Owners selling their own property – It’s something that I feel will become more common as we move deeper into a technology rich environment.
Firstly I have no problems with this. If anyone wants to buy or sell themselves that’s fine and they should be able to do so without restriction.
In Australia many people are disadvantaged selling themselves right from the start of the marketing campaign because they do not have access to many of the biggest real estate portals out there.
Besides the marketing though, a bigger problem exists. Home owners are generally very bad at selling their own home.
They tend to see the home with only their tainted glasses. Many home sellers find it very hard to price their own homes objectively against the market and long periods of sitting idle on the market tend to exist.
I mention this because I do speak with a number of owners that are trying to sell direct to a buyer. Often the prices are well ahead of the market and they end up sacrificing to an agent some where down the track.
Investors aren’t as badly influenced but they need a diverse range of skills for the selling of their property.
On the buying side, many people are bad at making decisions of the magnitude of a property transaction. When you only make this choice once or twice – it’s a tough call to get right.
I’ve always thought that the more important a decision is, the more you care about it, the more chance irrationality and emotions can distract you into an outcome.