Pros and Cons of selling Private
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| 1 | Throw me your opinions please ...and guesstimates of cost/commission ..the last few properties we have sold ...we have sold privately ...funny enough have bought mostly via Agents ..we are about to embark on what I hope is our last ever sale and now we are retired ...and old ...I just do not know if I can be hassled with selling ourselves but have never enjoyed our dealing with agents ...always figured we know our property better than an agent and tend to do the selling for them and the commission from memory seems high for the work done . Edited by ljayl at 2:56 pm, Wed 13 Oct ljayl - 2021-10-13 14:53:00 |
| 2 | My elderly mother has just sold her home as she is moving into a retirement village. We have a fair idea of how the market was fairing in the area as we nearby to her. We chose an agent who we had bought and sold with previously and trusted him to get the deal home. He engaged a professional photographer to take the photos. House listed on a Friday, marketed as offers over $$$ and 1st open home the next day. By 6pm that night he had 2 offers with expectations that there would be a couple more to come and we decided on Monday, after a meeting with him, that all offers were to be presented to Mum at 7pm on the Tuesday. There were 4 offers to consider and three of them we were quite happy with and were in the region of $10-$15000 of the offers over price, with conditions such as LIM, finance etc. The 4th one blew them all out of the water by many many thousands of dollars with no conditions. jascas - 2021-10-13 15:51:00 |
| 3 | If you have done it before AND are now retired therefore have the time to devote to the sale / sale process, then you are fully aware of what it involves and so apart from wanting or not wanting to do it... do it if you want to... Edited by onl_148 at 4:38 pm, Wed 13 Oct onl_148 - 2021-10-13 16:37:00 |
| 4 | Given the current market...Im thinking an agent is probably the way to go ,they have their finger on the pulse and probably have a list of waiting buyers nailed to the wall ... phalanax - 2021-10-13 18:12:00 |
| 5 | jascas wrote: but you paid the many thousands to your agent mate, so no better off then. gabbysnana - 2021-10-14 10:22:00 |
| 6 | onl_148 wrote: remember this agents advice is a load of bs. gabbysnana - 2021-10-14 10:23:00 |
| 7 | In the current market and with lower housing stock, I would go with an agent. We sold our house with Ray White who don't charge any advertising costs and their commission was lower than Harcourts. We found the best agent for our suburb and after the 1st open home had 6 offers. The one we chose was well above what we expected we would get, so even with the commission we paid it was well worth it. catdog68 - 2021-10-14 11:18:00 |
| 8 | gabbysnana wrote:
I hope you are not calling me a Real Estate Agent !! You can call me what ever you like, but not a REA. onl_148 - 2021-10-14 12:30:00 |
| 9 | A friend offered us her house in Auckland for $1.75m, before last Xmas. She was the neighbour to the PM. smallwoods - 2021-10-14 13:31:00 |
| 10 | gabbysnana wrote:
Please point out which part of my post said the agent was a mate? And believe you me my mother is still way way better off by using the agent and paying the fees... jascas - 2021-10-14 13:51:00 |
| 11 | But you only know if it was worth it if you KNOW that you wouldn’t have got an offer many thousands over even if you hadn’t used an agent. Hope that makes sense you’re assuming you got way over value because you used an agent, and they told you that’s what they were going to do. Alternatively you could say his/her knowledge of the market was poor they undervalued your house to get the listing, and sold it for less than a different agent could have who was better at negotiating and could have taken your 4th guy and worked him up another 20K! I once asked an agent if we could submit an offer a few hours after the tender closed, she said no, house sold for about 25k less than our offer was going to be. Another agent sold a house a few doors down from one I had just made an (unsuccessful) offer on of many many dollars more than he sold it for. He had been the agent for both houses, if he’d been a better agent surely he would have said hold on I might be able to get you much more money and given us a ring? Both times the agents will have told the sellers ‘a house is worth what someone is prepared to offer for it’ ‘you tested the market and that’s what it came up with’ and ‘didn’t I do well getting you lots of money for your house’ Both times they knew they were telling 1/2 truths. Edited by magicroundbout at 11:40 pm, Thu 14 Oct magicroundbout - 2021-10-14 23:39:00 |
