Do you want a hot tip? If you want to know anything about horse racing or real estate, everybody is an expert. But, just like the Melbourne Cup, following advice from Joe down the street is sure odds to lose you money in real estate.
There are many myths surrounding the best way to maximise your profit in selling your home and the best person to bust those myths is local real estate expert Matt Diesel. Over the next eight weeks we will address some of the most popular misconceptions surrounding selling your biggest asset.
Myth 1: You don’t need a real estate agent to sell your home
While selling your own property may appeal to those hoping to save on agent’s commissions, it may prove to be very costly in the long run.
In our increasingly digitalised world, there has been a marked rise in the DIY or sell your own property websites. While these companies may make the process of selling your own home seem simple, the truth is it is a complex, time consuming and inherently stressful venture with no guarantee of a successful sale. The NSW Department of Fair Trading advises people who are considering selling their own home that there is “quite a bit of homework before tackling the job yourself”. James Greenhalgh from The Intelligent Investor discourages his readers from considering discount or sell your own websites and instead advocates for using a Licenced Real Estate Agent to sell your property for the maximum return.
“I’m not so sure, at least not if you want to maximise your sale price.”https://www.intelligentinvestor.com.au/why-purplebricks-isnt-the-best-way-to-sell-your-house-1817016
Licenced real estate agents are trained professionals who can guide you through every aspect of your sale to achieve the best result. From mapping local trends, to home styling, verifying purchasers and navigating the potential legal minefield of buying and selling, your agent is a highly trained local expert who will work for you to negotiate the best possible price for your property. A great agent is also an expert negotiator who has extensive training and experience to find every last dollar in a transaction.
For those of you who are still tempted to sell your home independently, remember that this digital age is also a disadvantage to you. Buyers are more educated and informed than ever before and are fully aware that you lack the training of a local real estate expert and will use this to their advantage. Without a professional to field potential buyers for you, you may be subject to harassment, attempted manipulation and time wasters who will not take no for an answer. Buyers are also aware that you are trying to save on commissions and will often just offer you less.
While there is no specific data available in Australia to support this argument either way, international data and local professional advice is stacked against attempting to sell your own home. Don’t pick the wrong horse – when selling property (and horseracing) hedge your bets and always use a professional.