Sell My House NSW
Selling Your House Privately in New South Wales
Selling your house in NSW without the use of a real estate agent is both legal and generally, an easy way in which to sell. The information on this page provides some important things that you may wish to consider. It is not mean to be a step-by-step process. Please see the following link if you are after a guide on how to Sell My House.
Selling your own home in Australia is mostly the same throughout Australia. There are some legal differences though which relate to contract preparation, the way prices can be shown, and the documentation required.
This article includes some information that is specific to New South Wales. It may help you in the selling process. It is not a chronological step-by-step guide though. Instead, it is an overview of some of the things you should consider or be aware of when selling privately in NSW.
There are three main areas to consider when selling your house privately online:
a. The Property Being Sold.
b. The Advertising Campaign.
c. Legalities and Paperwork.
Below we will discuss each of these topics and provide some tips or general recommendations which may assist you.
1. The Property Being Sold
Here are a few tips which might be of benefit to you when preparing your actual house for sale. Whether your house is located in Sydney or right out in a regional area, the same principles generally apply.
Declutter: Try to remove objects that look untidy and any other messy items. The less clutter there is, the bigger an area will look. Removing clutter also helps to create a less chaotic and more calm and peaceful atmosphere.
Cleaning: It usually does not cost much to have your house cleaned. You can have a professional do this for you, or you may choose to do this yourself. Whatever the case, it really is imperative that the property for sale is clean.
Remove Personal Effects: Try to remove personal objects like family photos when people are viewing your house. When buyers are looking around, they want to imagine how things would look with their own furniture and personal goods. Try to view things from the buyer’s point of view. By removing your own personal effects and creating more of a blank canvas, you will make it easier for them to imagine it as their own. It’s also a good idea to remove partly used shampoo bottles, soaps, and toothbrushes from the bathroom.
Remove Unwanted Odours: Even if your home is beautifully presented, unwanted odours can really detract from this. It’s important you track the source of any odours and remove this if at all possible. It really is important that you do this. Pleasant smells on the other hand (such as freshly baked bread), can help give a great impression and can make people feel good. Try to avoid flowers though as some people may be allergic to these.
Consider Improvements: You should always think about the cost of each improvement you may want to make. This will of course vary from house to house, each house is unique. Some renovations can vastly improve a property. But in other cases, you may over-capitalise in doing so. You can save money and time by planning it out in advance. Some improvements such as painting or having carpets replaced are generally recommended as the cost is relatively low and the improvement to a property significant. There are no absolute rules when it comes to improvements to your property. You will need to decide whether an improvement is worth the cost to you and if it’s going to help with the sale.
Have The Property Vacant: In the vast majority of cases, you will want to market the property for vacant possession. There are instances where investors may be willing to buy a property and have the current tenant stay on, but in most cases, people will want to buy a property without anyone living in it. That often includes investors who will want to rent out the property after settlement. Many still prefer to make a new start with a new lease.
Consider Staging Your Property: Staging your property simply means hiring furniture, plants, pictures and other things to furnish the house with quality goods to make it look as attractive as possible. Whether this is a good option or not depends on the property. In most cases, it’s not recommended as this can be quite expensive. In any event, it is an option you should at least be aware of.
2. The Advertising Campaign
For Sale By Owner has a number of private sale packages which give you access to ‘agent tools’. By this, we mean resources that were previously only available to real estate agents. You now also have access to these resources, which includes valuation reports and being able to list on realestate.com.au. It is no longer the case that agents have all the resources.
An overview of our packages:
Essentials Package: This includes being able to list your house on a wide variety of real estate websites in Australia. In addition to these websites, you’ll be able to: 1. access an experienced team of experts that will be able to advise you on all manner of things. 2. access extended to support 7 days a week and well outside of office hours. 3. access our software to manage your listing, and 4. get a For Sale board. Please see our full package page for full inclusions.
Essentials Plus+: Most people use their own photos for their ads. We often recommend using professional photos though. Our Essentials Plus+ account includes either professional photography or a big photo board. You are able to buy an upgrade if you would like both included. In most cases, someone will come out to install the board.
Custom Package: If you would like additional things added to your account, we can help with this. This may include drone photography, open for inspection flags, pointer boards, upgrades, or anything else relating to your marketing campaign. We can provide a full list of add-ons. We understand that each property is unique. As a result, the sale campaign therefore may also require certain things. So we are happy to try and accommodate this. So talk to us about your requirements and we should be able to put together a custom package for you.
Some things to consider:
Creating and Editing Your Listing: You will have full control over your property advertisement and will be able to edit and update any time you like. Once you have created the ad, you can edit it any time you like. There is no cost for editing your listing. You’ll need to write a title and description for your property, decide on how to present the price (a fixed price, a range, no price listed etc.), what photos to use and what order to put them in. If you would like this done by a professional, we can certainly assist by providing professional copywriting services.
Responding to Enquiries: Try to be pro-active. When a potential buyer makes an enquiry, they will receive your contact details in real-time, and you will receive their details. We would always recommend being proactive and contacting the buyer. If you have not heard them within 24 hours give them a call. It’s always good to start a dialogue as soon as possible. Let them know that you are selling without an agent.
Open For Inspections: Will you conduct inspections by appointment or run scheduled viewings on specific days and times? It’s good to decide early on and to have a clear strategy when it comes to things like opens. You can always contact us for any advice you may need about conducting your own inspection days.
