Selling Your Home in Queensland
For Sale by Owner in Queensland
When selling your home, there are many decisions you will need to make. These range from seemingly innocent decisions like furniture layout, to what legal documents need to be submitted and when. If you have decided to sell your house without the use of a professional real estate agency (also known as For Sale By Owner ‘FSBO’), there are steps you will need to take. Your rights and responsibilities in doing this change depending on what state your residential property is in, so here are a few things for you to consider when selling your residential property in Queensland.
Before you begin
In recent years, DIY work around the house has skyrocketed in popularity, and now you can even sell your house by yourself.
Before you begin to plan how you are going to sell your residential property without a professional, you should carefully consider all of the reasons against it. Firstly, work out how much time you are willing to invest. If you are busy with a full-time job and a house full of small children, this may not be the most beneficial approach for you. Secondly, professional real estate agencies have established advertising techniques that are known to be effective, without these, you could miss attracting good prospective buyers. Lastly, and perhaps the most important point, is that you will not have assistance from professionals. The Real Estate Institute of Queensland (REIQ) do not provide advice for those selling privately, and only have a simple ‘9 Steps…’ article on their website.
Doing it yourself
Even if you are selling your house without a professional, there are steps you should follow.
Have your property valued to determine purchase price
By getting your home valued, you will have a clear idea of how much you can list it for. Remember that your purchase price is only the beginning, and negations go from there. This is where you will see the most benefits in selling your own residential property, as the majority of the money you get will go straight into your pocket, and not to a real estate agent.
The only way to garner buyer attention is to advertise your property. While real estate agencies will have established connections, there are numerous methods you can use that are just as good. If you live in area where your house is easily seen, you can simply erect a sign outside. You could also place ads in local newspapers and use a delivery service to distribute flyers to targeted areas. Not only will you save thousands you would have paid to an agent, but you will know exactly what parts of your house to emphasise.
This is where you will need to work extra hard to get it right. While you may be lucky enough to have a friend, family member, or business contact well-versed in this area, for those that don’t, it would be beneficial to contact a professional solicitor or conveyancer. Queensland differs from other states, requiring a physical attachment and signing of the PAMD Form 30c ‘Warning Statement’ to the front page of the contract of sale. This state also requires the private seller to provide a 5-day cooling-off period. Failure to do these can cause costly legal issues down the line. If you still wish to continue on your own, the website for the Office of Fair Trading Queensland has some helpful tips.
After all of your hard work, you should now be able to see how much you have saved and learned by selling your own residential property.
Working with professionals
If all of the above information is too daunting, you also have the option to share the responsibility with a professional. The company For Sale For Lease (www.forsaleforlease.com) is an online real estate advertising agency, that operates in every state in Australia. For a total cost of approximately $500, the advertising agency will handle the contracts while you give the information and walk-throughs.
Whether you opt to sell your house by yourself, or work with professional real estate advertising agents, you are sure to save money and learn a lot. Each state will have differing criteria for residential properties FSBO, so make sure you do your research, and happy selling.