For Sale by Owner Requires Focus in Order to be Successful
People in Australia won’t mind saving some money by not paying commission fees to real estate agents during a property sale and that is completely in line. However, there is a reason why such a profession exists, and at the end of the day as a for sale by owner transaction might be challenging to pull off without experience in real estate.
What a realtor will do for you is firstly consult you on how to approach the sale. They will provide you with some insight on the Australian real estate market and will assist you in determining the right price for your home. What many owners do not realise when attempting a for sale by owner is that they are likely to leave some money on the table when negotiating the deal without a representative.
Additionally, a realtor will help you decide what to renovate and what not. Investments made in your home may provide quite the return but they may also turn out to be completely pointless. Some repair jobs such as a bathroom renovation can go a long way. If you do not have a professional by your side and simply aim at completing a for sale by owner, then you might never find out what needs to be repaired and therefore lose money.
Advertising will also be a pain if you do not do it full-time. Don’t think that it all comes down to just one online ad. You need proper photos and you also need to describe the house in such a way that it is both informative and appealing to buyers. This usually means hiring a photographer who will of course require some payment. But then the real drag begins.
For sale by owner is a time demanding initiative. This means that you will need to be available to constantly answer your phone and show the property to strangers. You will need to do background checks yourself because you won’t have a realtor to do it for you. This will open the door for some scammers. They can be either real estate agents or buyers. You need to be aware of them as once they find out that you do not have representation, they will use various vicious techniques to make you lower your price.
The last part is related to closing the deal. This where people typically use the assistance of a realtor and an attorney at the same time. Yes, it costs money but it just might end up saving you more than you expect. At the end of the day, it is completely up to you to decide whether avoiding a 3% commission is worth all the hassle of having a for sale by owner.