THE GUIDE TO SELLING YOUR HOME
Step 2 - Using an Agent Versus Selling Privately
Selling your home through an agent
Real estate agents have the necessary skills and training to not only sell your home, but to maximise its value. They have a detailed knowledge and understanding of the market in your local area and will manage the wholesale process for you - which can be a very demanding process.
The main aim for agents is to achieve the best price possible for you as quickly as possible. Remember, they operate on a commission basis, so the more they sell your home for, the more they get paid! They act in your interests, delivering a range of services from the early stages to the final settlement. The services include:
- Expected value of your property (they should give you a list of comparable houses similar to yours, including prices)
- Creating and managing an appropriate advertising campaign
- Showing inspections to potential buyers and making follow up calls
- Negotiating the selling price between you and the potential buyers
- Facilitating the actual sale of your property and the final exchange of contracts
- Manage auction process (if selling by auction)
Selling your home privately (ie. selling it yourself)
Many people like to save money by selling their home themselves, without the need to pay the commission to a Real Estate Agent. You should only consider doing this if you have an extensive understanding of the property market in your area and have the time to manage the selling process.
Here are some tips to think about before you decide on this option. You should also read the rest of this section to discover the detailed process an agent follows in selling a house, so that you fully understand what needs to be done.
- Research the current real estate market in your area. You need to know what similar houses in your area have recently sold for
- Consider getting an independent valuation of your property
- Determine your asking price
- Ask your solicitor to draw up a contract of sale
- Create an advertising plan - take photos, create and print brochures, book advertising with newspapers/internet
- Open your property for inspection (take a note of names and phone numbers of potential purchasers)
- Call everyone who attended your open for inspection to gauge interest from potential purchasers
- Negotiate price with potential purchasers. Don't underestimate how difficult this can be when you're selling your own home!
- Once you agree on a price with a purchaser, hand over the reigns to your solicitor or conveyancer to exchange contracts and manage the settlement
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