Negotiating With Buyers: Many agents often say that a house will sell itself and in many cases that really is true. Therefore, if you have a clear idea in mind in terms of the price, the whole process will often be straightforward. Then all you need is one buyer who is willing to pay your asking price. If you do get to a point where you feel you need help with negotiating with a buyer, don’t hesitate to contact us for assistance.
Private Sale Vs Auction: Will you sell your house privately or engage an auctioneer and take your property to auction? Auctions are the most popular in cities like Sydney and Melbourne. An so which option is the best for you will depend on the type of property you’re selling, and where it’s located. The majority of vendors sell by private treaty. This is where both parties agree on a price. An in addition to that, any conditions relating to the sale, such as how long settlement will take.
3. Legalities, Paperwork and Contracts
Selling a property privately yourself without using an agent is not difficult. The legal side, however, can be. When selling through a traditional real estate agent, you would normally organise your own conveyancer, solicitor, or settlement agent. When selling yourself and without an agent, we recommend you do the same. This is really not an area where you can afford to make mistakes. The legal side of a property sale can be complex. We would always recommend you engage a professional to do this for you in just the same way as you would do if selling through an agent.
Legal requirements vary from state to state, and it’s important you are aware of these.
Contract of Sale: In NSW, you may not advertise a property for sale until you have a contract of sale prepared. That includes advertising online or in any other forum. You must have the contract prepared before doing so. Your legal representative will be able to assist with this. Else, contact us and we will be able to point you in the right direction. Once you found a buyer and have agreed on the terms of the sale, both parties need to sign the contract.
Cooling Off Period: The buyer will generally have 5 business days in which the buyer can cancel the sale once the contract has been signed. The cooling-off period only applies to the buyer. The vendor cannot cancel the contract at that time. If the buyer does not cancel the contract then generally a 10% deposit will then be payable by the buyer. Not all contracts are subject to the 5 business days cooling-off period. A buyer may sign a 66W certificate in which case the contract becomes unconditional immediately once they have paid the 10% deposit.
Settlement: This is the date when the buyer will take legal possession of the property. Whatever timeframe you and the buyer agree to is acceptable. On settlement, your legal representative will meet with others and exchange cheques and sign off on mortgages etc. You will then receive the remainder of the sale (minus legal fees etc.). The buyer will generally receive the keys on the date of settlement. This will then conclude the entire sales process for both parties.
Sell My House NSW
Sell My House NSW
What Are The Pricing Rules in NSW?
Legislation exists in NSW with regards to the practice of underquoting prices for real estate. So this ensures the price shown is what the property will realistically sell for.
In terms of the displayed price:
• Quoted price ranges must be within 10% of the lowest figure (i.e. $500,000 – $550,000).
• Terms such as “offers above”, “offers over” and using symbols like ‘+’ are not permitted when quoting a property’s price.
Please note that there is no requirement to show any price or price estimate.
Can I Adjust The Price At Any Time?
Yes. If market conditions change, you are within your rights to amend the asking price. In NSW, there are several legal requirements in terms of real estate agents. But if you are selling yourself, some of these guidelines are not applicable to you. If you are going to change the asking price of your property, you should take all reasonable steps to make sure this is updated on any marketing. This applies to your online listing as it appears on websites etc.). This applies regardless of whether you are wanting to revise the price upwards or downwards. So, please reach out to us if you would like any help with setting your price.
You may wish to provide evidence to prospective buyers in terms of price changes in response to changed market conditions. We are more than happy to provide you with sale appraisal reports. These will show not only comparable and recent sales in the area. They will also an estimated price value for your property.
Who Governs Real Estate in NSW?
State and federal bodies govern the NSW laws relating to real estate. Many of these will not be applicable to you as they govern the conduct and operation of real estate agents. But it’s good to be aware of these. NSW Fair Trading is the best source of information if you need specific information about selling your property in NSW. Else, please contact us and we will be more than happy to help you with any advice where we are able to.
What Commission Do NSW Agents Charge?
Real Estate commissions in NSW vary broadly from about 1.8% – 2.5% of the sale price of a property in metropolitan areas. On a $650,000 home, that would equate to $11,700 – $16,250 in real estate commissions. On top of that, you could also expect to pay several thousand dollars for advertising costs. If you are selling your property privately in NSW, these fees would not be applicable to you.
In regional areas, real estate commissions are generally higher and lie within the 2.5% and 3.5% range. On a $650,000 home, that would equate $16,250 – $22,750 in real estate commissions.
What Proportion of People Sell Without Agents in NSW?
There are no specific statistics at the moment that accurately show what proportion of people in NSW choose to sell themselves. Whatever the exact number may be though, it is certainly increasing each year as more and more Australian choose to use For Sale By Owner to sell their homes.
There are also currently no real data that compare the success rate of private sellers versus agents. Anecdotal evidence suggests that our clients would be just as successful at selling themselves compared with an agent. And in some cases even more successful. It really is not hard to sell your property yourself.
On the whole, buyers do also seem to prefer dealing with the vendor directly, rather than going through a third-party. They know that you know more about the property than an agent would.
Are you looking to sell your house in NSW? Consider doing so yourself and without using an agent. We can save you many thousands of dollars and provide you with a professional marketing campaign that will reach buyers on all major real estate portals in Australia. Our packages are until sold, with only an initial package fee payable. There are no ongoing or monthly fees, and there is no commission payable once you have sold. Please view our package for current inclusions and pricing or feel free to contact us to discuss your needs.
For Sale By Owner can assist you if your house is located in any of the following regions: Greater Sydney, Central Coast, Hunter, Illawarra Shoalhaven, North Coast, New England North West, Central West and Orana, South East and Tablelands, Riverina-Murray and Far West.