5 Pitfalls to Avoid with a Small Business for Sale

small business for sale in Australia selling business privately

Do you have a small business for sale in Australia? Selling a business privately is easy if you’re prepared for the process. It’s even easier if you hire help to facilitate the steps.

How do you ensure you get the better end of the deal? Well, for starters, there are a few pitfalls you need to avoid off the bat. Even the most seasoned sellers make mistakes. Revel in the comfort that you’re in good company.

Should you wait or jump the gun? Should you set the price high, will you accept lowball offers? How do you curb your expectations so you’re not disappointed when the deal closes? These questions keep sellers of a small business for sale up at night. Keep a clear head and watch out for these five pitfalls, so you don’t end up selling your business at a bargain.

Pitfall # 1: Doing it all on your own

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Don’t assume you can pull all the strings, even if you’re confident you know well enough to do so. Note that even the larger companies hire a team of specialists to do the legwork. If cost is a concern, then only hire consultants who’ll advise you on big decisions.

Depending on the size of the business you’re selling, consider hiring specific professionals to divide the workload. Hiring talented individuals should be first on your to-do list, right after you decide to find a buyer for your small business for sale.

Pitfall # 2: Having the wrong timing

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Your advisers help you determine the best time to sell, which is dependent on market conditions and the nature of your business. You need people to calm you down, though. Even if the market is up, your business may not benefit from this trend. On the flipside, there’s a chance you’ll miss a good opportunity if you wait too long to sell.

Consultants can point out your blind spots before you make a move when it comes to your small business for sale. Maybe you should improve the business’s financial situation, or wait a few more weeks until the market ripens.

Timing is crucial when selling a business. It’s vital you have experts who can back you up.

Pitfall # 3: Erroneous Expectations

Rookie business sellers should be cautious of setting high expectations from deals. It messes the process, and good opportunities and offers pass by unnoticed. Many consider their business valued way higher than the market price, disappointed when they’re offered low-ball prices, or worse, ignored by prospects.

Here’s one standard you can use to benchmark your selling price: find the median selling price of similar small businesses for sale in your area. You’ll know the high and low limits. You can also set a price that can compete. Advisers also offer great insight on this end.

Pitfall # 4: Failing to plan ahead and setting a timeline

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If selling the business was your exit goal from the start, then a strategy should already be in place. In case there’s plenty of catching up involved, then the minimum timeline for the planning is six months. This is a good timeframe if you have a small business for sale.

You need comprehensive, documented financials to present to prospects. These take time to develop. A longer lead time also gives you more headway, building the business until it’s ripe for the picking.

Pitfall # 5: Selling to the wrong buyer

Should you sell to the highest bidder? If money is the end goal (it usually is), then yes. But what if the buyer intends to acquire your business so it eliminates one of the competitors? What’s your motivation for starting and selling the business? Will you allow your novel service hijacked and killed by a competitor?

If the promise of continuity is music to your ears, then you should meet buyers head-on, ask what they would do after the sale. You could be offering something revolutionary, and buyers might toss it aside as detrimental to their business. Be wise when choosing buyers for your small business for sale. Ensure you’re on the same page before you commit.

Have a Small Business for Sale?

Selling a business is not at all difficult if you approach the task the smart way. You have to make the most out of the deal. Think the process through before you sell, and seek the counsel of experts. The investment you make pays off with bigger profits, and a deal that favours your interests in the end.

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Zerocommission.com.au is here to help you with your small business for sale. For a nominal and one-time fee of $299, we’ll list your business for sale on the top websites in Australia. Visit our site to learn more about selling a business privately.

We put together a list of other blog posts we’re certain will help you close the deal:

Looking for Renters? 5 Leasing Tips for Newbie Landlords

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If you have spare real estate, it makes sense to start looking for renters in Australia. Leasing privately will earn you passive income from your investments.

Like any money-making venture, there are tricks to the trade. Nothing gripes a good landlord more than a pesky tenant. Fortunately, the pros far outweigh the cons. Leasing an apartment or house is lucrative business. It also helps pay off the mortgage. Get in the game with a good start by tapping into all the sound advice you can get.

If you’re a new landlord looking for renters and you’re wet behind the ears, this list is for you. With these tips, you can avoid visiting the property and discovering five people have nested in the space.

Here are 5 tips to keep in mind for a smooth life as a new landlord:

Tip # 1: Set a long-term timeline

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It’s great if your property is raking in revenue at the get-go. Sometimes, it does take time to break even and earn profits on leased space. Set your sights on your personal end game–be it paying off your mortgage as soon as you can, or saving money for a specific goal. This requires sheer commitment, which you’re tempted to break every time the monthly check comes in.

Before you spend the rent money on a beach getaway or a new car, consider how this impacts your long-term goal. Think of leasing privately as a marathon—you should never sprint on a marathon.

