Selling your house without a real estate agent

Let's say you sell your home for $700,000, and your real estate agent gets a commission of 2%. That means the agent gets $14,000 of your property's sale price, plus GST.

Selling your own home privately, without the use of a real estate agent, could save you thousands of dollars.

This is a huge amount of money to save, but you have to be prepared to work for it. Selling your house without a real estate agent really requires you to become your own agent, which takes a lot of time and effort.

Here's what you need to do to make it work.

Get the property ready for sale

First impressions count! This is something you have to do whether you have a real estate agent or not. To leave the best impression with potential buyers you should do the following:

• Cleaning. Clean your property thoroughly from top to bottom, including entry ways, weeding the garden and cleaning all the nooks and crannies.
• Painting. Consider giving the place a fresh coat of paint if you have the time – it really freshens the space up.
• Repairs. Fix anything that's broken, from appliances to cracks in walls or windows. Noticable issues make buyers wary about what else could be wrong.
• Renovations. If you think a renovation is necessary, or will add appeal, make sure it's a renovation that will actually boost your home's value.

Decide on the right selling price range

Research the market thoroughly to arrive at a realistic idea of your property's value. You can do this by looking at recent sales prices in your area.

Make sure you compare similar properties to your own. This means looking at:

• Number and size of rooms
• Overall space
• Land size and yard space
• Street location and proximity to neighbours
• Quality of fixtures and features
• Age and quality of building
• Aspect and view

Having a solid idea of the market value of your property helps you advertise your property correctly, attract the right buyers and gives you an advantage when it's time to accept offers from buyers.

You can also get a professional property valuation conducted. A property valuation from an independent valuer can cost between $200 and $600, but there are lenders and sites that offer valuations for free.

This is really where having a real estate agent can help you, because they work in real estate every day. They know the ins and outs of the markets and can advise you on the best price range for your property.

Without their guidance, you risk pricing the property too high (and the listing goes stale and fails to attract offers), or pricing it too low (and missing out on profits).

Prepare your property listing

Once you're ready to sell your property you will need a way for buyers to find your property.

You can order a professional sign and put it out the front of your house, but you should also get your property listed online.

Larger property sites like realestate.com.au and Domain don't allow individual members of the public to list properties on their sites. But there are other places you can list your property for a fee or which can organise listings for you. These include:

• Buymyplace.com.au. It offers various packages, including listing on its site and other property portals.
• Noagentproperty.com.au. It lists on the biggest portal sites and lets buyers search its own listings.
• Realestateyourway.com.au. You pay one listing fee and nothing more until the property is sold.
• Sellmypropertynow.com.au. List your property on 10 property sites including the biggest ones.

To make your listing stand out you will need some high quality photographs of the property and a clear, detailed written description of the property's features and benefits.

Depending on the market, you may also want to advertise in the local newspaper.

Organise open inspections

Hopefully, your property listing will attract interested buyers. You will need to organise times for people to come and view your home and see it for themselves.

You should:

• Reply to enquiries quickly.
• Make sure the house is clean and tidy.
• Decide whether you're having an open house for anyone or if you will set times for specific interested buyers.
• Have information about the property ready to answer any questions.
• Follow up with all interested parties after each open home.

Negotiate with a buyer

Eventually, hopefully, an interested buyer will offer you a price. There may be some negotiation involved. This entire process will be easier if you have a clear idea of your home's value and a firm minimum price in mind, but again, this is where a professional real estate agent can really be worth their weight in gold.

Get a lawyer to finalise the contract

Once you've found a buyer and agreed on a price you need a solicitor or conveyancer to organise the contract.

The conveyancer draws up the contract and makes sure everything is legal when settling the property and exchanging the title.

Nothing is legally binding until the contract is signed, and there is room for negotiation.

As this is probably the most crucial part of the process (the conveyancer usually holds the deposit and makes sure the contract and the sale itself is all legal), it's vital to get professional legal help.

Conveyancing fees range from $500 up to $1,500 or even more.

All sounds too hard and complicated?

Whilst it is possible to sell your home yourself, engaging a professional and experienced real estate agent will save you a lot of time and stress – and often, result in extra profits.

Ray White's chief performance officer, Adam Downes says you working with a real estate agent will give you the ability to achieve the premium price in the marketplace.

"It's relatively easy for agents to secure a price for you and your property particularly in this market where there is a surplus of buyers looking to purchase real estate," he says.

"However, you want an agent who can demonstrate their process and their ability to secure the premium price for their clients – one who can create competition and draw out the best buyer in the marketplace, not just any buyer. In considering this, it's important not to select your agent on fees alone. Take the time to hear out each agent you interview and consider if they will achieve you the best result."

Frequently Asked Questions

• How do I sell my house without an agent in Australia?

  To sell your house without an agent in Australia, you need to take several key steps: 1) Research the market to set a competitive price. 2) Prepare your home for sale, including any necessary repairs or staging. 3) List your property on real estate websites or platforms that allow private sellers. 4) Handle inquiries and arrange viewings. 5) Negotiate offers and terms directly with buyers. 6) Engage a conveyancer or solicitor to handle the legal paperwork and contracts. Selling privately can save on agent fees, but it requires time and effort to manage the process.

• How do I sell my house myself in Australia?

  Selling your house yourself in Australia involves several steps: 1) Set a competitive price by researching similar properties in your area. 2) Prepare your home by cleaning, decluttering, and making necessary repairs. 3) List your property on real estate websites and social media. 4) Conduct open houses and private viewings. 5) Negotiate directly with buyers. 6) Engage a solicitor or conveyancer to manage the legal aspects of the sale. Selling privately can save on commission fees but requires time and effort.

• How do I get out of an exclusive agency agreement?

  Typically, there is a cooling-off period during which you can cancel the contract without penalty. If you are beyond this period, you may need to negotiate with the agent or wait until the contract's expiry. If the agent has not fulfilled their obligations, you may have grounds to terminate the agreement early. It is advisable to seek legal advice if you are unsure.

• How to buy a house privately in Australia?

  To buy a house privately in Australia, follow these steps: 1) Research the property market and set a budget. 2) Search for private listings online or in local advertisements. 3) Arrange to view properties and negotiate directly with the seller. 4) Conduct due diligence, including building inspections and title searches. 5) Engage a solicitor or conveyancer to review the contract of sale and manage the legalities. 6) Finalise the purchase and arrange for the transfer of ownership. Buying privately can offer more flexibility in negotiations but requires careful management of the legal process.

Written by

Richard Whitten

Editor

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

Richard's expertise

Richard has written 562 Finder guides across topics including:

• Home loans
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