What are the four key things I need to consider if selling my home?
While selling your home can feel overwhelming, a good agent will make the process easy for you. They will guide and advise you along the entire process and use their negotiating skills, to get you the highest possible price for your property.
Our research shows that there are a few key things you need to consider:
- CHOOSING THE RIGHT AGENT
This is the most important step because once you have done this, they should guide you along regarding the other points below. When choosing an agent, you want someone local (they will know the area) and someone from a reputable agency (they will have buyers looking on their database and be experienced in managing the process). You also need to ensure you feel comfortable. Most agents charge a similar fee, so you want to ensure your agent is available, helpful, experienced, and mostly, that you feel extremely comfortable with.
- METHOD OF SALE
There are several ways to sell your home including private treaty (through a fixed price or price guide) or auction, as well as some agencies having their own unique method. Take the advice of your agent on the best method of sale as they will have proven results of what works in your area.
This is one of the most important things you can do to successfully sell your home, for the highest price possible. A good agent will be able to propose several plans to ensure that your property is seen by every potential buyer in the market. You cannot sell your property if no one see’s it or knows it is for sale. Experience has shown that a well-executed marketing strategy will achieve the best result for you. Again, take your agents advice as they have proven case studies and results regarding what works in your area.
- UNDERSTANDING WHAT YOUR PROPERTY IS WORTH
Best solution to understand this is call an agent in your area to get a no obligation, FREE market appraisal and valuation of your property. I cover all of Penrith and surrounding areas and would love to help you). Market conditions constantly change and are due to several factors. A good agent can help advise due to the knowledge they have of the market, understanding of economic conditions and the buyer demand they may have in your area. This could include external factors which you have no control over such as:
- The impact of interest rates offered by banks and general economic conditions including employment in your area
- Local infrastructure and future developments (such as hospitals, public transport) that can add value and appeal to potential buyers
- Local council re-zoning area’s (e.g. a residential block could be rezoned to Z3 – which appeals to developers or investors as approvals can be gained to build boarding houses/villa’s etc on the land – STCA :subject to council approval)
Or factors you can control such as:
- Renovating a property
- Adding value through extensions such as an additional room, or a pool
- Presentation: Kerb side appeal and overall presentation and styling of the property
What are the costs associated with selling my property?
- AGENT FEES
These can vary from agent to agent so best to ask directly what their fees are. The saying “you get what you pay for” rings true across agents as well. Those who are experienced negotiators and understand their buyers and have a large database of buyers looking in your area, often get a higher price for you than an agent just focused on a quick sale to get a commission.
- MARKETING COSTS
Can vary greatly so your agent will be able to outline costs associated with different forms of marketing. This would include:
- Costs of photography
- Costs of styling (if required)
- Cost of floor plans
- Costs of advertising on digital media (such as realestate.com.au and domain.com.au)
- Costs of photo signboards
- Property brochures
- Additional costs of boosting digital posts (to reach a greater targeted audience of buyers)
- CONVEYANCER/LEGEL FEES
To have a contract of sale written up. If you do not have a conveyancer or solicitor, real estate agents often have numerous contacts, whom they have worked with in the past that they can recommend. You will want a conveyancer or solicitor that specialises in property matters.
- BUILDING AND PEST INSPECTION REPORTS
Some clients selling their property prefer to ensure all potential roadblocks, that may stall the negotiations, are taken out upfront. Therefore, many clients selling their home now supply an independent building and pest report upfront. This ensures that during the cooling off period, no issues can be raised for potential owners to renegotiate the original offer they put on the home.
- AUCTIONEER FEES
If you decide to sell your property via auction, prices may vary depending on the experience of the auctioneer as well as if the auction takes place at the property or in the agent’s office.
What are the key factors to ensure I get the highest price possible for my property?
Because first impressions always count! You can increase the value by presenting your property, so it has the most appeal to all buyers and this includes simple tips such as:
- De-clutter, tidy and deodorise
- Turn on your lights, especially lamps which add a nice welcoming ambience to potential buyers
- Adjust your heating or cooling to suit the temperature
- Clean and dry floors
- Take animals for a walk. While pets are like members of your family, not everyone loves being licked or sniffed while they are inspecting a potential new home
- Mow lawns and keep driveways clear
- For an added touch, include fresh flowers or have a candle burning. This always adds a nice ambience, and many homes are purchased on the feeling they create with potential buyers
This is where your agent’s expertise will be invaluable. Price too low and you are missing out on money in your pocket. Price too high and you lose potential buyers coming along to open homes and engaging with your agent. If you have a great agent, and there’s lot of interested potential buyers, your agent will be able to negotiate a better price for you.
What are the steps in selling my property?
- SELECT AN AGENT
- PREPARE A CONTRACT (your conveyancer or solicitor can do this)
- PEST & BUILDING INSPECTION (optional and recommended)
- PHOTO’S TAKEN/ADVERTISING AND MARKETING prepared by agent
- LAUNCH TO MARKET
- OPEN HOMES CONDUCTED so buyers can come and inspect
- OFFERS SUBMITTED TO AGENT
- SALE NEGOTIATED (as well as any special terms and conditions around settlement etc)
- CONVEYANCER/SOLICITOR INFORMED
- BANK VALUATION
- CONTRACT EXCHANGED
- PRE-SETTLEMENT INSPECTION
- SOLD – Settlement Day!!!!