How to Sell Your Property in Australia

Selling your own home can be one of the most significant financial decisions you will make in your life. It is a process that requires careful planning and execution. By following the steps below, you can learn how to sell your property in Australia using the “For Sale By Owner” method.

1. Set a Marketing Budget to Sell Your Home

When you decide to sell your home yourself, the costs involved are generally lower compared to engaging a traditional real estate agent. Agents typically charge high commissions, and you may also have to pay additional advertising expenses ranging from $1,000 to $4,000. These expenses cover advertising on Australia’s leading real estate sites, professional photography, and photo signage.

2. Choose the Best Method of Sale

When selling your home, you need to decide on the method of sale that suits you best: private sale or auction.

• Private Sale: With a private sale, there is no specific end-date for the sale, allowing you to change the price as needed to gauge market response. However, it is important to be aware of the laws governing under-quoting in different states of Australia.
• Auction: Auctions can be a great way to sell in unique circumstances or high-demand areas. To hold an auction, you will need to approach an auctioneer in your area and request their services on the designated day.

3. Prepare Contracts and Legal Paperwork

In New South Wales (NSW) or the Australian Capital Territory (ACT), you will need to have a contract prepared before you can market your property. In Victoria (VIC), it is advisable to have a Section 32 prepared as soon as possible, although you can market your property before this is completed. It is recommended to engage a professional to handle the paperwork, as different states have different legislation relating to the sale of property.

4. Determine the Asking Price for Your Home

To set the asking price for your home, visit the sold section of realestate.com.au/sold and search for similar homes in your suburb. Comparing your home to the sale prices of similar properties in your area will give you an accurate idea of its approximate value.

5. Prepare Your Property Photos

Taking high-quality photos of your property is essential when selling your home. You can easily take your own photos using a smartphone or DSLR camera. Alternatively, some online packages offer the services of a professional photographer. Professional photos have become the norm in the real estate industry and can give you a competitive edge.

6. Create Your Property Listing Online

After selecting your property package, write a brief property description, enter your asking price, and upload photographs of your property. You can also include up to 33 photos, two floor plans, and a property video. Make sure to edit your ad as needed through the online service.

7. Prepare Your Home for Inspections

Before potential buyers visit your property, declutter and remove personal effects to create a clean and tidy space. It is also recommended to remove any unwanted odours. Consider printing professional-looking brochures to hand out to prospective buyers, which can be provided by the online service.

8. Schedule Open Homes and Buyer Inspections

Scheduling open homes or inspections on weekends when there are more buyers looking at properties is a good strategy. During these events, collect the contact details of interested buyers for follow-up purposes and security.

9. Communicate with Prospective Buyers

Promptly respond to inquiries from potential buyers and follow up with them after inspections. Buyers appreciate being able to speak directly with the owners, as you have better knowledge of the property than an agent would.

10. Negotiate and Sell Your Property

Negotiating and selling your property is the final step, and the process is the same whether you are using a traditional agent or selling on your own. Once the contract becomes unconditional, you will need to engage a conveyancer or solicitor to handle the property settlement. If the contract is conditional, such as being subject to finance or building and pest inspections, you will need to wait for it to become unconditional before settling. Upon settlement, you will have saved potentially tens of thousands of dollars by choosing to sell your property yourself.

By following these steps and utilizing the resources available to you, you can successfully sell your property in Australia without the need for a traditional real estate agent.

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