Selling Your Home in NSW
For Sale by Owner in New South Wales
It is only in the last few years that people wanting to sell their residential properties have decided against using a professional real estate agent, and endeavoured to do it themselves. This is called ‘For Sale By Owner’ (FSBO), and here are some points to consider if you live in New South Wales and want to do this.
Before you begin
With a task as important as selling your own residential property, planning is vital. Before you begin, you must understand the negatives that come with the positives. Time is going to be a major factor, so you must decide if you have enough hours in a day to deal with selling your own house. Additionally, without proper advertising, you are missing your opportunity to connect with prospective buyers. Professional real estate agencies have connections in-place, and you will need to find another way to get your notice out to the public. Lastly, if you choose to ‘do it alone’, you will not be able to ask a professional for advice. This could prove costly if an error occurs, but for tips you can visit the NSW Fair Trading website.
Doing it yourself
New South Wales is a bit different to other states when you are looking at selling your own residential property. Unless you are well-versed in contracts and the law, you need to go to a solicitor or conveyancer to draw up a contract of sale. NSW Fair Trading can also help you with this.
Have your property valued
In order to get the biggest return, you need to list your property for the proper price – or price range. Take the time to get a professional property valuation. It will cost you, but you will more than make up for it later. This will be the first time you get a clear idea of how much you will be saving by not spending thousands on a real estate agent.
Advertising is the only way prospective buyers will be able to find your property. They might eventually stumble upon it through free-listing real estate websites, but time means money, so it is beneficial to draw attention quickly. You can do this for a low price by placing a sign on your lawn, placing advertisements in newspapers, or even hiring a company to distribute flyers. Unlike a real estate agent, you know the most about your property, and this will be a further enticement to buyers.
Selling your residential property by yourself can save you a lot of money, and give you control. Do not rush into an agreement, and instead make sure to take the time to carefully consider your options and offers.
Working with professionals
To get the best of both worlds, there are also companies with a strong online presence that manage the contracts and legal aspects of selling your home, while allowing you to take control when it comes to the actual property. They facilitate calls from prospective buyers, but the seller is able to conduct the walk-through, as they know the most about the property. It is much cheaper than hiring an agent, and you know you are legally secure.
With options for whatever you decide to do, you choose whichever you like best, and know that you are covered. FSBO is growing in popularity throughout Australia, so check your state or territory’s criteria, and enjoy the experience.