Private Sale - False Economy

Recently, particularly over the last year when confidence was at an all-time low due to the GFC, I have noticed that there have been a greater number of local home owners attempting to save themselves some money by selling their property without enlisting the services of a real estate professional i.e. opting for a private sale.

With companies promoting this ‘diy’ style of marketing process popping up I can understand that the lure of paying a fixed one off price for a marketing package and avoiding paying any commission is very enticing.
However, home owners may not be aware that that this idea is in fact a false economy. If selling your home seems like an attractive option, ask yourself how long your home will stay on the market due to your lack of experience, professional office infrastructure and buyer contacts?

A common mistake private sellers make is not marketing their home at the correct market value. Professional real estate agents are able to make accurate appraisals as to what a home is expected to achieve in the current market, based on data they have access to on other similar homes that have sold in the area, as well as current listings and recent buyer feedback.
In addition, private sellers find it difficult to be objective, and make the mistake of asking for what they would like to receive for their home, or what their next investment will cost them, rather than what its market value is worth. They understandably have an emotional attachment to their home, which is counter-productive when trying to sell it. As real estate professionals ourselves, we will never market our own home again because of this very reason, having made the mistake once before!

Of course, the next valuable question is whether you have the negotiation skills of a real estate professional and will be able to achieve the best possible result for your home in the current market. Most people don’t – however this is what we are trained and skilled in.

Think of it like this: You could try and diagnose your own medical concern by trawling through websites that may or may not be reliable, or you could visit your GP and get it sorted for a comparatively minimal fee and save yourself a lot of time and inconvenience. The same applies to selling your home. Leave it to the professionals!