| 12 | Anyway to answer the OP’s question main pro is not having to deal with REA, I guess you might meet some nice people. You can control the process, take your time, choose who you sell your house to. Main con ? Maybe they can get you a better deal? magicroundbout - 2021-10-14 23:44:00 |
| 13 | I have been telling every one that I would sell my house easily for my price with an add on the Countdown notice board. The way things are now all those thoughts are out the window and now I would probably sell by auction,not to be greedy but I need the most I can get to buy my next house, I am finding the whole buying and selling thing a bit scary. hammer23 - 2021-10-15 01:11:00 |
| 14 | magicroundbout wrote:
With an agent you control all that. I am unsure what you are on about. johnston - 2021-10-15 08:07:00 |
| 15 | Don't forget there's also a list of pros and cons for buying privately. Both parties shouldn't underestimate the value of the agents insurance. superdave0_13 - 2021-10-15 08:41:00 |
| 16 | superdave0_13 wrote:
I kind of agree although it does not prevent the vendor being sued. johnston - 2021-10-15 09:29:00 |
| 17 | I came here to ask much the same question. bit - 2021-10-23 10:24:00 |
| 18 | bit wrote: How much are you asking for it? sparkychap - 2021-10-23 13:20:00 |
| 19 | phalanax wrote:
How do you work that out?? mrcat1 - 2021-10-23 13:46:00 |
| 20 | Arrange your own auction. Why pay some leech $50k for slouching around the place giving fake value opinions and making wild promises. DIY. tegretol - 2021-10-24 10:25:00 |
| 21 | magicroundbout wrote:
I'm not sure you've told the full story. Why did you wait until after the tender closed to make an offer? And your offer may not have been the best offer, so may not have been accepted even if it had been made in a timely manner. If you're making offers which you have little chance of completing, it is understandable if an agent doesn't call you. If you want the property, you should be calling the agent. Edited by committed at 5:44 pm, Sun 24 Oct committed - 2021-10-24 17:43:00 |
| 22 | In this market due to the price is shifting rapidly, the amount you think you save in commission could end up being lost to selling well under market rate. sweetgurl108 - 2021-10-25 16:34:00 |
| 23 | Well we have signed up with an agent and will be going for Tender ,,,,a nice knowledgable young man came and talked us through everything ..we have just had the photographer ...complete with drone that scared my horse :-) ,,,she has taken brilliant pics ...so much better than I could and we were offered that for free ..plus the commission is capped so we know what we are paying maxiumum and the amount that agent is thinking we can achieve is a lot more than I would have thought possible ...he is doing all the hard work ...so in this instance an agent is proving by far the best and easiest option for us ....in this volatile market ...I think the agents are really earning their commission :-) Edited by ljayl at 6:35 pm, Sat 30 Oct ljayl - 2021-10-30 18:34:00 |
| 24 | Right now there are too few listings to meet demand and lots of agents so competition is fierce to get listings. As OP has found you can get set commissions and extras in this market saving some costs and hopefully maximise sale price due to high demand. hers.nz - 2021-10-30 21:25:00 |
| 25 | Run your own Auction...Hire a professional Auctioneer and I mean Professional who looks the part knows the job and will be in suit & tie. Do the open home and marketing yourself. Get a fee / price the Auctioneer will do the job for. Run the auction on site. The auctioneer will have the paperwork you need. Seen it done before. Edited by cadmus at 3:37 pm, Sun 31 Oct cadmus - 2021-10-31 15:36:00 |
| 26 | Agent without a doubt alfa13 - 2021-10-31 16:39:00 |
| 27 | ljayl wrote:
No way I'd be doing a tender, a lot of people wouldn't even know how to go about submitting a tender, so the process would just put people off for a start, so you've already limited your market straight away. mrcat1 - 2021-10-31 21:49:00 |
| 28 | mrcat1 wrote: The agent does all of that, no biggie. Really no difference from submitting a normal offer, a few more forms, just make your best and final offer. sparkychap - 2021-10-31 22:17:00 |
| 29 | sparkychap wrote:
Ok, Had thought the process would be along the lines of tenders for contracting, most private people struggle with contract jobs once they start getting quite involved or there's substantial changes to the job. Edited by mrcat1 at 11:24 pm, Sun 31 Oct mrcat1 - 2021-10-31 23:24:00 |
