Real estate agents are the most sought professionals in Australia. A skilled real estate agent will use his knowledge of the local market, as well as his negotiating abilities, to help his client overcome his concerns at the best possible price. One of the most frequently asked questions is “Is it possible to buy or sell a property without a real estate agent in Australia?”, the task is quite challenging but it is accomplishable. This article will guide you through the process step by step!

What Do Real Estate Agents Do?

Real estate agents assist people in purchasing, selling, and renting homes, land, and other real estates. Every day is spent doing active, money-making labor as well as the administrative paperwork that comes with the position. Spending time in the office, interacting with clients, staging and showing homes, and scheduling appraisals and inspections are all examples of a typical day. Other responsibilities include generating leads, conducting research, marketing, and accompanying clients through closings. They make the difficult legal procedures smoother and easier.

Defining “Private Selling” or “No Agent Property”:

When a property owner chooses to sell their home without using an agent, this is known as private selling or no agent property. This includes putting their own home on the market and engaging directly with possible purchasers to sell it.

Vendors that use this approach of selling real estate pay a single upfront fee, which saves them money on exorbitant real estate expenses. The traditional method of paying real estate commissions is no longer beneficial to sellers, and it’s time for a change.

Is it Possible to Buy or Sell a Property Without a Real Estate Agent in Australia?

You can sell your home yourself and save a lot of money on real estate agent costs if you have a decent understanding of your property and some basic computer skills. Any homeowner has the legal right to sell their own home privately. Sellers should exercise caution when enlisting the help of a third party to represent them in the sale of their home, as they must be licensed to do so.

The most important thing to remember is to seek legal counsel and have a solicitor or conveyancer draft a contract of sale BEFORE you put your house on the market. Your solicitor or conveyancer will be familiar with this legal need and will be able to assist you with it.

possible to buy or sell a property without a real estate agent in Australia

How to Sell Your Property Without a Real Estate Agent in Australia

Selling your property entails a lot more than putting a “for sale” sign on the ground and crossing your fingers that a buyer would turn up to buy it. Here are some of the stages to selling your home on your own.

 

Preparing the Property for Sale

Everything that is broken should be fixed, from gaps in the walls to faulty equipment, and so on. If you believe a renovation will increase the value of your home (or is required), you should complete it before putting it on the market. However, you must ensure that the refurbishment will genuinely increase the property’s worth and that you are not overcapitalizing. No one wants to buy a decaying, filthy home, so thoroughly clean the property. Consider giving the property a fresh coat of paint if you have the time and it is in need.

Ascertain the Value of Your Property

To gain a reasonable estimate of your property’s value, you need to conduct an extensive study into the real estate market. This may be done by looking at recent sales prices in your neighborhood, but make sure you compare properties that are similar to yours. Consider the overall size of the space, the number and size of the rooms, the street location and amount of the land, the building’s age and quality, and the quality of the fixtures and fittings.

Make the Listing

When you’re ready to sell your house, you’ll need a way for potential buyers to find it. You could always hang a homemade sign out front, but getting your house listed online is usually more effective. There are numerous websites and businesses in Australia that will list your property – Airlisting, For Sale by Owner, buymyplace, etc.

Hire a Lawyer to Legally Seal the Deal

It’s highly suggested that you hire the aid of a solicitor or conveyancer to organize the contract once you’ve found a buyer and agreed on a price. When settling the property and exchanging titles, the conveyancer will draft the contract and ensure that everything is lawful. Nothing is legally binding or negotiable until the contract is signed. Because the contract is the most significant element of the procedure, it’s best to leave it to the pros.

How to Buy a Property Without a Real Estate Agent in Australia

Sifting through classified ads in local newspapers or on social media, especially neighborhood organizations, may provide some results. You might also approach people you know or go on a walk around a neighborhood you like. You’ll have to put in more effort than if you went through an agency to learn about the property you’re interested in before signing any contracts.

Why You Should Buy or Sell Property Without a Real Estate Agent

The most obvious benefit of selling your house without using a real estate agent is that you will save money on the commission. In Australia, the commission rate is usually around 2.5 percent of the sale price. According to CoreLogic data, the median capital city housing price is roughly $819,000, which amounts to a cost of more than $20,400. That $20,000 might easily be saved if you manage to sell your property without using an agent.

You, on the other hand, do not have access to a real estate agent‘s database of potential purchasers. Because they know you’re unskilled, buyers may try to bargain you down. So, you’ll have to be very careful while completing the procedure. Do your research and trust your instincts!