Mistakes to Avoid when Selling Your Home without an Agent

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In the process of learning how to how to sell your house without an agent in Australia, you’ll find that there’s a right and wrong way to do it. Saying goodbye can be painful. Just listen to popular love songs. And a home can be more difficult to say goodbye to than some people!

It’s easy for us, the homeowners, to build relationships with our houses. These homes provided the venue for many a treasured memory. It’s no surprise selling a home can be such an emotional experience. You don’t want to be one of those people who forgo logic when emotions are high. Avoid seller’s remorse—and, yes, there is such a thing.

We listed the most common mistakes to avoid when selling your house privately. Steer clear of these blunders and you’ll have a much more pleasant, and lucrative, experience in selling your Australian real estate property.

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Mistake #1: A House for Sale in Awful Condition

There’s more to prepping your house for sale than sweeping the floors and picking up after your children’s toys. Home buyers will have to be won over with a great first impression, even more so than a first romantic date.

Maybe your house requires basic updates like fresh paint and some quick fixes like repairing broken windows and changing light bulbs. By working on repairs, you tremendously increase the chances your real estate property will be purchased.

Remember: In the eyes of buyers, a simple broken portion of the house could signify bigger problems. They’ll be looking at the property with more suspicion.

Keep in mind that, in the long run, bypassing repairs for the sake of money can be more costly because you won’t be able to easily find a buyer who’ll cough up the amount you want–if you find a buyer at all, that is.

Stage your home with care. If you’re on a budget, you might want to read our blog post called How to Prep Your Home for Sale on a Budget.

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Mistake #2: Real Estate Property Price is Too High

This is the most common selling mistake we’ve seen in the real estate industry. When the price is too steep, buyers won’t even give the home a single chance. Not one. In the best case scenario, if a buyer does give it attention, you’ll find an offer that is a lowball one. In the end, nobody wins.

When it comes to pricing your property, think of it as an art form. Do your research. The Internet is a treasure-trove for comparative research in house sales.

Factor in conditions like the demand in your area, your house’s location and the current condition of your property. Don’t “test the market” with a high price. Gauge your property’s value intelligently since being greedy will turn off serious buyers.

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Mistake #3: Wrong Marketing

Your home’s chances of being sold will depend a lot on the photographs you take. Beautiful photos spell the difference between great marketing and success in the real estate industry and failure. Yes, that’s how crucial the photos are. Buyers are typically busy people who have plenty of options to look at. Grab their attention right away or you’ll lose their attention forever.

The good news is you don’t have to be a professional photographer or own a fancy camera to take attractive pictures of your house. Check out our article called How to Take Great Real Estate Photos with Your iPhone.

Other marketing mistakes involve being lazy in promoting your house. Print flyers, put together an open house event and work with an online agent like us. By working with online agents, you can market the sale of your property without having to pay any agent a commission.

In selling a house by owner deals, Zero Commission saves our customers on average $14,000. We will market your house for sale on the top two real estate sites in Australia for a fixed fee of $399, no hidden fees whatsoever.

If you want to learn more, visit our website and take one huge leap closer to closing the deal.

NEWS: Australia might tighten anti-money laundering rules for real estate buyers

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The government in Australia is thinking of implementing stricter anti-money laundering rules, ones that will include dealers of precious stones and real estate agents. The move was brought on by warnings provided by a global watchdog that involves potential illicit money making its way into the nation.

Authorities in Australia are mostly likely to keep a watchful eye over the surge of money from Chinese buyers who are seeking for a low-risk way to stash money away from their home country. The proposed regulations will not be implemented against Chinese buyers alone but speculations assume that China will be number on the list of countries to watch out for. 

Real estate assets have been the choice of Chinese buyers for years. In the past few months, more and more buyers from the Asian country have also been buying away Australia’s rare pink diamonds. 

Financial Action Task Force (FATF), an organization with its headquarters in Paris, investigates the ability of countries around the world to battle illicit cash flows. FATF informed Reuters that Australian authorities are lax when it comes to scrutinizing the property and precious stones industries, leading to an “increasing high risk” in the international fight against money launderers. Money laundering has been known to fund the activities of terrorists. 

The country’s Attorney General’s Department, which is in charge of Australia’s law and justice framework, is studying the current rules to tighten security and address the concerns of FATF. The rules already in place involve banking, gaming and remittance. 

Under current regulations, foreigners are allowed to purchase precious stones and prime real estate lots without showing property identification. Furthermore, the foreign buyers are not required to disclose the source of their financial means. 

According to Simon Henry, the co-CEO of juwai.com, which is the biggest website linking Chinese buyers to real estate properties in Australia, the country is facing a higher risk of being involved in money laundering activities through property purchases. Among property buyers from Chinese, approximately 70 % fund the purchases via cash payments, and less than 10 % of these buyers use banks to fund their purchases. 

