Private sale
- Thread starter juzza
- Start date
Hi Juzza
There are a no. of reasons why owners decide to sell privately, but in our experience by far the most popular reason is because owners believe they can achieve a superior result to a selling agent. It can be false economy, as with access to google anybody can easily ascertain how long a property has been on the market and a property quickly becomes "stale" and suspicious to prospective purchasers if it's been through a private sale and a couple of agents without a sale.
My advice- ask the owner why he isn't selling via an agent, what other recent sales he has based his asking price on (this can be most revealing!) and if he's had an independent valuation done on the property (not selling agent appraisals). Do your research beforehand and best of luck.
There are a no. of reasons why owners decide to sell privately, but in our experience by far the most popular reason is because owners believe they can achieve a superior result to a selling agent. It can be false economy, as with access to google anybody can easily ascertain how long a property has been on the market and a property quickly becomes "stale" and suspicious to prospective purchasers if it's been through a private sale and a couple of agents without a sale.
My advice- ask the owner why he isn't selling via an agent, what other recent sales he has based his asking price on (this can be most revealing!) and if he's had an independent valuation done on the property (not selling agent appraisals). Do your research beforehand and best of luck.
Jacque said it all "The most popular reason for selling privately is because owners believe they can achieve a superior result to the selling agent"
This is totally correct. A win win situation for buyers and sellers.
You get rid of the ********
You and the seller are in a better position to know the true value of the property through sales in the area and you can negotiate directly. You are not feed misleading sales figures.
You and the seller will save thousands because you don't have to pay commission to an agent or even worse a buyers agent.
Sold my last house privetely after two agent failed to sell it. from a sign on my fence Smooth transaction through both our solicitors.The buyer saved thousands.
Bought my last unit through an agent. One of the worst experiences of my life.
This is totally correct. A win win situation for buyers and sellers.
You get rid of the ********
You and the seller are in a better position to know the true value of the property through sales in the area and you can negotiate directly. You are not feed misleading sales figures.
You and the seller will save thousands because you don't have to pay commission to an agent or even worse a buyers agent.
Sold my last house privetely after two agent failed to sell it. from a sign on my fence Smooth transaction through both our solicitors.The buyer saved thousands.
Bought my last unit through an agent. One of the worst experiences of my life.
I don't understand why buyers are put off by private sales. If I were to sell my place I'd definitely consider doing it myself with with sites like Real Estate dot com and All Homes (in Canberra). Why pay an agent $25-$30K?
I'd rather split what it would cost with the buyer. A win win.
I manage my own rental property too and haven't had any major problems. Place hasn't been vacant longer 2 weeks ever and that's because I'm fussy with selection of tenants. What the property managers do (in my opinion) is nowhere near worth all the fees they charge.
Of course it's a different if the IP is interstate.
I'd rather split what it would cost with the buyer. A win win.
I manage my own rental property too and haven't had any major problems. Place hasn't been vacant longer 2 weeks ever and that's because I'm fussy with selection of tenants. What the property managers do (in my opinion) is nowhere near worth all the fees they charge.
Of course it's a different if the IP is interstate.
Hi tilt
I believe you've missed the point of my post. Owners "believe" they can achieve a superior result- this doesn't necessarily always occur however. In my experience, the overwhelming majority of private sellers are asking too much and end up suffering the consequences. I certainly don't consider selling (or buyers) agents a waste of $$$ at all, considering the results they can achieve. One poor experience from you does not a generalisation make, as I'm sure you can appreciate.
Why not sell it yourself privately. You can engage professional photographers very reasonably as well to take the photos for your property.
Now with the internet and more people than ever doing research on the internet it is so easy to do a sale yourself.
I self manage properties and now that I have been able to list my properties on www.realestate.com.au
When we decide to sell our next property we will do it ourselves to save many 1000's $$$ in the process. And then with the deposit get it held in a solicitors trust account be it mine or the buyers.
Now with the internet and more people than ever doing research on the internet it is so easy to do a sale yourself.
