Selling Advice

Selling Advice

Each week we publish more tips about buying and selling property in our free weekly e-zine, “Virtual Realty News”, so if you want to keep up to date, click here to subscribe to our free VRN E-Zine now! Selling your property can either be a prosperous and enjoyable experience or a stress filled nightmare! There are several things you can do to try and influence the process positively.

The Right Time to Sell – RWM

With new technologies such as the Internet, buyers have a greater exposure to properties which evens out the demand, rather than high demand/ low demand periods that have been seen in the past. It may still be beneficial to research the market and establish whether the “buyers – sellers market” concept is effecting your area. It is always advantageous to come onto the market when there is not a lot of other competitive property to choose from in the same ‘category’ as yours, so that you can achieve a higher price.

We suggest getting an obligation free marketing and opinion of value report from a few agents and comparing what they have to say about the market conditions at the time you want to sell. Beware of agents who over quote the value of your property to try and get your business!

Choosing Your Agent – RWM

When choosing an agency, make sure it is one that is locally known, that is established and busy. Look in the Sydney Morning Herald on Saturdays to determine an agent’s status. Try to evaluate the price of your property by going to a few open for inspections, that way when you talk to the agents you’ll know if they are marking up their estimate of the price, to try and get your business. Remember, it is a lot easier to move up in price as the campaign progresses, rather than have to come down in price. It is all too common that vendors choose an agent who has marked up the opinion of the value of a property, only to be disappointed later when the expensive campaign has failed. Above all, pick an agent that you really trust, one that you perceive to be totally honest.

Marketing – RWM

Good marketing is essential to the sale of your property. For this reason we have dedicated a whole page to it HERE.

The Beginnings – RWM

For more information on how to choose which method of sale you should use, see our Introduction to Selling Page. For an Auction campaign, it will take one to two weeks before you go to market, one week to organise the marketing, depending on the weather. No matter which method you use, once you’re on the market it should take between one to six weeks to sell your property, if the marketing price is reasonably assessed. Before an agent can start marketing your property they will need to obtain a copy of the Contract for Sale. If you are inexperienced in this area, (i.e. not a solicitor!) consult a solicitor or conveyancer to do it for you. Tell your solicitor everything that will be included with the property and everything that won’t be. You should also obtain a pest and building inspection report to assist the buyers. This report analyses the state of the property, so that buyers can see any repairs that will need to be carried out. It is good for you to have this report prior to marketing the property, so that you can fix a nything that you feel may effect the sale price of the property.

Presentation Is Everything – RWM

Before the photography and marketing begins, stand on the street in front of the property and try and make an objective opinion about the presentation of the home. Walk to the entry point of the property, as if you were a buyer inspecting it for the first time. If you don’t think you can be objective enough, (we all love our possessions) you might ask a friend whom you trust, or your agent to help you. Look at the front door. Will it look more appealing with a fresh coat of paint? Make it welcoming. Fix up the outside of the property as much as you can to provide ‘street appeal’. Are there any broken gates, cracked windows etc.? If the property is vacant, or if your property has mismatched furniture, hire a stylist to create the perfect visual environment. This will inevitably increase your sale price.

How does the house make you feel when you walk through? Do some rooms seem dull and drab? Could you improve them in any way? What about colour… colours have a subliminal impact. Drab dark walls are depressing and make a house seem claustrophobic. Is there any evidence of dampness or moisture in the walls? Does the house need repainting? How does the flooring present itself? Do the carpets need steam cleaning? Would it be better to strip them back and polish the floorboards. (this will immediately add value to the house) Clean up the furniture as well. Leave your property looking sparkling and presentable.

Smells also influence a buyers perspective of a property. Get rid of cigarette, strong food odours, and pet smells. People living with cats or dogs for years are used to it, but strangers can find it offensive. Fresh flowers bring life into a room. Some mediocre properties have fetched great prices with the assistance of beautiful flower arrangements. Flowers can also create that fresh aroma to tantalise buyers nostrils. Aromatherapy can also be of assistance in this area. Use citrus for contemporary fresh looking properties or earthy smells like sandalwood and rosemary for warmer, cosy homes. Alternatively you may also use the scents of foods. Studies have shown that smells induce different emotions so be sure to use something you would find comforting, like chocolate, coffee, or apple pie.

Open For Inspections – RWM

Make sure you have the perfect environment for open for inspections. Play soft soothing music to encourage buyers to stay longer and feel more comfortable whilst inside the property. Have lovely nose tickling scents throughout the home. Rearrange furniture so there’s a clear passage. Buyers would rather see open space, which takes the eye further into the room, than be tripping over obstructions. Plan inspection times that coincide with the maximum of natural light in the property. In a street with heavy traffic, avoid inspections during peak traffic times.

Discuss this with your agent before the inspections begin. Remember, when selling your home that you must appeal to the buyers in every possible way. Take the advice from your agent if you need any assistance with this. After all, they have seen literally thousands of properties.

Auction Day – RWM

When you have made it through all of those inspections and your getting ready for auction, keep in close contact with your agent. Make sure that you can attend the auction personally if it is possible. The agent will liaise with you through the whole process, especially regarding the reserve price. When the highest bid is over the reserve price that you have set, the auctioneer can then sell your home to that bidder. If the auction results in a price below the reserve price, then the highest bidder has the right to negotiate. Your agent will negotiate a price with them and you will have to decide if the price is high enough for you to accept. If you have chosen the right agent, your property will sell at auction.

After the Property Has Sold – RWM

Once the deal is made, the purchaser will pay a 10% deposit (unless a different amount is negotiated). This deposit is usually held in an interest bearing, at call account until settlement. Interest is usually divided between you and the purchaser and distributed after settlement. The time between exchange of contracts and settlement is usually six weeks (this depends on any previous conditions you have requested). Use this time wisely, you can arrange removalists etc.

Settlement Day – RWM

On settlement day, the purchaser’s solicitor or conveyancer may request that the purchasers have a pre-settlement inspection before settlement takes place. This is to ensure that the property is in the same condition as when they last inspected it and that all the inclusions are as per the Contract for Sale you signed. You will need to organise the keys for the property to be available on the day of settlement and you also need to make sure that the house is clean. The lawyers will complete the legal and financial matters.

The deposit is usually held by the agent. Usually the agent will take their commission and any outstanding costs out and will then return the remainder of the deposit to you on settlement. If you need the cheques banked into an account or if you have special instructions, be sure to advise your solicitor and your agent, of your instructions. This finalises the sale of your home.

Receive an ‘Opinion of Value’ – RWM

If you have any questions regarding this information, please feel free to contact us. We are happy to answer all of your questions.

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