With the sudden and unexpected rise in interest rates over the past two years, many property owners across the region are being forced to sell-up in response to crippling mortgage repayments.

Most home-owners in this situation usually think that, once they engage a real estate agent and pay for all the marketing and staging that entails, their property will automatically and quickly sell.

Unfortunately, many people are now finding that this is not a guaranteed result, and they get offers that are so low that the left-over money won't cover agency selling fees and other costs, according to Andy Dunn who is the CEO of property platform Wavie.

“Property owners need to understand that the market has changed, and so has the real estate sector,” Mr Dunn said.

“Using a traditional real estate agent to sell your property, is no longer a requirement, it is an option,” he added.

He argued that there are now other ways to sell your home and you don't have to keep persevering with real estate agents.

“You can do a lot of the heavy-lifting yourself and, thanks to new digital tools, the lifting is no longer that heavy.

“It is now a very easy process to manage the sale of your own property and it costs a heck of a lot less too. If you have already invested in photos, why not use these as well,” he suggested.

Mr Dunn suggests these options available to property owners who have failed to sell their property so far.

Advertise directly and sell it yourself

Homeowners are perfectly entitled to sell their own property directly to a buyer. Apart from conveyancing and contract fees for this service usually provided by lawyers or conveyancers, the only costs you incur are advertising in local newspapers, corflutes on your front yard, word-of-mouth, and social media sites.

"One of the primary advantages of selling a home yourself is the potential to save on real estate agent commissions,” Mr Dunn said.

“By eliminating the need for a listing agent, homeowners can potentially keep more of the proceeds from the sale.

"Selling your own property also gives you full control over the sales process which is appealing for a lot of people who want to be actively involved in the sale.

"While selling a home yourself offers many benefits, it is essential to consider the potential challenges and complexities involved, including legal requirements, marketing strategies, pricing accuracy, negotiation skills, and the time and effort required to manage the sales process effectively. Homeowners should weigh these factors carefully and consider seeking professional guidance or assistance if needed to ensure a successful sale,” Mr Dunn said.

Anyone seeking to advertise their property for sale directly to the public can get advice on advertising packages at Dubbo Photo News by calling our sales team at 6885 4433.

Find another agent

"Use another real estate agent and start the whole sales process again,” Mr Dunn said.

“While some people do opt to go down this road, the reality is that this does not solve the issue of the high real estate agency commission fee," he added.

Social media platforms

"Turn to social media as a cheap and direct selling tool. Social media sites have become places for the sale of all types of items including property," Mr Dunn said.

"Unfortunately, they are also home to many scammers who prey on the vulnerability and naivety of people who are desperate to sell their items.

“Scammers are becoming more sophisticated and often will settle in for a long-term play to gain an individual's trust," he said.

Sell-it-yourself websites

"These types of websites offer a broad range of services including links and referrals to service providers such as people who undertake open homes, develop listings and provide legal services, amongst other things," Mr Dunn said.

“Many of these sites are simply referrers who receive a kick-back from service providers,” he concluded.

Full-service, low-fee, uber-style platforms

"Wavie is a self-service real estate platform that provides all of the services and support you need to sell your property with ease," Mr Dunn said.

"In addition, Wavie also offers a range of other services to assist in the sale process.

“Property owners can use as little or as much of the services they like which enables them to minimise fees doing some of the work themselves. Wavie uses AI and machine learning logic to facilitate and manage the sale process," he concluded.