How Much Does It Cost to Sell My House?
Some of the main expenses are:
- Agents Commission* (average national commission is around 3.5% – 4% of the sale price of your home.
- Advertising / Marketing Expenses – the cost of doing so generally ranges between $1,000 and $10,000. Typical expenses include a board out the front of the house, listing on major sites like Real Estate.com.au and Domain, Social Media Campaigns, photography for the listing, the creation of a floor plan, copywriting and advertising. The more advertising you do, the more likely you will achieve your optimum price for your property sale.
- Conveyancing / Solicitors fees: They prepare a contract of sale, a vendor statement and sometimes an Offer and Acceptance Form. *Commission is the fee you pay to a real estate agent when they sell your property. It tends to be the largest single cost in selling your home and compared to other costs it is by far the most expensive component.
How Much will I save to sell my property without an agent.
How do you calculate commission: Here is a handy calculator tool to calculate your savings to sell your property without an agent. See how much you will save to sell your property privately. Just slide it along to the desired price for your property and see the thousands you will have to pay an agent.
There are massive savings to sell your property privately the For Sale By Owner way. Commission savings are better in your pocket than an Agents! Imagine all the things you could buy with your savings: A new Car, go on a holiday or put it towards your children’s education. Yes, it is better off in your pocket!
Agents vs Private Sale (For Sale By Owner)
Lets breakdown what really happens when you sell your property (whether it is through an agent or you sell without an agent)
| With No Agent | With An Agent |
| You clean up and prepare your property | You clean up and prepare your property |
| You discuss your marketing plan with No Agent Property (No Agent Property offer EVERYTHING that an agent can offer including Real Estate.com.au and Domain.com.au | The agent tells you their marketing plan and often bumps up the costs. |
| Day 1 – Live on the Market | Day 1 – Live on the Market |
| You receive enquiries (same volume as an agent) | Agent receives enquiries (same volume as No Agent Property) |
| You know who has enquired (you have only one property to sell) | You don’t know who has enquired (agents have multiple properties to sell) |
| You prepare for an inspection | You prepare for an inspection |
| You do the inspection (you know who has visited your house) | Agent does the inspection (you don’t know who has visited your house) |
| You follow up on all those who inspected | Agent follows up the best selection |
| No pressure from anyone to discount your property | Agents start pressuring you saying the market is down |
| Negotiation (we can assist) | Negotiation |
| Property Sold | Property sold |
| Legal handling is through your selected solicitor or conveyancer at a cost that you have negotiated. They handle everything right through to settlement | Legal handling is through the agent/agent’s solicitor – often you do not know what the end cost will be. |
| You don’t pay any commission | You pay the commission |
For the sale of your property, the open inspections are the only component that an agent is involved in. So, you have choices here: Do ‘inspections by appointment’ instead of ‘Open Inspections’. Alternatively, many vendors have asked a friend to conduct them especially if your property is in a different state to where you live. You could even pay someone to do them. Keep in mind that you will be saving thousands of dollars by not paying any commission, so paying someone to help you is not a problem when you list your property privately.
What are the hidden items when selling with an Agent
Most agents require an Exclusive Agreement to be signed by you before anything will commence to sell your property. Be aware that Exclusive Agreements sometimes have added clauses by an agent. For example, they often want a LOW minimum price to sell your property, even though you as the owner wouldn’t want to go that low, but if that LOW price is in the contract and they find a buyer for that price, you HAVE to pay that commission, even if you back out of the sale.
Did you know – If the agent gets an offer for the agreed-to low amount of your property that is on your agreement and you change your mind about the sale (withdraw the property from sale), then the Agent has the right, under an exclusive agreement to still charge you the commission and you are liable for it!
Next time you ask yourself: Which Realestate agent? – Don’t think Agent, think No Agent! Save thousands and find out the best way to market and sell your home including using both Real Estate.com.au and Domain.com.au