I self manage properties and now that I have been able to list my properties on www.realestate.com.au
When we decide to sell our next property we will do it ourselves to save many 1000's $$$ in the process. And then with the deposit get it held in a solicitors trust account be it mine or the buyers.
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Sorry Jacque. the realestate industry in Australia is a dinosaur.
Most agents are not in the business of selling.They are vendor crunchers after a quick sale.They are a non event.
Because of the results they achieve and their track record in Australia i try to avoid dealing with them. Of the many i have dealt with i can honestly say i have never been happy with their service..
Angel 13 and happy landlordlandlord ar obviously smart people
I always manage my rentals myself. I save a substantial amount of money and more importantly because i am fussy like Angel13 i feel i do a much better job of selecting my tennants when i do it face to face. Never had a problem in fifteen years of owning rentals.
.I don't want my property undersold or my rentals full bad tennants.
If i could buy all my properties privately i would.
Most agents are not in the business of selling.They are vendor crunchers after a quick sale.They are a non event.
Because of the results they achieve and their track record in Australia i try to avoid dealing with them. Of the many i have dealt with i can honestly say i have never been happy with their service..
Angel 13 and happy landlordlandlord ar obviously smart people
I always manage my rentals myself. I save a substantial amount of money and more importantly because i am fussy like Angel13 i feel i do a much better job of selecting my tennants when i do it face to face. Never had a problem in fifteen years of owning rentals.
.I don't want my property undersold or my rentals full bad tennants.
If i could buy all my properties privately i would.
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You are a smart person too Tilt, self managing, I have own my own properties for well over 20 years. I would never give them to a real estate agency to look after. Over all the years I have never had much problems with tenants. It all goes back to careful tenant selection, and not taking the first person that comes along. I like to get to know my tenants before I let a property to them, I have a good talk to them, and get a feel for what they are like, and then do thorough reference checking. The savings we make by doing it ourselves is so good.
I agree that agents are after a quick sale, eg telling you that the first offer you get will be the best. What a load of rubbish. They just want a contract signed so that they can move onto the next property.
I agree that agents are after a quick sale, eg telling you that the first offer you get will be the best. What a load of rubbish. They just want a contract signed so that they can move onto the next property.
I have never bought by private sale but have sold 2 properties privately (for family members). In my experience the buyer and seller were much better off, the buyer was able to get the discount that they wanted and the sellers were able to afford to give that discount as they had no fees. It was also a pretty easy process, I don't understand why more people don't do it themselves to be honest! Just make sure the buyers arent asking too much obviously... I expect some buyers would have turned to private sale thinking they could charge more. I think the reason buyers are put off private sales is due to them often having inferior advertising. I hate seeing a FOR SALE sign on a house and then it just has a phone number... Im not going to call someone to ask how much, I want to be able to look it up online and see if Im even interested before I speak to any owner.
I would say that the people who take the time to contribute to a forum about property investing are the most suitable candidates for a private sale (generally speaking).
Many Australians, on the other hand, are sadly unable to negotiate themselves out of a paper bag. We recently had a buyer who told me (seller's representative) that he wanted to offer $480K, but was willing to pay the asking price of $500K, but to try for $480K first.
Imagine this poor chap trying to sell his property privately, and negotiate a deal with a savvy property investor.
TILT - I think it's misguided to say that no-one needs agents. Just like on a car restoration forum, nobody values mechanics (even though the rest of us do).
Just live and let live - if you are confident that you will do a better job than a sales agent, sell your property yourself.
Many Australians, on the other hand, are sadly unable to negotiate themselves out of a paper bag. We recently had a buyer who told me (seller's representative) that he wanted to offer $480K, but was willing to pay the asking price of $500K, but to try for $480K first.
Imagine this poor chap trying to sell his property privately, and negotiate a deal with a savvy property investor.
TILT - I think it's misguided to say that no-one needs agents. Just like on a car restoration forum, nobody values mechanics (even though the rest of us do).
Just live and let live - if you are confident that you will do a better job than a sales agent, sell your property yourself.
