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Sell Your Home Without a Real Estate Agent

By Lauren Leisk, Yahoo!7 Moneyhound Updated November 7, 2012, 9:00 am

Ever wondered how much you could save by selling your house without an estate agent?


Buying and selling a home can be an expensive experience.


There’s stamp duty, legal fees, advertising costs, paying for removalists, cleaners, valuers and a building inspections, all of which add up to a hefty price. On top of this, most people hire a real estate agent who receives up to 3 per cent commission on the sale price or more.


With these expenses it is unsurprising that some home owners are opting to sell their homes without the aid of a real estate agent as a method of reducing costs.


What are the benefits?


Selling your own home means taking charge of the sale and being in control of the whole process.


The home-owner is also well-equipped to answer questions from potential buyers since you have real-world experience from living in the home and suburb.


How much can I save?


There can be considerable financial benefits that could be gained from selling your home on your own.


Western Australia’s Sunday Times said ‘It can cost more than $20,000 to sell your home through a real estate agent.’


The amount that is saved on an agent’s commission could be the cost of a family holiday, a second car, or a bigger home.


Related: Cashback from your house - What is a home equity loan?


How it works


Selling your home without an agent means doing the legwork they would usually do. This includes advertising your property, holding open house inspections, and negotiating on a price, according to Consumer Affairs Victoria.


But before you start advertising, NSW Government of Fair Trading reminds home owners that a Contract of Sale needs to be prepared before it can be advertised for sale. Contact a solicitor or conveyancer to prepare the contract as well as other documents so that you do not come in conflict with the buyer.


Using a virtual agent


Some property owners use websites that are akin to ‘virtual agents’ that helps them connect with prospective buyers.


Services such as BuyMyPlace can help you connect to possible buyers for a fee. They can provide a photographer, an online advertisement, a sale board, an auctioneer, help with negotiations and a property value report. The amount of help you would like to sell your property is up to you.


You can also choose to take care of all the marketing and advertising by using a website such as Domain. It can cost as little as $250 for 28 days to post an advertisement for your home. You can then create your advertisement by adding photos, floor plans and adding a description about the home’s features.


Related: The six stages of buying a home: a step by step guide


Selling your home cheaply


Another option to save cash while selling your home is to use similar free sales websites. These services allow you to create an online profile for your home. However, the amount of web traffic surrounding your home will vary with these online platforms.


Computer says no


While online property listings can be helpful, they are not necessary to sell your home. It is legal to sell your home privately without a real estate agent and could save you thousands.


While selling your own home is not as common in Australia as it is abroad, the savings that can be made by doing it yourself and does have its benefits.


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