Tip # 2: It’s a numbers game when leasing privately

Expenses can pile up. After you’re done with the task of looking for renters, you need to treat your tenant-landlord contract as a business deal. Aside from the upkeep and maintenance of the property, set money aside for administrative costs and taxes.

Stay on top of the situation by figuring out how to spend revenue when you receive it. Prioritize urgent over non-essential costs. As a new private landlord, don’t fall into the trap of fixing everything at the same time. Spend enough to maintain the upkeep, save the rest.

Tip # 3: Organize commitments, have a landlord checklist

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Being organized will prevent you from wanting to pull your hair out with your bare hands. Have you covered everything to ensure the property is code-compliant? What requirements should you meet before a tenant moves in or out?

Rules on upkeep vary between locations. Write down scheduled maintenance work like pest inspections and other events specific to the property you’re managing.

It will pay off to write it down. You’ll feel better every time you tick one item off the list! A well-drafted list will save you a world of hurt in the years to come.

Tip # 4: Befriend paperwork

Everyone hates filling out and filing forms, but there’s good reason why deals are sealed in ink. How would you feel if your tenant pays the month’s rent with a bag of 50-cent coins? You’ll avoid this insult if you stipulate in the terms your preferred payment methods.

Forms protect you from abuse and sleights-of-hand tricks. Tenants will have an excuse to skip rent if they want to, but you can counter and remind them late payments come with penalties. Follow up with forms signed by all concerned parties. Dispute resolved.

Tip # 5: Be picky with tenants

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This is rookie lesson you don’t have to pay hard to learn. When looking for renters, avoid choosing family. Remember you’re leasing for profit; this mistake will mess with your business, and can ruin relationships. It’s easier to overlook terms of lease when the tenant is a relative, asking you cut some slack.

Ideal tenants are acquaintances (not friends) and colleagues. You know the tenant well enough, but you can keep the relationship formal. Conduct a thorough background check on strangers. Don’t grab the first offer that comes along. If the deal sounds too good to be true, it may end up as a problem.

Newbies and veterans face the same challenges in leasing, at least when it comes to due diligence. You’re better off not making decisions you’ll regret, though. It’s better to learn from the experienced, instead of learning from experience!

Looking for Renters? We can help!

For only $50, zerocommission.com.au will list your rental property on the best real estate websites in Australia. And how long will your listing stay up? Until you find a tenant! Visit our site if you’re looking for renters and earn that passive income today.

We’re certain you’ll love these other blog posts for private landlords:

Selling a business? 5 Ideas to Boost Small Business Marketing

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If you’re thinking of selling a business in Australia, staying ahead of the competition should be part of your plan. After all, who wants to buy a business that doesn’t have its act together?

Is your small business up against heavy-hitters? Then it’s likely you’re willing to try anything to keep ahead! Great promotion faces the challenges privately owned small businesses face. Considering the stock of your competitors, how can your business shout louder in such a busy marketplace?

Strategy is only effective with proper execution. Your business is a lemonade stand: how can you outsell the kid across the street? You pitch a better case, sell a better product. Marketing is all about perception, and it’s the difference between products and services of equal value.

Here are tips to consider when selling a business in order to boost your chances of closing the sale. Since gimmicks have reputation of being conmen’s tools, these 5 are gimmick-free, sure-fire ideas:

Tip # 1: Give your stuff away, really

Selling a business in Australia small business marketing

This may seem counterproductive for small businesses, but it’s the best strategy if you really take pride in your offerings. You get to attract a larger customer base quickly using this technique, something sure to pique the interest of potential buyers when you’re selling a business.

This tactic works well if you’re selling unconventional products, like beer-flavoured ice cream. Most people won’t bother buying in retail until they appreciate samples; this is why sample stands are so popular.

You shouldn’t skimp on the quantity of the samples, either. In the case of beer-flavoured ice cream, the sample should be a mouthful. If you’re giving away vouchers and coupons, the discount should put a dent on the actual retail price.

Tip # 2: Share your expertise at networking events

The most successful businesses thrive in communities. Go meet like-minded networks of peers and competitors. Who knows, you could even meet your buyer at one of these events.

Never shirk away from opportunities to contribute, especially if you have something of value to offer. When selling a business, you have to continue to build your business. Okay, there’s the urge not to share because of the competition, and for good reason. The rule of thumb is to offer anything that builds the industry, short of compromising your business’s advantage.

Networking is crucial if you’re service-oriented business. No conventions scheduled in your area? Then organize one. And don’t pass up the small gigs. Remember it’s all about contributing to community and networking when selling a business. The headcount of events shouldn’t be an issue.

Tip # 3: Maintain a regular podcast

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It’s PBS on the internet, and you have full control of the content. If you’re plugged in to the community, then a regular podcast sweetens your prospects, both customers and potential buyers when selling a business.

Invite interesting guests to your shows, or even competitors (an adversarial approach always works). Talk about topics relevant to your audience, your clients and customers.

People love to share their stories, and a podcast is excellent platform for moderated discussion. You’ll establish meaningful ties with listeners as you educate them on topics you’re passionate about.

