1. Set a Marketing Budget to Sell your Home
Once you've decided to sell your home yourself, your costs will generally be a fraction of the costs that would be incurred if you were to engage a traditional Real Estate agent to Sell your Home. Agents will generally charge a high commission when your property sells, but ontop of that you can generally expect to pay anywhere from $1,000 to $4,000 in advertising expenses (regardless of whether your property sells or not).
The upfront costs associated with the sale of your Home will be the advertising of the property on Australia's leading Real Estate sites, and sometimes professional photography & photo signage.
2. How to Sell your own Home: The best method of Sale
When selling your Home, you will need to decide on which method of sale suits you: Usually either Private Sale or Auction.
When selling a property via private sale, there is no specific end-date for the sale and you have the flexibility to change your price whenever you like to see how the market responds. In many states, there are now laws which govern under-quoting as so it’s important that you are aware of the rules relating to pricing properties in different states of Australia.
We recommend the majority of Private home sellers to sell their own homes via the private method of sale, however, in unique circumstances or high demand areas, Auctions can certainly be a great way to sell. You will need to approach an auctioneer in your area and request them to hold your auction on the day for you.
3. Preparing Contracts & legal Paperwork to Sell your own Home
If your home is in NSW or ACT, you will need to have a contract prepared before you are able to market it. In VIC you will want to have a Section 32 prepared as soon as possible although you are able to market your property before this has been completed. In any case it’s always a good idea to have a contract prepared and ready to go.
Whilst it is possible to purchase blank contracts yourself, it’s not recommended that you do this yourself. Different states have different legislation relating to the sale of property and it’s always best to engage a professional to conduct the paperwork.
4. Setting the asking price for your Home
When selling your own Home, the best thing to do is to visit the sold section of realestate.com.au/sold and searching for similar homes in your suburbs. By comparing your home to the sale prices of homes in your area, it should give you an accurate idea as to the approximate value of your property.
5. Prepare your Property Photos
When selling your own home, you can easily take your own photos with a smart phone or DSLR camera. The majority of people selling themselves actually do this. Some of our packages online also offer a Professional Photographer to come out and take the photos for you. We highly recommend the professional photo packages, as this has become the norm within the real estate industry over recent years. Not using professional photos immediately puts you behind your competition.
6. Create Your Property Listing Online
To sell your own Home, after you've selected your property package, you'll just need to Write a brief property description, enter your asking price and upload photographs of your property. You can also upload up to 33 photos, two floor plans, and a property video. You can edit your ad 24/7 through our service by logging in to your account.
Take a read through other property listings to get some good ideas and wording for your property listing.
7. Prepare Your Home for Inspections
To sell your own Property, you need to de-clutter your home, and put away personal effects and remove any unwanted odours. Ensure that your home is as clean as and tidy as possible. Our service offers printing for professional looking brochures that you can also hand out to prospective Home buyers.
8. Open Homes & buyer inspections
It's a good idea to schedule open homes or inspections on the weekend when there are a lot of other buyers around looking at property. When Home buyers attend your property during open Homes it’s important that you collect their contact details. This is not only so that you will be able to follow-up with them afterwards, but it’s also a good thing to do in terms of security.
9. Communicate with Prospective Buyers
One of the most important things about selling your own home is to make sure you contact, respond to, and follow-up with any potential home buyers. Try and respond to buyers as soon as possible and always follow up inspections with follow up text message or calls to see if the buyer is interested in your property.
Generally, buyers like being able to speak with the owners directly, as you will know the property better than an agent ever could.
10. Negotiating & Selling your own Home
This part is the same whether you're using a traditional agent or selling yourself. Even when using a traditional real estate agent to sell your own home, you would need to engage your own conveyancer or solicitor to organise the property settlement.
In a lot of cases, a contract of sale will be conditional on something. Usually it will be subject to finance or building and pest (or both).
Once the contract has become unconditional, you simply sit back and wait for your property to Settle. Upon settlement, you will have now saved potentially tens of thousands of dollars extra by choosing to Sell your own Home yourself.