Selling Your Gold Coast Home: Solo Mission or Guided Journey? Navigating the For Sale by Owner vs. Real Estate Agent Maze.
Most people struggle with rejection and prefer to have a buffer between themselves and others, especially during important transactions such as selling their home. They appreciate having someone with whom they can share their frustration when difficulties arise and their excitement when things go smoothly. More importantly, they want the expertise of someone who has successfully navigated similar situations and has strong negotiating skills. After all, selling your home, often your most valuable asset, is a major decision and seeking professional advice is a sensible and wise choice.
So You Want to Go It Alone? Unmasking the For-Sale-by-Owner Journey: A Case Study.
Let’s say you decide to place your property on the market yourself. You think it is worth $800,000, part of the reason being that you absolutely love the new colour scheme that you chose when renovating, particularly the bathroom; it has blood-red tiles (that would easily match the floor of a crime scene). But hey, you love it, that’s why you chose the colour; it’s bright and vibrant, but unfortunately, to most buyers, it will also be very polarising.
You decide to list your property for $825,000, because you feel that you could always negotiate down a little if you needed to.
Hidden Gem No.26
What steps can I take to enhance my property’s curb appeal and overall presentation?
You put together your adverts for internet websites, including a fully engaging story about your property, its highlights and benefits. This takes a lot of time, with plenty of rewrites, but you eventually get there. The adverts go live – you are underway.
Your first enquiry comes through and as it happens, they can’t come on Saturday at the advertised open home time. They can, however, come around on Thursday at 3:00pm.
On Thursday, you are working, so you leave work early to get the house ready and wait for the buyer. It’s 3:10pm and the buyer hasn’t arrived. You call them, they answer and say that they are running late and will be another 20 minutes. At 3:40pm they still haven’t arrived, you call them again, but this time it goes to voicemail.
At 4:15pm they send you a text, “Something has come up and we can’t make it today.” No sorry, just that message. Oh well, you took the afternoon off work for nothing… it was simply a waste of time.
The weekend comes around and because it is a “For Sale By Owner”, buyers knock on your door at 7:30am, asking if they can come through. Even though the open home hours are clearly advertised as 10:00am to 11:00am. You let them through with the place not quite ready and now you are a little flustered because of this.
They walk around your home, asking you questions; Why are you selling? Are you negotiable on the price? What’s the lowest price you will take? Do you get along with the neighbours and are they nice? They seem to really like your home.
With the last stragglers walking out, you complete the open home at 12:00pm, not 11:00am like it was advertised. Today you get quite a number of people through the open home, unlike next week, where no one will turn up. There seems to be good interest, finally, we are getting somewhere!
Monday comes around and you follow up with each prospective buyer, they all seemed to be quite keen on Saturday. Nobody answers, not one, as it turns out, most of the numbers given are fake. You try again on Tuesday, and finally one couple answers, they say that they are interested and would like a second viewing.
You book the viewing for Wednesday at 4:00pm and again leave work early to show them around. At 3:30pm they call to cancel because “it’s not quite what we were looking for” or “we’ve decided to make an offer on another property that suits us better.”
You have a few more viewings, and you get an interested buyer. They offer $700,000 because they need to renovate that bathroom again, they’re not into your blood red tiles, it looks like a new roof is going to be needed soon, there will be a full repaint as they don’t like your colour scheme, carpets will also need to be replaced. The street seems noisy with quite a bit of traffic, it’s not really the best location, the house isn’t facing the right direction for the sun. You tell them they are dreaming, it’s a good property and you’re not going to waste your time on someone who doesn’t like it.
But they actually do like your property and because you have offended them, you have just lost an opportunity to sell. What you didn’t realise is they were prepared to go higher, it was simply a low-ball starting offer. Because they knew you weren’t paying a commission to a real estate agent, they were taking this into account with their initial offer. They won’t take your calls anymore, in fact, they have blocked your number and chosen to move on to spend their hard-earned money elsewhere…
You get more enquiries, people don’t respond, you have private viewings, there appears interest initially, but then it fades away. You start to get the feeling that this is an endless merry-go-round. When will someone actually make a genuine offer???