Tip # 4: Email updates to your customers

Build relationship with your customer base, but make sure you send email worth reading! Spamming your customers with the day’s best deals doesn’t help, unless this is part and parcel of your enterprise’s nature.

Some businesses send email once a week, others whenever there’s something of value to share.

The goal of emails is consistency, reinforcing your business as a reliable brand. Content should also be personalized, or at least relatable. Take your cues on email lists you’re subscribed to–what convinces you to read these regular updates?

Tip # 5: Support causes and organizations

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There are plenty of causes to participate in, but you should have vested interest in these prospects. An Earth Day event should promote your brand as cost-efficient product or service. A charity food fair must market your product as the healthier alternative. Open your mind when selling a business is your goal. Be creative.

Charities and cause events are selfless affairs, but it’s also opportunity to promote your business as a viable brand and as a great deal. Your competition is maximizing on this advantage, so there’s no reason not to follow suit.

The Key to Selling a Business

Pull all the strings you can as you build your brand, take advantage of marketing tricks at your disposal. As a small business, what’s important is interested parties consider your business better than the competition. Drum up interest with promotion, and then back it up with products and services that deliver to expectations.

Want to get ahead of the game when selling a business? Zerocommission.com.au will list your business for sale on the top websites in Australia for a one-time nominal fee. Learn more on our site and sell your small business today!

Check out these other blog posts we’re sure you’ll enjoy:

Homes for Sale by Owner: 5 Budget-Friendly Tips for Apartment Staging

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Is foot traffic to your apartment down to a trickle? This is expected if your home for sale by owner has been up for lease or sale for some time. Why not renew interest through remodelling and restaging?

If competition is tight in your area, a do-over will boost your property’s appeal. In case you’re worried about the costs of renovations and upkeep, be assured only affordable and practical tips are on this list!

All you need is a fresh perspective on design. See your apartment from a stranger’s perspective. If you were a total stranger walking in for the first time, would you consider the apartment’s usual fare? Or would it stand out as the best space you’ve seen to date?

What we offer are 5 tricks professionals use in staging apartments, perfect tips for those with homes for sale by owner. It turns out the simplest alterations can radically change the ambiance. How much change? Enough to pique buyers’ interest!

Tip # 1: Take stock of your apartment’s flaws

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Strangers note the smallest flaw at first sight. They will spot stains you’ve overlooked for many years! Familiarity doesn’t help you at this point, and it’s worse over time. Take inventory of the essential, even superficial repairs by evaluating your apartment like an appraiser, no ifs and buts.

If you’re so familiar with your property, you can’t see things from a prospect’s point of view. Have someone else routinely check on the apartment for about a month or so. Spend time away and then revisit with a walkthrough.

The flaws most people ignore in their homes for sale by owner will then appear unsightly. By following this tip, you’ll notice things you initially didn’t.

Tip # 2: Highlight the best of the basics

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Don’t you think visitors deserve the courtesy of a new shower curtain? The smallest detail makes or breaks deals.

It’s not worth the risk of the few dollars saved. Brighten up rooms with new vases of real flowers. People appreciate the subtle gesture. Your apartment doesn’t have to fully furnished to be notable, but it shouldn’t be bare and boring either.

Here’s insider tip from professionals: invest in a “show bed” as centrepiece for your staging. Think of the most comfortable bed you’ve ever slept on, and furnish one in your apartment for visitors to check out. New beddings and sheets with high thread counts work wonders in homes for sale by owner!

Tip # 3: Leave a mark, make a statement

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Your apartment definitely stands out from the rest if it has at least one unique element. It could be a loft, or a book case that converts into a bed. Visit an IKEA store for ideas! You may not leave with an assembly kit in tow, but IKEA has more than enough furniture tricks to inspire your staging. On the offhand, sometimes a coat of paint does the trick.

Don’t go all out and turn your apartment into an art gallery, though. The space should be quirky enough to stand out, but still generic enough so anyone visiting will consider moving in. You want prospects to envision themselves and their personal style occupying the place.

Apartments sell thousands more than the baseline price, all because owners invested in features that set the properties apart from the pack. It’s worth the risk!

Tip # 4: Expand space with mirrors

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It’s the trick hotels use on lobbies and halls, and who’s to say it won’t work on homes for sale by owner? Mirrors give the impression of space if placed in strategic spots. These also bounce and bring extra light into the room, maximizing daylight and artificial light.

Place mirrors facing open spaces, instead of tight quarters. You’ll be amazed how a small room improves with a full-length mirror! It’s small investment that pays off, and visitors won’t mind the illusion if it perks up the mood of the space.

Tip # 5: Storage solutions

Think like a neat hoarder and find ways to stash your excess stuff. If you’re leasing a lived-in apartment, spare visitors the sight of sundries!

Your belongings are eyesores to prospects, so rent storage space for these in the meantime. Storage facilities are your best option if you’re transitioning to a new place, and you’ve yet to figure out which of your stuff to keep.