Experts who keep a close eye on international money laundering activities claim that these buyers carry suitcases filled with cash from China. Several wealthy buyers have been caught using fake invoices and underground banking to access funds. 

Want more Australian real estate news, plus tips to help you sell your house fast without an agent? Follow Zero Commission on Facebook, Pinterest and Instagram.

Source: Reuters

NEWS: How to Identify the Australian Suburbs with Pending Housing Price Dips

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According to statements made by Dr Andrew Wilson, the chief economist of Domain, 2016 will be a flat year for real estate properties in Sydney. Wilson added, “I’ve been predicting up to a 4% property price growth rate in Sydney, and about the same nationally. Economic circumstances are now set to deteriorate and it will be a year of circumspection.”

But there is good news. Dr Wilson expects real estate prices in Adelaide, Brisbane, Canberra, Melbourne and Hobart will rise and not deteriorate.

The last occurrence of dipping housing prices in Australia was back in 2008, in the wake of the global financial crisis. While the outlook this year isn’t looking positive for Sydney, there are suburbs that will hold up better. And how can you tell which of these properties are expected to experience dipping prices? Based on the nation’s top real estate economists, you can intelligently foretell which suburbs will take a dip or a fall by watching out for five factors.

Factor #1: Interest Rates

Interest rates are an excellent indicator of the value of cash. If the benchmark for interest rates is currently low, there will be less repayments of home loans. This also means that there will be less money earned in cash accounts.

According to the chief economist Nicki Huntley of Urbis, a consulting firm, speculation of interest rates is key. Huntley also added, “That’s one of the reasons why I don’t think this cycle will be sharp because outlook for rates is soft.”

Factor #2: Supply Dynamics

Look into the amount of nascent development occurring in your suburb. Make sure you furthermore determine whether the development involves detached homes or units.

Factor #3: Growth of Wages

If salaries are not increasing in your suburb, then it’s safe to assume that buyers will be unable to afford higher home prices.

Factor #4: Unemployment

The less people have jobs, the less will there be a pool of buyers who can afford to pay mortgages. Less people will be investing as well.

Back in the financial crisis of 2008, for example, the Brisbane suburb of Logan took a huge hit. Logan, according to Dr. Wilson, is an affordable area and has plenty of infrastructure. Despite its attractive points, Logan prices weren’t able to see significant growth since unemployment floated about 10 %. Fortuantely, real estate prices in the suburb are now seeing some growth, thanks to falling unemployment rates.

Factor #5: Atmosphere

While not as scientific as the other factors, it pays to look into the “feel” of a suburb if you want to determine the decline or growth of housing prices. When assessing an area to make an intelligent guess about pricing, take into account factors that add to the vibe of the place. Is the local park well maintained? Do residents keep their lawns in shape? Are there businesses shutting down? What are the restaurants and shops in the area?

Follow Zero Commission on Facebook, Pinterest and Instagram for updated Australian property news and selling tips.

 

NEWS: Victoria Real Estate Agencies Investigated for Alleged Underquoting

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Six real estate agencies have come under scrutiny in in Victoria for underquoting. Increasing complaints from customers have lead to the investigation and 200 surprise inspections were conducted last year due to complaints coming from all over the state.

The Victorian government ordered Consumer Affairs Victoria to implement the inspections, The Age reports. Underquoting occurs when a real estate agent misleads buyers by marketing a price that is cheaper than the seller’s price, or less than the auction reserve price.

The Age also reports that, as of today, six large investigations are being undertaken. While the Victorian government hasn’t disclosed all the details related to the investigations, government representatives stated that these involve franchises from major Australian real estate agencies, along with smaller real estate agencies.

The government has raided some of the offices of these real estate companies and have taken hold of several documents to be collected as evidence. Over 300 property sales are now being investigated for suspicious pricing activities.

Jane Garrett, Consumer Affairs Minister, stated, “We are halfway through these inspections and the result will be used to inform any changes that are needed.”

Garrett further said that authorities were watching the activities of real estate auction process. She admits that unethical behavior will be hard to prove but that the government has the responsibility of performing better surveillance than before. The minister added that the surprise inspections will continue until July this year. 

Enzo Raimondo, head of Real Estate Institute of Victoria, has expressed his support for the investigation. Raimondo further claimed that the institute will not be supporting any agency that deliberately engaged in unethical pricing practices.

Consumer Affairs Victoria (CAV) posted advice on its website, telling buyers to conduct research prior to buying property. The CAV instructs potential buyers to look into the market value of the property their interested in, rather than fully trusting real estate agents.

Follow Zero Commission on Facebook, Pinterest and Instagram for more Australian real estate news and selling tips.

