How Is The Process Like to Sell a Property without an Agent?

justwii on 15/06/2024 - 00:15

Hi fellow ozbargainers, I would love to hear your experiences of selling properties without going through a REA, both successfully or miserably.

What platform did you use? How much you saved without a REA? Or how much more your property sold with a REA's help but then on the flipside that extra money just went into the REA as commission, and you felt better off doing it without?

For the sake of argument, lets just not count how much time is worth to you, otherwise you won't even think of picking up the dollar you dropped. Thanks!

Home & Garden

Comments

  • miwahni on 15/06/2024 - 00:35
    +4

    I sold my last property myself, moving from a regional NSW city to Brisbane. I used a local company who took photos, looked after the signage and uploaded my ad to (the then relatively new) realestate.com.au - after that I was on my own. It was over 20 years ago and IIRC I saved around $10k in agent's commission.

    Working in finance I had a pretty good idea of what my property was worth, which was confirmed by the purchaser's bank's valuer. So I don't believe I missed out on a possible higher sale price.

    The downside is that you have to do all of the sales stuff yourself - calls at all hours, people wanting to come through the house when they're available and not when suits you etc, and finally negotiating the final price. I felt it was worth it, to save what I saved, but it was a lot of effort especially if you don't enjoy dealing with people. You really have to put emotion aside as well and remember it's a business transaction.

    https://www.salebyhomeowner.com.au/ looks like they do much the same as the company I used.

    • justwii on 15/06/2024 - 00:49

      Hey thanks for sharing and a good one for sure! Glad that you were happy with the money you saved! Hope people are more cooperative if I am going to do it myself now :)

    • AustriaBargain on 15/06/2024 - 01:39
      +1

      Paying a pro photographer can be worth it, they'll have remotely triggered strobes that they can strategically place around the house when taking photos, to make dark and dank corners of your house look naturally bright and sunlit. It's not really that scummy, you can buy whatever lighting solutions you want when you buy it to recreate that look.

      • justwii on 15/06/2024 - 10:59

        Sounds like magic but really good suggestion!

  • waving on 15/06/2024 - 07:12
    +3

    We sold our place in a regional area. We went through PropertyNow who have a very straightforward online platform that links to real estate.com.au and all the others.

    Checkout product review. Has 4.9 stars with 1000 reviews.

    Bought a cheap burner phone to take enquiries and setup a free email address to manage correspondence.

    Took photos ourselves, did half a dozen enquiries/walkthroughs and sold the property for 40k more than any of the agents suggested they would achieve.

    They provide all paperwork necessary for contracts.

    Definitely achievable and took around 18 hours of our time over 3 weeks from setup to walkthroughs to sale. Based on commission we would have otherwise paid, that's about a $600 per hour return, plus the 40k extra we sold on what they appraised! Don't be afraid. Give it a go. If it doesn't work, you've only lost less than 1k and can always hand it back to an agent if you have no luck.

    • payless69 on 15/06/2024 - 07:44
      +4

      Productreview is owned by Property Now.
      Check their Ozbargain review!

    • justwii on 15/06/2024 - 11:13
      +1

      Hey what a great outcome that you got! Congrats! Note taken, need a new phone number and a new email address, very important!

  • m1108 on 15/06/2024 - 09:50
    +2

    Personally, I don’t think it’s worth your efforts. I’m from a real estate background (commercial more than residential). Get a few of quotes from local agents. Then whatever they’re quoting as a percentage commission, tell them another agent is willing to do it for half, it’s all a game of bluff. And if you’re in an area with low stock for sale, the agent won’t even have to really work too hard for their dollars and will be itching to get the listing….some money to them is better than nothing, especially if they know your looking at other agencies. Also don’t get conned into paying for advertising. If you negotiate hard enough you should be able to get it included in their commission. Here’s a tip (if you haven’t heard it before) ‘first to talk loses’…..tell that agent you want x% commission including advertising then just look at them and say nothing….its hard and can feel like an eternity of uncomfortable silence (and don’t break eye contact) but the theory has never failed for me! Yes using an agent will cost you some money but a good agent should have a lot of pre qualified buyers on their books, therefore hopefully a quicker sale. But if you’re willing to deal with the inevitable morons/time wasters/nosey neighbours, props to you.

    • justwii on 15/06/2024 - 11:20

      Thanks for the tips! Didn't know commission rates are so negotiable. You are right, if I get nonsense offers from people, that gives me headache, good point to consider.

  • Lunarboogie on 15/06/2024 - 10:09
    +1

    My neighbour sold he place privately. She letter boxed the surrounding streets and put up flyers around the local strip shops and found a buyer that way. Easy peasy.

    • justwii on 15/06/2024 - 11:22

      What a lucky lady! Though I can't imagine her story can be easily copied.

      • lgacb08 on 02/07/2024 - 16:16

        It's nothing lucky as such, if you know the market, your house is above average of the suburb and fit the profile of such average buyer then it will be sold no issue. Right now most of the buyers are owner occupiers so house fitting that description will have no issue, but if you're investor looking at offloading that minimal finished house because of interest rates then you're in a tough time.

  • Typical16-bitEnjoyer on 15/06/2024 - 10:23
    +1

    A friend tried this recently. Wasted 3 months. Engaged an agent and it sold within 2 weeks.

    • justwii on 15/06/2024 - 11:24

      Yeah, I expect this kind of experience too definitely.

  • BigBirdy on 15/06/2024 - 10:31
    +2

    If you were buying, how would you feel about negotiating directly with the seller rather than through an agent? I feel I’d expect an inbuilt discount (from market price) to cover the extra risk/hassles likely to occur dealing with an ‘amateur’. Agents are far from perfect, but at least they have some training, reputation, legal requirements, and likely experience, and a bit of distance from the product.

    • justwii on 15/06/2024 - 11:34

      Agreed to the discount. That's why I said may be an agent can sell for more, but if that becomes their commission, I may be better off even with this inbuilt discount.

    • Brick Tamland on 15/06/2024 - 13:18
      +1

      Extra risks? wouldnt all the contracts and such still go through conveyancers?

  • BargainMe on 15/06/2024 - 11:13

    Not having an agent could have the potential to put off buyers which would therefore negate any savings on agent fees.

    • justwii on 15/06/2024 - 11:35

      Does it really give out that risky vibe without an agent?

  • Brick Tamland on 15/06/2024 - 13:21

    I think it depends on the property, if you got an interesting property or something that may get lots of attention I think the agent could work well to get the best price. If its more cookie cutter (like my place) I reckon I can get similar results myself with a bit of time invested into the process and save lots of money

  • Difromoz on 02/07/2024 - 12:39

    I understand the curiosity about selling properties without a real estate agent. While it can be tempting to save on commission fees, as a real estate principal in regional QLD, along with my own personal selling experience and observations, I recommend caution if considering selling without an agent.

    I've seen several cases where sellers initially saved on commissions by handling the sale themselves, only to face challenges in negotiations, legal aspects, or marketing that ended up costing more in time and effort. Likewise, an experienced local agent should be able to get you the highest price. I know that my agents target 'emotional buyers'. You may be leaving $$$$ on the table. (A friend initially advertised her home on Facebook Market Place)

    If you're looking to explore this option, I recommend doing thorough research and preparation. Check online resources like The Truth About the Sell My House Privately Trend or Steps to Selling a House Guide

    Feel free to ask if you have more questions or need further advice on this topic!

  • miwahni on 06/07/2024 - 00:00

    Neil Jenman can help too - https://jenman.com.au/

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