Organize the items you leave in the apartment, as show pieces. Don’t leave cabinets and cupboards empty, and leave some toys behind if you want to show your space is child-friendly.

Staging an apartment is a mix-and-match affair. There’s challenge in finding common ground that appeals to every visitor. You’ll get the hang of this in time. Staging becomes easier if you practice these tricks professionals use.

What We can Do for Homes for Sale by Owner

Have an apartment for sale or for lease in Australia? Zerocommisison.com.au can find you a buyer or a tenant with minimal costs!

For only $50 for an apartment for rent, or $299 for an apartment for sale, we’ll post your listing on the top real estate websites in the country UNTIL SOLD! No hidden fees, no extra charges. Learn more on our site and find a real estate buyer or tenant today!

Impress buyers or tenants with our other highly effective tips:

Finding Renters for Rental Properties: 5 Tips to Avoid Bad Tenants

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Finding renters for rental properties shouldn’t be difficult. But there’s an art to selecting good tenants. Have you ever met tenants willing to do whatever it takes to score your space? What if an applicant is willing to throw in kidneys and a leg for good measure? While offers too good to refuse are difficult to ignore, veteran landlords know better.

If you’re new to the game, then take heed of these tips. Tenants may come in hordes if you sign up for our services. Fend all of them off except for the one tenant who’ll make your life a dream.

Dodging bad tenants is an acquired skill. However, you’ll learn faster if you’re aware of lessons experienced landlords faced. Not only will you weed out the riffraff from your stock, you’ll also have the guts to reject bogus applications from the get-go.

Here are 5 ways to smoke out bad tenants when finding renters for rental properties. Kick the worst out on the curb (or cordially show them the way out)!

Tip # 1: Conduct background checks

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Background checks are staples in business transactions, especially if these involve long-term arrangements. It makes sense to assume that someone’s behaviour for the previous five years will be consistent with the next five years. If the applicant turns out sketchy, why would you risk the possibility of nursing a delinquent tenant?

Most landlords stop at national background checks, opting for searches within state or city. This is a big mistake, and it’s not worth the spare change you think you’ll save. You might end up with someone who won’t keep his end of the agreement.

Tip # 2: Ask for contact details of previous landlords

finding renters for rental properties tenants in Australia realestate

When finding renters for rental properties, former landlords can provide precious insight about a tenant. You don’t want to discover this after the fact, when you’ve rented out the space.

Demand multiple references for more assurance a squeaky-clean feedback isn’t a fluke. Chances are, you’ll always dig up dirt on an applicant; at least you’ll have enough counsel before you decide to commit (or not).

Insider’s tip: disregard feedback from the applicant’s most recent landlord. Property owners can give delinquent tenants good references so they leave immediately, in search of the next space to mooch. Contact tenants’ second or third previous landlords so you have untainted comments.

Tip # 3: Verify Income, Credit Rating when Finding Renters for Rental Properties

Income verification, credit check. This is due diligence, especially for rookie landlords. Applicants might find it difficult to secure these documents. Some employers refuse to release check stubs or payslips by request. Nevertheless, applicants worth considering will back their reputation with hard copies.

Keep in mind income is not the deciding factor in considering tenants. This only indicates an ability to pay rent. On the other hand, a good credit score shows you an applicant is willing to pay the rent in order to maintain an upstanding score.

Tip # 4: Stay shrewd, feel out who’s actually moving into the space

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Be wary if an applicant claims exclusive residence (says he’ll shoulder the entire lease), but takes someone to the meeting just for a look-see. It’s likely the tag-along will share the space with your applicant, but is currently undercover to help scout the territory. Stay sharp when your spider-sense tingles when finding renters for rental properties!

If the companion stays in the car throughout the visit, this is also a red flag. This doesn’t necessarily mean the applicant will be a bad tenant, but there are more than enough precedents like these to prove otherwise.

Tip # 5: Say NO with conviction

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You’ll hear pity stories, receive offers too good to be true. You’ll be tempted to receive a tenant just to break a long-drawn vacancy. Impulsive decisions when finding renters for rental properties usually end up as mistakes. It’s more difficult to get rid of a bad tenant than it is to wait for someone worthwhile.

Do not take a tenant’s word as good as documented proof. Do not stop finding renters for rental properties until your prospect pays the deposit and the first month’s rent. Make sure the contracts have been signed before assuming you’ve landed a good tenant. Keep processing applications until someone actually moves in. Landlords know better than to secure deals with a spit-ball handshake.

When finding renters for rental properties, don’t profile a bad tenant by appearances alone. Someone so neat tidy on the outside can eventually be the source of your recurring heartaches (or ulcers).

You have the last say on who stays in your property. Do your due diligence and don’t rent to anyone who intends to freeload and couch-surf. That’s what high school friends are for.