Top 5 Green and Eco-Friendly Home Improvement Projects to Undertake for Your House

In “for sale by owner” deal, you’re going to want to undertake the best home improvement projects that your budget can handle in order to attract serious potential buyers. More and more people are becoming conscious with regards to their impact on the environment. Not only is an eco-home gentle on our planet, buyers are keen on saving money when it comes to utility bills. Here are some of the best “green” home improvement projects you can undertake to help you sell a house without an agent in Australia.

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Home Eco Tip #1 Use Eco-Friendly Flooring

Marmoleum Flooring is made from materials that are natural and raw. One popular material used in this brand of flooring is linseed oil. Linseed oil acts as a binding agent and the oil has been gathered from pine trees without causing any damage to the plants. Other materials used in marmoleum are ground limestone, jute and renewable wood items. Marmoleum flooring is a kind of biodegradable linoleum that’s resistant to stain doesn’t absorb water.

Another fantastic green flooring material is bamboo. Bamboo is grass that grows very quickly, making it a renewable material. Bamboo flooring is not only eco-friendly and easy to install, it’s also resilient and comes in a wide array of attractive styles and colours.

You may also want to look into eco-friendly wood floorings such as hardwoods from South America, like the Brazilian Cherry or the White Tigerwood. These woods are gathered from renewable resources since they’re grown in well-managed forests. While Brazilian Cheery is more expensive than other kinds of green flooring, it’s one that’s very resilient and even harder than the classic oak tree.

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Home Eco Tip #2 Tankless Water Heater

Tankless water heaters save homes from wasting energy since these heat water on demand. Energy won’t be wasted perpetually heating dozens of litres of water at a time, which is what happens in conventional water heaters. And you won’t have to worry about running out of hot water since these tankless water heaters need mere seconds to heat water.

You can opt for electric or gas-powered tankless water heaters. Gas will save you more energy money while the electric ones cost less to purchase.

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Digital thermostat in the living room

Home Eco Tip #3 Programmable Thermostat

You can sell your house fast without an agent if you install programmable thermostats.  Potential buyers today are highly attracted to the idea of saving energy while leaving less carbon footprints behind. Thanks to these programmable thermostats, the heating and cooling requirements of your home will be controlled automatically. Different areas of the house can be set to have specific temperatures throughout the day so whoever lives in the property won’t have to worry about wasting energy.

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Home Eco Tip #4 Low VOC Paint

In one of our articles, we discussed prepping your home for sale on a budget. There’s nothing more budget-friendly and effective in transforming a room than a fresh coat of paint. Buyers will be drawn to the new coat like moths to a flame. In going green, keep in mind, however, that paint is made with volatile organic compounds (VOC). VOC adds to smog and can even lead to respiratory problems. Go for low VOC paint when painting your home for sale. Make sure to inform potential buyers you’ve used eco-friendly paint that’s also healthy for the lungs and you’re sure to earn some points.

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Home Eco Tip #5 Green Roofing

If your budget allows it, look into solar roof panels. These are extremely attractive to all types of buyers. Keep in mind, though, that solar roofing is best installed when you’re putting in a new roof.

If installing solar roofing is not feasible for you, you can go for an eco-friendly roof by working with colours. White, and other light hues, is a great choice since infrared rays will be reflected away. Go for cool roof materials such as tile, metal and asphalt. These reflect the rays of the sun and will cool down the whole house.

An eco-friendly home is one of the most attractive types for real estate buyers today. Close the deal in no commission real estate and consider these green home improvement projects.

If your goal is to sell your house fast and find out more about “for sale by owner” real estate deals, learn how we can help you today. Click here to find out more about our services and be one step closer to selling your house without an agent in Australia.

 

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NEWS: Sydney Housing Market Not Expected to Dip This Year

2015 was a year of robust growth for the Australian housing market. Despite news of a fall in the home prices in Sydney this week, the head of research at CoreLogic RP Data, Tim Lawless, predicts the Sydney real estate market will not be experiencing significant price falls.

Mr. Lawless explained his outlook by saying, “I think there’s still that underlying factor of strong demand driven by low interest rates, and not really the supply issues that Melbourne has seen, I think we’ll continue to see Sydney at least remain fairly neutral in its growth.”

Last year, the national average capital city house price was seen to rise 7.8 %. However, in December 2015, growth was stagnant. Sydney housing prices grew by 11.5 % but it’s worth mentioning that city prices declined by 2.3 % in the third quarter of 2015.

The prices of homes in Melbourne had an annual growth rate of 11.2 % last year but faced a 1.9 % dip in the third quarter. In other areas, Brisbane boasted one of the strongest third quarter rates and had an annual home price growth of 4.1 %, similar to Canberra’s.

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