It’s not common, though it’s completely legal for you to sell your own property, it’s known as For Sale By Owner (FSBO). If you have a section 32 (Vendor’s Statement) and a contract of sale, have all parties signed and used a conveyancer for your legals and to hold the deposit in trust, there is no problem going DIY on your home. Though, there’s also plenty of reasons why most people choose to use an agent.
There are a few selling fundamentals you need when selling your own property. The first is detach your emotions completely from the sale. I understand that it’s your home and you’ll always be somewhat emotional about it, but the more emotion you display, the greater the chance you’ll either scare people away or get low offers.
You will have to market your property, there are companies out there that allow you to use their business to feed your property to all the real estate portals, such as realestate.com.au and domain.com.au. Print media is a little harder to get into as you need an account with most print media companies. Internet might be enough to attract some buyers, but you will limit yourself to only a portion of the market which may not return the best price.
Open homes, inspections and negotiating are what comes next. Whether you conduct open homes on the weekend or weekdays or organise multiple private appointments, you must allow people to inspect your property. This is sometimes the difficult part, once buyers figure out that you’re the owner, they may not feel comfortable about looking through your property as they don’t want to be forced to say something bad in front of you. This will limit your buyers once again to only those who are comfortable dealing one on one with owners. I’ve always found those people to be the buyers who are always looking for a bargain, which leads to negotiating. The more emotional you become, the greater the chance somebody won’t offer anything at all, or they will use your emotion to push you down in price. You must remain completely objective and understand that this is business.
Other than that, the buyer has the right to view the property prior to settlement, so you must organise a time closer to the day for the final inspection. Have your conveyancer do the rest between sale and settlement.
If you can get these steps right, you’ll have a successful sale and a shot to capture the best price achievable out of those who come. Remember it’s not about what you want, it’s about getting the absolute best price in the market for your property. This maybe be greater than your asking, so always think whether your leaving money on the table by going DIY just to save a few thousand dollars on an agent that can get you tens of thousands of dollars more.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.