Have a home you want leased? Zerocommisison.com.au can help! For a limited-time fee of only $50, we’ll list your property for rent on the top real estate sites in Australia. No hidden fees, no additional charges. How long will your listing appear online? Until you find a tenant!

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Like these tips? Check out our other blog posts for private landlords:

5 tips to Use Social Media for a Small Business for Sale

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You’re on the right track if you’ve been using social media for a small business for sale in Australia. Don’t ignore the potential of marketing online.

Social media spreads word of mouth online. It’s an efficient PR platform you can use to maximize exposure for your small business for sale. Want to sell a business it to the best bidder? Social media can play a huge role.

No business is too small for social media. If you’re already connected to a community, then you’re aware of this. Did you know most online users prefer mom-and-pop brands over the big corporations?

There’s something very intimate about private businesses on social media, staking their share of the market. Even if your exposure isn’t as extensive as the competition, you still have equal shot of zeroing in on prospective buyers.

Here are 5 ways social media helps market a small business for sale.

Tip # 1: Social media helps brand a small business for sale

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Can you describe your private business in key words or catch phrases? How about your image to clients or customers? Branding is essential in businesses and even personalities, also applies to social media outreach. Take stock of how you want people to view your business online, and use social media to send that message across.

There’s the advantage of using free platforms, applications, and tools online. Facebook, Twitter, and Instagram are staples of social media outreach, and you can branch farther once you’re established on these platforms.

Tip # 2: Engage the right social media community

You get what you give on social media, and the extent of your interaction determines the response. People also stumble upon your account if their connections engage your posts, so it helps to be regularly active. Consider Facebook as an important platform in outreach, since you can join groups and communities that share the same interests.

A word of caution about engagement: groups are usually moderated by admins. Do play by their rules and etiquette. Stick with relevant posts and responses to minimize clutter. These also establish your business is credible enough to visit and consider.

Tip # 3: Attract followers, convert into prospective buyers

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Each follower acquired is precious on social media, even casual users who connect to your account at whim. These followers have their own network of friends and followers you can tap.

Have you ever posted something online then discover users you barely know shared it on their accounts? Your post was relevant enough for someone to share – this is the currency of social networks. So long as you’re offering something relevant to the community, then you’re assured improved outreach and an extended network. The buyer of your small business for sale could be a friend of a friend of a friend (of a friend) who shared your post. Imagine the potential of your reach!

Tip # 4: Conversions

Once you’ve built a following, it’s time to evaluate the effectiveness of your reach. Conversions are people seriously interested in buying your business. Think of your account as a funnel, filtering everyone who visits in search of prospective, serious buyers.

Conversions of your small business for sale require strategic engagement. There’s a learning curve to this, but the rule of thumb is to only engage or post when you have something relevant to contribute. Frequent posting hurts your reach, spams and annoys your followers’ feeds. Moderation is crucial and key.

Tip # 5: You have personal, human approach to marketing

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Each platform has its own community and appeal, affecting and moderating users’ conduct. Use this to your advantage. Engage the community like you would walk-in customers and prospects for your small business for sale.

Answer questions directly. Share links to relevant information. The goal is to reassure them your business is accessible and credible.

Your approach to the community sets you apart from the competition! Keep in mind users don’t want lip service. Help out in any way you can, even if this doesn’t serve your interest in the end. Referrals could come from a user who noted your helpfulness, returns the favour and endorses your small business for sale.

Analytical tools are aplenty, and most are available in public domain. You can use sites like Hootsuite and Buzzsumo to see how you’re performing on your social media channels. Work your market, improve your performance, but keep a keen eye on prospective buyers.

Dream big

Wouldn’t it be super if the eventual buyer of your small business for sale saw your post in passing on the Twitter feed? Farfetched, you say? The bigwigs at Uber disagree – their business model was spawned by a single Tweet!

Have a small business for sale in Australia? We can help speed up your closing of the sale! For only $299 and nothing more to pay ever, we’ll list your business for sale in the top websites in the country. Learn more on our site and find that buyer for your small business for sale today!

Read our other blog post to help you sell or lease your home or business in Australia:

Buy My House: 6 Tips when Selling to Family

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Families are like fudge… mostly sweet with a few nuts.

When you’re posting buy my house on social media (and through effective home selling services like what zerocommission.com.au offers), family members will be one of the first to spot your listing. A relative might then consider your property a good investment.

Selling your home privately to a family member can sound like the ideal arrangement. And why not? You get to skip the niceties and get down to the gritty details of the deal! A relative who’s already familiar with your property for sale can be the best buyer.

It pays to curb your enthusiasm, though. Remember you’re conducting business, not a family dinner. It can be difficult to not see the other party as family. Fortunately there are ways to ensure the best deal for both sides. Keep the arrangement professional with these six tips when selling a home to family.

Tip #1: Your interests come first

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This may seem like a sceptical way to start the list but the bottom line is you’re selling your house to a paying, interested buyer. Prepare your property and have it appraised. Invest in the necessary repairs. It’s disappointing to go through the motions and not see the deal through, especially with a family member involved.

