with major life changes.
During these higher stress times it is important to keep a cool head and view decisions from a business perspective.
A good agent understands that selling can be emotional. Their role is to provide rational and considered professional advice to help you achieve your goal.
Preparing and staging the home
Real estate agents deal with buyers regularly and have feedback from property viewings. They can offer invaluable advice on how to present the property best for sale.
Staging and quality photos make a big difference in the marketing process.
If you have a good eye for aesthetic design and contemporary décor styles, you may have success completing this part of the process on your own.
Multiple marketing avenues
Marketing can be one of the more expensive elements of the sales process and you want to be confident that your money is being spent effectively.
The key to great marketing is understanding where your potential buyer is most likely to see your property.
Are they looking online, in print, on social media, or elsewhere? Should you invest in a video for your marketing campaign, and what about a floorplan? And who exactly will do your photography? We cannot stress enough how important property images are when it comes to securing a sale.
While it’s easy to list your property on social media, a good agent will have a great understanding of precisely how to market your specific property as well as a talent pool of photographers, videographers and copywriters who can help streamline the process.
Open homes
Open homes are a key part of the selling process. Ask yourself, are you comfortable hosting open homes or taking potential buyers through your property?
A good agent knows that an open home is show time. This is the opportunity to showcase the property in the best possible light while answering any questions that the attendees may have.
They also see open homes as an opportunity to gauge buyer interest and seek feedback about the property, including whether the price for the property is right.
Negotiations and the legal stuff
If the open homes are successful, there will be one or a number of potential buyers who are serious about purchasing your property and this is where the negotiation stage begins.
You’ll need to put emotions aside and work towards an outcome that suits both you as the seller and the buyer in order to achieve a deal.
A great agent is incredibly adept at negotiating. They know how to achieve a deal that ensures you get the best possible price for your property.
And once that deal is achieved, it’s time for the legal process to begin, including drawing up the contract of sale, and inserting any required conditions.
The short answer
The short answer to the question of whether you can sell your own property is of course you can. But the bigger question is this: do you want to? Even the best agents tend to outsource the sale of their own homes to other real estate agents for good reason.
They want someone experienced representing them – someone who will use their market insight, expertise and professionalism to ensure the property gets the best possible price.