You see a For Sale sign board go up further down the road, that property sells within a week. In fact, one of the people who went through your property bought it, and they paid more than what your property is advertised for… WHAT! WHY???
You finally get a reasonable offer, it’s $770,000, and you decide to take it. The buyer completes a building and pest inspection – there are issues, water damage is discovered behind the ensuite shower, old termite damage in the ceiling joists, the roof will need replacing sooner than they were thinking, the hot water system is on the way out. The buyer asks for a $30,000 adjustment or they walk away. You decide after all this time to reluctantly accept the new offer, which is still subject to the buyer gaining finance.
The buyer’s financing comes up short. Based on the valuars’ appraisal, the bank will only lend $700,000. So the buyer can’t finance the property and chooses to walk away. Where does this leave you? Right back at square one – answering calls at all hours of the day and night, people not turning up, lowball offers galore, overhearing disparaging remarks about your beautiful home with its blood-red tiles (someone whispered that they thought it looked like a murder had occurred in it)…
Over-Pricing, Far-Fetched or Cold Hard Reality?
If you think the above is a bit far-fetched, it’s actually not; I have a FREE mini e-Brochure available that goes into great detail about an Ashmore homeowner who tried to sell their home $80,000 above market value, using 21 local real estate agents, over a continuous 4 year period. The mini e-Brochure is called, “What happens when you try to sell Above Market Value?“
Another homeowner’s dream of “Offers over 2 million dollars” turned into a cold hard reality of $1,635,000. Even with intense buyer interest, overflowing open homes with cars backed up on both sides of the street, leading to multiple offers on this stunning property, it couldn’t overcome the initial severe overpricing. After 9 months on the market, the property finally sold for $1,635,000, this was $215,000 below its true potential selling price; it should have been listed for $1.8 to $1.85m.
Can anyone sell a house? Sure, especially in this market. But dealing with rejection after rejection is something most people simply don’t want to do.
Make an Informed Decision: Align with your Personal Goals
The decision to sell your home without a real estate agent is personal; the right choice will depend on your circumstances and appetite for risk. If you have the time, expertise, negotiating skills and emotional resilience, FSBO can offer cost savings and a sense of control.
However, if your priorities are convenience, expertise, someone with great negotiating skills and wanting to protect your emotional well-being, then using a real estate agent would seem to be a wiser choice.
The Value of Experience and Expertise
A good real estate agent brings a wealth of experience and expertise to the selling process, having navigated numerous transactions and developed a deep understanding of market dynamics. They can anticipate potential challenges, identify opportunities and protect your interests throughout the process.
Remember, the aim is to achieve a successful sale while minimising your stress and maximising financial gain. Carefully evaluate your options, consider your personal preferences and make an informed decision that suits your circumstances.
Author – Craig Douglas
Please Note: The information contained in this document is for general information purposes only and does not constitute legal advice. The laws and regulations governing the sale of property in Queensland are complex and constantly changing. It is important to seek the advice of a qualified property lawyer or conveyancer before making any decisions about the sale of your property. This document does not take into account your individual circumstances and may not apply to your situation. By reading this document you agree that you have not relied on the information contained herein and that you will seek independent legal advice before taking any action.
Would you be free for a brief chat over coffee? I know that selling your Gold Coast property can be daunting, but I’m here to make the process as smooth and stress-free as possible. So you searched for real estate agents near me and you’ve found yourself here, let’s chat…
Are you ready for a casual chat?
Let’s get you Selling
LET’S GET YOU SOLD!
Craig Douglas 0418 189 963
You can find me at a Boutique Real Estate Agency
Professional | Knowledgeable | Experienced
This page was proudly created by Craig Douglas, your local independent Gold Coast real estate agents specialist, working for a Boutique Real Estate Agency. Selling residential and commercial properties, from those that are awe-inspiring, through to a diamond-in-the-rough, otherwise known as a “renovator’s delight”.
I negotiate and sell on behalf of property owners who want to get the best possible price, with the least amount of hassle. Let’s talk about the process of selling your property over a coffee to get you started – 0418 189 963