You’ll fetch the best price for your house if it’s primed for the sale. In case your relative opts out of the Buy My House deal, proper planning will ensure you’re good and clear to consider other interested parties.

Tip #2: Consider legal assistance

You’re ecstatic a relative responded with keen interest to your Buy My House ad. Then you find yourself willing to cut the price, gift the property at a discount. While costs and arrangements are all under your discretion, it’s vital to have every snag covered, working up to the closing.

It’s likely there are legal conditions to meet. Paying for legal advice will save you from unforeseen events later on.

This is particularly necessary when you’re selling to a close family member, like your sibling or parent. Regulations differ between states, and legal advice ensures you have the prerequisites covered.

Tip #3: Go for the best deal for both parties

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You’ll be tempted to disregard the price on your Buy My House listing and seriously undercut for the sake of a family member. This urge seems more reasonable during the walkthrough and negotiations.

Chances are pretty high you’re selling your house privately for profit. Keep your game face on. If your buyer is quite familiar with the property, fend off bargaining attempts by pointing out your investments in renovations. Surely you didn’t go through this trouble just to sell the house at a loss.

Tip #4: Be shrewd with financial checks

Your relative may request for leeway in finances, with reassurance this will be smoothed out at the closing. Even though you’re selling to someone you know, every potential buyer must still be pre-approved for a loan before you commit.

Buyers must be pre-approved for mortgage before they can make an offer. Otherwise, any offer made is a bluff. Now isn’t the time to rely on someone’s verbal and informal promise. Verifying for eligibility should be your first recourse, regardless of the person you’re dealing with.

Tip #5: Have a disinterested party host the walkthrough

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Your buyer is so personally acquainted to you that judgment may be clouded in the process. Consider entrusting the crucial details of the deal to a trusted, disinterested party. It may be a friend or a hired professional, anyone who can ensure the deal is professional and straightforward.

At the very least, have someone join you during the walkthrough and negotiations. A disinterested party can point out flags or concerns beyond your peripheral judgment.

Tip #6: Due diligence: the lender should know you’re related to the buyer

This is essential for both parties, especially in the later stages of the sale. Lenders prefer parties who are upfront with the nature of the sale.

Plenty of housing authorities require applicants to establish identity of interested parties. Conventional mortgage arrangements also implement this from the get-go.

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Buy My House, Fam!

Selling a house privately to a family member can be the ideal route. There are advantages to turning your keys over to someone familiar.

Wouldn’t it be nice if you’re still welcome to visit a home you’ve sold, break bread at the dinner table, and spend the holidays? If you conduct the sales process professionally, you won’t have to sever emotional ties with the property.

Ready to find the ideal buyer for your For Sale by Owner home in Australia? We can help! For a nominal fee and no recurring charges, zerocommission.com.au will list your home for sale UNTIL SOLD.

Want other tips to help you sell a house fast? Check out our other blog posts:

No Agent Property Tips: Perth’s Top 5 Suburbs for 2016

Perths Top 5 Suburbs for 2016-No Agent Property Tips

Learning about the No Agent Property market, a.k.a For Sale by Owner, means keeping abreast of the latest in suburb news in Australia. This time we’re covering the top Perth suburbs.

Perth may not be as busy as Melbourne or Sydney, but its laidback appeal is what most people are looking for. If you’re searching for good pickings, there are a handful of suburbs here that may just convince you to move.

Location is surely a factor in options, and the properties along the coast and riverside are usually first prospects in buying houses. Suburbs nearer to the city and less affluent districts are prime targets in searching for rentals.

Considering your lifestyle and the amenities that complement, here are the top five Perth suburbs to note in your No Agent Property search before the year ends.

Armadale

Perths Top 5 Suburbs for 2016-No Agent Property Tips

As early as 2014, median house prices in this suburb steadily increased from 7%, currently at $325,000. Continued development of the area only improved its reputation and marketability, especially for investors. Affordable homes in the No Agent Property market of Armadale appeal to prospectors on a budget, and ongoing infrastructure projects perk up local offerings.

Armadale has enough transport nodes to ensure easy commute. It’s an important junction between the South Western and Albany Highways, and the Armadale railway line is also one of five servicing Perth. Leisure spots like Minnawarra Park and Araluen Park sweeten the deal.

Balcatta

Perths Top 5 Suburbs for 2016-No Agent Property Tips

If you’re after a No Agent Property closer to the bustle of the metropolis, this suburb should be on your short list. It’s a mere 12 km from the Central Business District; this central location is appealing for those who want proximity and the convenience of larger space. Balcatta is the affordable option, and it comes with many perks.

This suburb is also commercial and industrial, and its appeal to middle-class investors is its affordable prices. The median range is $540,000, not bad considering its proximity to the CBD.

