How do you sell your house?
When looking at selling you’ll find there are a few different options for how you can sell your house. The main options you’ll find are selling through a real estate agent, selling on-market but managing it yourself and selling to a private buyer without going to the open market. We’ve highlighted the key differences, pros and cons for each of these options below.
Selling through a real estate agent:
Selling through a real estate agent is probably the most common way people sell their homes.
This can be very beneficial for those who have the luxury of no time pressure and have a bit of cash on hand to cover the costs of the process.
Pros:
Your agent will be a property expert and can give you a good idea of what to expect throughout the process.
You can end up with a great outcome from this as having the professionals to guide and market your property looking at its best can make a good impression on potential buyers.
Cons:
The property market is constantly changing and there is no guarantee that you will get your home sold for the price you want on the market.
There can be a lot of hidden and extra costs for the photography, listing fees and your agent will also take commission which can end up costing a lot more than you expect.
You are likely to have to negotiate terms to meet a potential buyers needs which can cause havoc if the settlement date doesn’t work with your other life plans.
Managing your own listing on-market:
Selling your home on-market yourself is another common way for people to sell their homes.
Managing your own listing is likely to be a bit cheaper than using a real estate agent, however you can end up with a lower purchase price without the help of a professional salesperson.
Pros:
You are completely in control of how much money you are spending on marketing and listing fees and you can budget accordingly.
You can often find a great buyer and end up with a great price for your property - helping both you and your buyer without having to factor in the commission an agent would take off.
Cons:
The property market is constantly changing and there is no guarantee that you will get your home sold for the price you want on the market.
You will still have a fair amount spent on listing fees and professional photography.
You will have to do any negotiating yourself and working with potential buyers to get to an offer and agreement can end up taking up a lot of time and get quite stressful.
Selling to a private buyer:
Selling your property to a private buyer is a bit less common than selling it on-market but can still reap great returns and is often a cheaper and easier option if you need flexible terms or have an uninsurable property.
Selling to a private buyer could mean selling to someone you know who is looking to buy a property or could be selling to a private investor or company such as BuyMyHouse.
Pros:
Private buyers are more likely to offer flexible terms and settlement dates which can mean that you have more of a say in what happens and when.
This can be a faster and easier way to sell your property as you won’t be waiting for potential buyers to show interest.
No pesky listing fees, commission or expensive photography!
Less disruptive as you won’t need to host open homes or have lots of people coming through the property.
Cons:
You will have to agree to a price without knowing the interest or how the property would sit on the market.
Less people will be seeing what your property has to offer which means there won’t be competition to drive the price higher.