What is For Sale by Owner when Related to Selling a Property on the Gold Coast?
The term “For Sale By Owner”, often abbreviated as FSBO, refers to the practice of selling one’s property independently, without engaging the services of a real estate agent. This approach is generally favoured by those looking to save on agent fees.
For Sale By Owner: A Comprehensive Guide | Risk or Reward?
In the realm of property sales, the term “For Sale By Owner” (FSBO) has gained a little traction. This guide provides a comprehensive look into the concept, exploring its pros, cons, and everything in between.
Selling Your Property without an Agent
If you’re considering going down the FSBO route, you’ll likely need assistance from one of the various websites dedicated to this purpose. These platforms can guide you through the process, helping with tasks like advertising and listing your property on major real estate portals.
Here’s a list of some platforms that aid FSBO transactions in Australia:
- Agent In A Box
- Buy My Place
- For Sale By Owner
- For Sale For Lease
- No Agent Property
- Private Property List
- Property Now
- Real Estate Your Way
- Real Private
- Sell My Property Now
- Your Hot Property
Most of these websites charge a flat fee or a monthly rate and often include extras like for sale signs, monthly reports, brochures, and advice from property experts.
Australia’s FSBO Market
The FSBO market in Australia isn’t as extensive as you might think. The FSBO properties represent about one per cent of all properties sold in Australia. Out of 500,000+ homes sold in Australia during 2014-2015, just over 5300 were sold by an owner, equating to approximately 1% of sales.
Comparing the Australian and UK FSBO Market
Compared to Australia’s FSBO market, the UK’s FSBO market exhibits very similar trends. Out of the 1.2 million properties sold in the UK annually, only around 10,000 are sold by owners without agents, constituting less than one percent of all property sales.
FSBO Websites in Australia
In Australia, there are numerous websites that assist homeowners in selling their properties independently. These include Real Private, For Sale By Owner, buyMyplace, No Agent Property, Agent In A Box, Real Estate Your Way, Sell My Property Now, For Sale For Lease, Private Property List, Your Hot Property, and Property Now.
Understanding FSBO Sales Data
An analysis of the sales data for FSBO websites reveals that most don’t have the numbers to support a large network of interested buyers. Half had sold fewer than 200 properties in December 2014 to November 2015. Additionally, these websites don’t have many properties listed.
FSBO vs Traditional Real Estate Agencies
The importance of a real estate agent as an intermediary is reflected in the numbers, both in Australia and in the UK. Typically, agents sell between 90% and 95% of all residential properties in Australia – and this is unlikely to change anytime soon.
How to Find a Good Real Estate Agent
While you might dread paying agent fees, selling your home yourself could potentially result in a lower selling price. Instead, consider finding a confident agent whose value exceeds their commission. They should be committed to getting you the best sale price possible.
A Glimpse of Australia’s FSBO Market
If you plan on selling your home yourself, there are ample websites to assist you. All of the websites above include options to list on realestate.com.au. If you wish to advertise on Domain, then with some of the websites you may need to pay more.
Statistics Tell a Different Story
While the allure of skipping the real estate agent and potentially saving money with DIY property sales is understandable, the statistics tell a different story. In Australia, a mere 1% of sellers go it alone. This isn’t just a coincidence.
Experienced agents offer much more than just listings. They have deep market knowledge, honed negotiation skills, and a network of connections to ensure you get the Best Possible Price.
While exploring solo selling is an option, don’t underestimate the value a skilled agent can bring to the table. Weighing both paths can help you make an informed decision and maximize the true value of your property.
FREQUENTLY ASKED QUESTIONS
Should you sell your property without an agent? Selling without an agent may save you money in the short term, however, you may lose money by undervaluing the property yourself.
How many people sell property without an agent? Approximately 1% of the properties sold in Australia are sold without a real estate agent.
Where can I list my property without an agent? Organisations like Real Private, or For Sale By Owner will list your property on sites such as Realestate.com.au and Domain.com.au for a fixed fee.
Author – Craig Douglas
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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.
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This page was proudly created by Craig Douglas, your local independent Gold Coast real estate agent, 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
