No Agent Property Sales
No Agent Property sales by the owner have become a viable alternative to agent sales and may even be the preferred alternative for a selected few vendors, especially for properties that are not getting the right amount of attention otherwise. The options are between "No agent" all and an online zero commission agent that serves as a "go between". With a go between agent a vendor now has access to all major real estate sites including realestate.com.au, the market leader.
Why we decided to sell ourselves
The general perception is that agents always get the best price for the vendor, but this is not always the case. Our country agent in Heyfield (Vic) could not sell our property over a 2 year period. And will an agent really get a superior outcome that justifies the $10 000+ he charges and can we even afford it in a weak rural market. This is not Melbourne metro, where the buyer to vendor ratios are 3 or 4 times higher We are now testing a diy sales campaign. We have engaged a go between zero commission agency which allows us to list on all major sites, such as realestate.com.au, Homehound and Domain.
Parallel campaigns are not liked by the agents and they may not be the best option for the vendor. I have talked to Darren Burke from Grant's Estate Agents in Berwick, 3806 and being the top selling agent in his office he has a very good point. Interview your agent and check out his customized sales strategy, track record and credibility. How do you check credibility ? One way is to verify his estimate. Another way is making the commission performance dependent.
What are the options for a diy home sales campaign ?
If you haven't got much time to check out all the options then jump on my case study - zero agent property sale or go to http://forsaleforlease.com.au/ the agency we are testing ourselves. Below e are some links to cover other competitors. Status May 2011. Buymyplace was probably the biggest diy agent then, but check if they can list on realestate.com.au again, because in May 2011 I noticed that they list on Domain (382), but could no longer list on realestate.com.au On its own site they had 31 listings in Berwick.
CASE STUDY - A Zero agent ad campaign with website & slide show !
I have created a property sales website and an animoto slideshow using picnik (flickr) and paint. Here it is http://heyfield-lake-glenmaggie-cummins.weebly.com . The website is linked up to realestate.com.au because I have engaged http://forsaleforlease.com.au/ a zero commission agent.
Click the link to read the full story at Case study - Zero agent Property Sale Total cost $1200, $800 for listing and $400 for digital media production.
Update 21 June 2012. So far more than 1600 visits on realestate.com.au
Why do real estate agents strongly dominate the market ?
Probably perception, habit and lack of knowledge are the biggest reasons. Vendors have time constraints, dislike complexity and belief that agents are worth the at least extra 10k commission they typically charge . They may fear legal risks and the learning curve involved with diy sales or hate negotiating. The biggest advantage of a local agent is his local market knowledge, personal relationship with his client base brand and his shop front. He can and will direct buyers that respond to any of his ads to alternative properties in his area if he senses any demand. But things are changing and time will tell if diy sales can capture 5 . . 10% of the market in the near future.
Can I privately advertize directly on a major real estate site ?
Yes, with Domain, which claims 3.4 million property seekers per month (23 May 2011). Domain grants access to owner sellers. They charge about $ 500 for one month of advertizing (or less dependent on suburb) which is rather expensive and hence not a preferred alternative. However with a go between non commission agent like forsaleforlease you can have the best of both worlds at no extra costs. forsaleforlease charges 500.- for the first month and $ 100 per month thereafter or $800 upfront for unlimited listing until sold.
Should I sell property on social media ?
Some people have started to use twitter, ebay, youtube and facebook to sell their properties. This is not a bad idea for a parallel sales campaign, but on its own it would often not get enough attention. The same holds true for building a "property for sale" website. It will only make sense for a parallel sales campaign or a rather unique luxury property (such as a celebrity estate).
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