Selling your home in Victoria
For Sale by Owner in Victoria
For some people, DIY work comes easily. For others, they prefer to let professionals do the work. If you have a residential property in Victoria that you would like to sell without spending thousands using a professional real estate agent, here are some points for you to consider. Overall, the process is not much different, and, unlike other states in Australia, private residential sellers in Victoria can breath a little easier knowing that Consumer Affairs Victoria supply information on their website to help you ‘do it alone’.
Before you begin
As with any venture, it is important to familiarise yourself with all opposing arguments, and decide if you still want to continue. In this venture, time is going to be a major factor. You do not want to get half-way through the process, only to find you are simply too busy with work and life to complete it. Do you know how you are going to advertise? Professional real estate agencies have established advertising techniques that are proven to work. Lastly, you will obviously be without assistance from professionals who have been working in the industry for many years. There are some places you can get tips and suggestions, but you will still be responsible for carrying it out.
Doing it yourself
The rules in Victoria for a residential property being sold by its owner are different to those from others states.
Seek legal advice
This initial stage will cost you, but you will not need to redo any documents and contracts, and you will still be saving thousands of dollars by not hiring a professional real estate agent. Victoria differs from others states, in that, while most require private residential sellers to use a conveyancing solicitor, they allow you to use professional conveyancing services. This means you can complete a vendor’s statement and contract of sale, and they will manage the rest of the legal requirements. The Consumer Affairs Victoria website also supplies some helpful information.
Get your property valued
Once again, this is a minor expenditure that will be worth it later on. By discovering your property’s value, you will be able to set a realistic sale price and range. It is at this stage that you will be able to envisage how much you will get to keep, and therefore how much you saved by not using a company.
With their long-standing contacts, it is obvious that real estate agencies will have more advertising methods, but you can be just as successful by doing it yourself. Technology continues to grow and the internet is full of websites that allow you to specifically list your private seller residential property. They are routinely visited by private buyers, and are a great way to advertise your sale. There is also the ‘old school’ method of erecting signs. Laws-permitting, you can attach advertisements to bulletin-boards and telephone poles, and place a sign on your front yard. Local newspapers are also a great, cheap, way to advertise.
Finalising the sale
With all of the important paperwork set-up before you began, you can now collect the deposit, and sign and copy the contract and vendor’s statement.
Working with professionals
There are a few online real estate companies that bridge the gap between using a professional and doing it by yourself. For a reasonable fee, you will have access to their connections and advice, while saving money and doing some of the work.
As can be seen, there is not much different between selling your own residential property, and hiring a professional. The latter can save you time, but the former will save you money. By doing it yourself, you are in control of all decisions, and can take the time to consider your options and offers.