Subiaco

Those familiar with this suburb consider it as first pick for No Agent Property deals, and for good reason. Living in “Subi” is a lifestyle statement. It’s very close to the city, and the variety of leisure, sporting, and dining options makes you feel you’re living in suburb near the busier cities. Subiaco is currently the pet of ongoing redevelopment, making it the prime prospect for families, single young professionals, students, and even retirees.

Notable spots here include China Green, the old Ace Cinema, King’s Park, and Swan River. Also near Subiaco are Perth’s soon-to-open Children’s Hospital and the University of Western Australia, bonus amenities you can’t overlook.

Perths Top 5 Suburbs for 2016-No Agent Property Tips

Victoria Park

It’s an inner-city suburb four kilometres south of the CBD. The convenience is only matched by character, which is why properties here are sought-after by investors.

Notable here is the busy café strip along Albany Highway, a spot for the savvy leisure-seekers. Top this with tree-lined avenues and themed home designs, and Victoria Park offers good investments at reasonable prices.

As side note, this suburb is also close to the Curtin and TAFE campuses–something to consider if you’re after rentals and leased properties.

Cottesloe

Median prices of houses in Cottesloe fetch a price tag of around $2 million. This is still reasonable, considering its location. Nestled between Perth and Fremantle, the vibe is as laidback as the nearby beaches. And the diverse mix of residents keeps the community interesting.

Entry costs to rental houses fetch around $1,000, $5,000 a month for apartments. It’s safe to say “Cott” is the suburb to be if money isn’t a problem and you won’t settle for anything less than ideal in the city.

No Agent Property Forecast in Perth

Perths Top 5 Suburbs for 2016-No Agent Property Tips

This is a good time to dive into the No Agent Property Perth’s suburbs, especially the ones on the list. These are either up-and-coming or reliable investments, and value is expected to increase next year.

As always, it helps to do the legwork and research on worthwhile prospects. Consider the median price for the area, sales and rental returns, current and projected developments in your decision.

A house in a Perth suburb could be your next best in investment!

Have a house or business to sell in Australia? We can help! For a one-time nominal fee, zerocommisison.com.au will list your property or business on the top websites in the country. Learn more on our site and sell a home or business privately today!

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Find out why our For Sale by Owner customers are extremely satisfied

Today, selling a house in the For Sale by Owner industry is not only an easy feat, it’s the most practical route. Selling a house privately has never been this simple and effortless. The Internet is constantly evolving. Thanks to social media and a dynamic real estate industry that’s shifting to online real estate agents, selling a house yourself is the smart choice.

We here at zerocommission.com.au make it our mission to not only provide a user-friendly experience for our customers, we aim to help save you thousands of dollars in the sale of your home. The average commission of traditional agents in Australia is a staggering $14,090! Imagine getting to keep that money in your own pocket and not an agent’s.

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But don’t take our word for it. We have a list of very satisfied customers who’ve sold a For Sale by Owner home through us. Here’s what some of them have to say about zerocommission.com.au

Note: These are REAL people and they’ve given us their consent to talk to people like you who are interested in our services. Should you wish to get in touch with one of our happy customers, email us at office@zerocommission.com.au

For Sale by Owner Customer Testimonial #1

Zerocommission.com.au is a great Australian company! They’ve been an absolute pleasure to deal with–always there to assist me and offer tips and guidance when needed.

I thought I might not get the attention and after-service promised after I paid my money, being an Internet-based company. How wrong was I! It was everything they promised.

Heather from Dubbo, NSW

As mentioned earlier, we don’t take any commissions, unlike old-school real estate agents who pocket thousands of $$$ after each sale. Instead, for a nominal fee of $299 ($50 for rentals), we’ll list your For Sale by Owner property on the top real estate sites in the country (RealEstate.com.au and Domain.com.au) UNTIL SOLD.

Is that fee recurring or one-time? You pay only once! No hidden fees, no monthly dues.

for sale by owner sell a house privately Australia

For Sale by Owner Customer Testimonial #2

I’ve just listed our house on RealEstate.com.au and Domain.com.au, thanks to the services of Stephen of zerocommission.com.au whose been in Real Estate for over 30 years and found a better way to help BUYERS find their new home….

Who needs real estate agents who take advantage of your sale by charging you tens of thousands of $$$ to do…what?

As my solicitor said, “No one knows your property better than you and no one can be as honest”.

If you’re thinking of selling your home, I recommend you talk to these people first. My listing took me 10 minutes to do and I had immediate support and assistance. Don’t list your property until you chat to Stephen. It doesn’t matter where you are in Australia….Be sure to check out his latest offers and tell him I sent you!

– Sue, Brisbane

After you’ve created an account on our easy-to-use website, you’re then given the ability to create and manage your listing. You can also edit your listings as many times as you wish with zero charges.

We understand that potential home buyers can also be reached outside the online world. A For Sale sign will be mailed to you free of charge. We strongly advise you place this sign on your property to increase your chances of attracting buyers.

