Go private or with an agency.

Selling privately

Selling this way avoids agency fees, however you will have to manage the process yourself. It will be worthwhile consulting your lawyer if you decide to take this route.

Advantages Disadvantages
  • No real estate agent fees
  • You control the whole process
  • Companies can help you manage your private sale, such as providing an advertising toolkit. These elements usually cost less than using a real estate agent.
  • You need to get your home valued and set an asking price or tender date
  • You need to manage everything from advertising to being a salesperson, plus always being available for property viewings.

 

Sell with real estate agent

This can be done through a sole or general agency. Fees could be based on commission, commission plus a base rate or a fixed price depending on the agent you choose. 

Advantages Disadvantages
  • Your real estate agent takes care of advertising, promotion and open homes
  • Agent deals with showing potential buyers the property as well as offers.
  • You will need to pay a large fee or commission. Fees vary between agencies, but could include a base fee and a commission, usually a percentage of the sale price. 

Methods of selling.

Sale by negotiation

Buyers negotiate to buy your home through your real estate agency or agencies or with you privately. 

Advantages Disadvantages
  • Less pressure on the seller
  • You have time to consider offers and wait for the right price
  • Negotiate until you get a deal that suits you
  • Buyers have a price range to guide them.
  • You need to be sure of your asking price
  • Buyers may try to negotiate the price down
  • Offers may have conditions included.

 

Sale by auction

This is done through a real estate agency to which you give exclusive rights to auction your home on a specific date.

Advantages Disadvantages
  • You don't have to set an asking price (you set a reserve, which is private)
  • You have a set day for the auction
  • A keen buyer may pay a top price to buy before the auction
  • Competition between buyers on auction day may push the price up
  • A sale at the auction is unconditional
  • If the home doesn't sell you can negotiate with the bidder(s).
  • It's a very public process
  • You may have advertising costs to pay even if you don't sell, on top of real estate fees.

 

Sale by tender, or set date of sale

In a sale by tender, buyers submit their best offer in a tender process run by your real estate agency or less commonly by yourself.

Advantages Disadvantages
  • You don't have to set an asking price
  • It's a private way to sell
  • Buyers put in their best offers - there's an element of competition between buyers
  • Offers are usually received by a set date
  • You don't have to accept the offers and sell
  • Sell early if you want
  • Negotiate with some or all those who put in offers.
  • Some potential buyers are put off by the 'closed' nature of tenders
  • You may have advertising costs to pay even if you don't sell, on top of real estate fees.

Get in touch.

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Things you should know.

Westpac's home loan lending criteria and terms and conditions apply. An establishment charge may apply. A low equity margin may apply. An additional fee or higher interest rate may apply to home loans if the application is accepted but does not meet the standard lending criteria.