SELLING TIPS AND ADVICE
Making the decision to sell your property:
It can be one of the most important financial decisions you may make in your life. It is critical to ensure that you feel 100% ready to undertake the process and that you are happy to move on from your property for the right price. You then need to separate emotion from the equation – this is a business transaction.
Timing of your sale:
Timing can be everything: one of the most effective ways of determining seasonal price trends is to conduct area specific research on seasonal property sales to ensure that your price expectations are realistic. Your agent can provide this information as well as utilising websites such as realestate.com.au, domain.com.au and rpdata.com.au.
Choosing your agent:
There are many ways to choose the real estate agent that is most suitable for you: You should take time to meet a few agents and research their past sales/ results. Please note just because an agent has a lot of properties listed it doesn’t mean they will get you the best result. Usually agents who have too many properties listed at once are time poor and won’t always give you the priority with their time once you are listed. These agents are more interested in listing more properties than getting their clients the best result. If you choose to show the agent your property ensure that you have a list of specific questions and find out if their price estimates for the sale are realistic or not (based on market data research/results). You can also attend open houses conducted by them and see how they interact with prospective purchasers
You need to feel totally confident in their ability to achieve the best result
Method of Sale:
In Australia, there are three standard methods of sale which are used: Private Treaty, Auction and Public Tender. For residential properties, private treaty and auction are the most common methods of sale. You should liaise with your agent to choose a method of sale and collectively make a decision that will achieve the best result. One of the key advantages of choosing auction is that purchasers are able to submit offers in advance of the auction – you can choose to exchange prior to the auction if you are satisfied with the price offered.
Being realistic with price: One of the most difficult issues that Sellers face is having realistic price expectations: In order to address and effectively deal with this issue, it is advisable that you conduct area specific research on recent comparable sales and discuss price expectations with your agent. Your agent should have access to specialised information which will assist you with determining your price expectations. A property is only worth as much as someone is willing to pay for it!
Internal cleaning and preparation:
In order to achieve the maximum sales price for your property (assuming that it is a property which will not be earmarked for demolition), you will need to present it to prospective purchasers in as clean a state as possible. Investing in professional cleaning can be of great benefit as prospective purchasers will generally expect most properties to be in a presentable state – having it sparkling clean can add potential value. If you currently have tenants whom occupy the property you can offer them a “complimentary cleaning service” in advance of the open house times to ensure a high standard of presentation. If the property is vacant, we recommend using decorator furniture – pricing can be provided upon request.
Tradesmen and repairs in advance of the sale:
If there are any outstanding repairs and/or major costly defect(s) that the property has, you can do one of two things: you can avoid repairing/rectifying them or addressing them. If you are not willing to undertake these tasks, be prepared for purchasers to factor it into their offer(s). Depending on costs, it may be more profitable to not address the issue(s) and incorporate it/them as condition(s) of sale. With the ever growing popularity of home improvement shows, there are many buyers whom are looking for the opportunity to repair/renovate properties. There are some instances where it is recommended to conduct repairs in order to avoid prospective purchasers putting in low offers: Ask your agent for advice with these scenarios.
External appearances: including neighbourly assistance
External appearances can be just as important as internal appearances to prospective purchasers. Neatly landscaped gardens, clean external surfaces (walls, windows, foyers & balconies) are all important: you never truly know how judgemental prospective purchasers can be – don’t leave anything to chance. If you have outdoor areas which border neighbours, asking them to assist you by cleaning their areas can also be of great assistance when you have the initial photography session and open house inspections.
Enticing prospective buyers:
There are many things that can be done to entice prospective buyers – your agent will have specific strategies in place to market your property through enticements. A visible sign board in front of the property, high quality digital photos and/or video coupled with a well written advertisement are all standard methods of enticing prospective buyers to your property.
Open-Homes: The big day has arrived!
Ensure that your property is cleaned to a high standard and is ready to be inspected
If applicable, ensure that your valuables are safely secured and/or removed from the property.
If applicable, remove excess clutter, vehicles from garages, pets (such as cats and dogs) as well as personal photos (for your privacy).
Meet your agent before the inspection to debrief and assist with any details.
Put scented candles in the bathroom and flowers on the dining tables.
If the agent has time after the inspection, debrief with the agent to receive initial feedback and find out if any prospective purchasers requested sales contracts.
Throughout the course of the sale interested purchasers will request a copy of the contract. The number of contracts issued are usually a good barometer of the level of interest. If the property is offered at a fair market price then there should be several contracts issued.
There are three types of offers: Verbal offers, offers in writing, and offers on a contract.
Verbal offers are normally just to feel where the vendor is positioned. (This offer is not binding)
Offers in writing are usually with more intent and are more likely to carry through than a verbal offer but are once again not binding.
Offers on a QLD Law Society/REIQ contract is a binding offer which can purchase the property if the vendor is willing to accept.
Second time around:
What to do if your first attempt fails: Take a short break. Utilise time to review feedback from prospective purchasers and try to identify the issue(s) which may have prevented the sale. Collaborating with your agent during this time to create a plan on what to do next is critical. Remember to stay positive despite the setback. The sale of your property depends on timing, market conditions and market appeal: It can be a difficult combination to master at the best of times. Your agent will assist you to get the best outcome during this period.