Private Property Sale: Advantages and Disadvantages

Private Property Sale: Advantages and Disadvantages

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Property
With the omnipresence of the internet, people are now willing to sell their property independently. Let’s see whether that’s a good idea or not.

A research claims that half the people looking to sell their property independently ultimately wind up hiring an agent to do it. There is evidence that even though a few people do succeed in making private sales, the numbers are still small when compared to the number of people that hire an agent to sell their property.

A woman named Betty Terrey and her spouse were motivated to sell their Southern Brisbane property privately to save costs spent on agents.

“The saving on commission was naturally a big draw card for us and given our house was worth in the low-mid $400,000s at the time we felt confident we could handle the process,” she told the media.

Mrs Terrey also disclosed that she had been using the help of a family member in the real estate business to handle the negotiation part, although she wasn’t charged by the member.

Terrey said, “We conducted our own open homes and when it came to taking offers we used the help of a family member who is a licensed real estate agent to help with the negotiation and contract process,” reported Domain.com Australia.

She also admitted that because of her close relationship with her family member in the business, he acknowledged his relationship with her, gaining the trust of many buyers.

She now suggests that making private sales could be stressful without any help and to reconsider before taking such a step.

The Real Estate Institute of Queensland has revealed that the agent matters a great deal in the transaction and negotiation part of the process.

Chief Executive of REIQ, Antonia Mercorella, feels that most people who attempt to sell their properties privately do not have proper clarity of the process.

Generally, most private sellers do not participate in negotiations with a professional attitude because of their emotional attachment with their property, feels Mercorella.

“It’s difficult to negotiate from a position of logic and rationale when the person on the other side of the table fails to see the charm of the ageing tree house in the back yard where your kids grew up and created a lifetime of memories…Many people think they can be logical and emotion-free, but struggle to achieve it. An agent comes to the table without the sentimentality of the property being the place that you raised your family”, she said to the media.

Private sellers find it very difficult to price their homes because they often feel it is worth more than the actual valuation. This can often be the cause of buyers not being interested enough in the prospect of the property.

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