Buyer enquiry details are delivered directly to your email. We also provide 24/7 customer support to all our customers!

for sale by owner sell a house privately Australia

For Sale by Owner Customer Testimonial #3

We tried zerocommission.com.au and sold our house sooo fast, we didn’t even have time to put the sign up.

Because we didn’t have real estate fees, we were able to lower our price and then it was a really good deal for a buyer.

Zerocommission.com.au was always helpful and informative. The price we paid to them was equivalent to an ad for two weeks in the local paper’s real estate page, which no one even looks at now.

It’s definitely the way to go. We can’t thank them enough. Thanks, zerocommission.com.au!

–  Julie A. from Mareeba, QLD

These are just some of our happy customers who sold a For Sale by Owner home in Australia through us. Email us today (office@zerocommission.com.au) if you wish to get in touch with one of these satisfied clients. Or head over to our site and list your real estate property for sale today!

4 Common Mistakes You Must Avoid When Selling a Business

selling a business Australia for sale by owner

Are you attempting the feat of selling a business? This is not like the smaller goal of, let’s say, selling a mobile phone, your second-hand clothes, or even a car. Selling a business isn’t difficult but mistakes can be made.

Each day owners of small businesses around the world commit particular mistakes when trying to sell their enterprise. Learn from their blunders instead of committing these errors yourself.

We put together the 4 common mistakes to avoid when selling a business. Knowing and avoiding these tips can easily save you thousands of dollars.

Mistake #1: Failing to do promotion/marketing work when selling a business

Don’t fall into the trap of assuming a third-party will do the necessary promotional work for you when you’re trying to sell your business. Nobody knows your business more than you do.

Even the most expensive or most experienced broker will not be as passionate about your business as you are. You’d be very hard-pressed to find someone who knows the inner workings of your own establishment as much as you do. If being motivated about selling your own business were a contest, you’ll be sure to take home the first place trophy. And there’s no doubt about it.

This is not to say you don’t work with third parties to help sell your business. But don’t just sit back and wait for someone else to do the entire marketing job of selling your business for you. Share the post on your social media. Email and share the link of your business for sale to friends and colleagues.

Potential buyers would, of course, want to talk to the previous owner. Your level of experience and expertise about the company will be way ahead of anyone else. Communicating with the buyer directly will seal the deal and help you sell a business faster.

Mistake #2: Failing to plan ahead or refusing to sell at the right time

selling a business Australia for sale by owner

Trust us, you don’t want to wait too long or fail to plan the sale of your business. Selling a business is not as simple as selling some tangible item. There’s a window of opportunity that you just can’t miss.

Planning for the long term is crucial if you want to close the sale. You can’t just decide to sell a business on a whim. This means being meticulous about your records, providing interested buyers a comprehensive history of your company and keeping a portfolio about your business.

Your thorough planning won’t be put to waste if you’re looking to sell a business. Have all the records and your pitch ready so that when an interested buyer comes along, you don’t have to scurry and put together a sloppy mess of a proposal. No potential buyer will be impressed.

Mistake #3: Selling a business to an unfit buyer

Don’t just grab the first offer you see, unless there’s a concrete reason why you’re looking to sell a business fast. Remember that the first offer is probably not the best offer you can find.

Is someone offering to buy your business with no deposit yet wants a lengthy contract? This is a blatant red flag.

The proceeds of the business can go south after the new owner takes over. Without any money down, you could be left dealing with the failure of a business you thought you were retiring from.

Be wary of any potential buyers who lack experience in the business arena. The new owner may lack business experience, have a closed mind or be a poor leader. Ensure the details of the sale benefits you and meets your goals. This means knowing why you’re selling your business in the first place.

Mistake #4: Over or under pricing your business for sale

selling a business Australia for sale by owner

Now is not the time to be unrealistic. You don’t want to waste anyone’s time by setting the price too high or too low when trying selling a business.

Are you expecting too much for a business that’s not generating steady income? This is where meticulous planning plays a vital role. Consider factors such as your competitors, industry, customers and current market trends when pricing your business for sale.

Is your business stuck in a rut, not producing any income? Then you’re going to have to consider a going-out-of-business sale instead of quoting a steep price. What’s the advantage of a going-out-of-business sale? Immediate cash is one. Next, you get getting the business out of your hair. Let someone else, hopefully someone with more experience, handle your enterprise if it’s not making money.

If you’re feeling low and uninspired over a losing business, selling to the right buyer might be the solution. Sometimes cutting your losses and admitting defeat is the better course of action than milking a dried up cow.

But don’t act impulsively either. One common mistake of business-people is deciding to sell based on negative emotions. In effect, they end up pricing their business for sale too low. This is most true when owners decide to sell right after an unwelcome event happens, such as when illness hits or the tangible effects of financial woes. Timing is key.

Research, research and research when your goal is selling a business. Also, careful planning and acting out of logic instead of emotions will help you avoid these common mistakes when you put up a business for sale.

Like these tips? Check out our other marketing tips to help you close For Sale by Owner deals in Australia: