Selling Advice
One mistake many agents make, is assuming you’ve sold before and that you understand the process of ensuring you receive the best possible result in the current market for your home. To make sure you don’t make those same mistakes, we’ve outlined some important information to help make the process smooth and as stress free as possible.- Deciding to Sell The decision to sell is sometimes a difficult one, and sometimes it is easy. Maybe you have simply outgrown your home! Whenever you make the decision to sell, you need to decide when and with whom.
- When When, should be based on several key market points and your own individual property, as this can impact your result significantly.
- With Whom It is recommended you base your decision for choosing your agent on their results both individual and combined, understanding of the local market, company profile, longevity and experience of the sales team and the rapport you feel towards them. Again, this will impact on the result of your sale. An agent who offers to sell your property for the lowest commission may not necessarily provide the best service or result. As saving here could be costly in the long run.
- Spring or Winter Both selling periods have their merits. If you are not sure when would be right for your home, contact one of our experienced agents and we’ll sit with you and devise a plan to suit you and your home.
- Should I sell or buy first? If you're selling a property and buying another one, a major decision is whether to sell or buy first. In a rising market it is logical to buy first; before prices get too high and sell later when prices are higher. In a falling market, the opposite is true.
- An advantage of selling first is that you know how much money you have to put towards a new property. If you sell first and can't organise an extended settlement to cover the time it takes to buy your new home, you could find yourself with the inconvenience and expense of renting in the meantime.
- If you buy first in a low market, you may have problems selling your existing property and could find yourself under pressure financing two properties at the same time. The traditional way to deal with this problem is to organise a bridging loan, provided you can service two loans at the same time.
- What is my property worth? Arriving at an accurate price for your home requires taking a look at the following factors:
- The state of the market
- Current interest rates
- The type of property
- The sold prices of similar properties in the area
- Similar properties currently on the market
- Buyer sentiments
- You’ve chosen your preferred agent! You’ve decided on your preferred agent. Before you can commence marketing your property you must sign an Agency Agreement. The two main agency agreements used in today’s market are private treaty and Auction, therefore you need to choose, in consultation with your agent, which is the best method of sale for you and your home.
- Auction
Sale by public auction makes use of competitive forces to deliver a price above what might otherwise be achieved. When preceded by a well planned marketing campaign, auctions can create a sense of urgency amongst buyers with a date set by which they have to act, build competition and ultimately raise the price. Advantages of an auction are that you’re in control of the sales terms, you have the security of your confidential reserve price and the sale is legally binding once the hammer falls. You also have the option of selling your property prior to auction should an appropriate offer be received.
- Private Treaty
Private treaty sales can be highly effective when used in the right situation and handled correctly. This method involves quoting a price at the commencement of marketing, normally with a certain allowance for negotiation. Establishing the correct price is critical as a price set too high will lead to a lack of interest and a protracted sale, while a price set too low will not maximise your return.
Unlike an auction, a cooling off period applies to private treaty sales. Private treaty sales are often used in situations where it is easy to ascertain the market value of the property and there is limited opportunity to achieve a greater price at auction, for example, an apartment in a block where there are many similar properties for sale.
- What Next?
- Legal requirements
First and foremost, if you haven’t already done so, arrange for your solicitor/conveyancer to prepare a Contract for Sale. It is illegal in NSW to show a home with a contract. This can take up to 10 working days, so ensure you make this a priority.
- Presentation
If you haven’t already done so, get a list together with our help, of what you need to do to ensure your home is presented in the best possible light to the market. Even if you're under financial pressure it is important to make small repairs or it might be simply placing your furniture in such a way to make it easier for buyers to view or de-cluttering. You don’t necessarily have to spend money to have your home looking it’s best! Presenting your property properly makes a huge difference in maximising the sale price of your home. Consider hiring furniture or indoor plants to make your property shine. - Marketing
Decide on the right marketing plan. It’s not always the cheapest or the dearest that will get you the right result. It’s the correct campaign for your individual home that will get you the results. Be careful not to overdo it or under do it!! - Pricing your home
As the vendor, you can nominate an asking price, but remember – the perceived value of your property is determined by the current market and the demand for property like yours. Make sure you don’t miss potential buyers by over pricing your property. - Open For Inspection Imagine spending all day looking at homes, you’re cold and tired, then you walk into your home. The heaters are on and it nice and warm, music is playing in the background, maybe even the smell of freshly brewed coffee. Which home do you think will stand out at the end of that day? Yours!
If you have already decided to sell, first and foremost, arrange for your solicitor or conveyancer to prepare a Contract for Sale. It is illegal to offer a home for sale in NSW without a Contract. This can take up to 10 working days.
Arrange for us to inspect your home. We can give advice on presentation, what to do and what not to do, based on your home and the target market. This advice could save you thousands and potentially earn you thousands!
Some things to consider:
Our experienced local real estate agents can provide you with the best indication, but beware of those that may over-estimate your property’s value in order to get your business.
Do your own research with your buyers hat on. Start looking at Recent Sales and be sure to attend local open for inspections and auctions.
If you are confused by the varied price ranges given to you by agents, this research will help. We recommend working out your finances or new home purchase on the lowest estimate given, this way you won’t be disappointed.
Preparing your home for this day is what it is all about. You get one chance to do it right. That extra effort will pay off. Maybe you need to open some windows and air the home, or have the cooling on in summer. Fragrant freshly cut flowers add the perfect touch!
On open day make yourself and the pets scarce. This will allow buyers to wander and chat freely about your home, either placing their own furniture in each room in their minds eye, or looking at ways to further enhance the property.
Following each inspection, you will receive a call from your agent with a complete run-down on the weekends open, keeping you fully informed of the progress.