Property 101: The Expert Guide to Selling Your Home
Choosing to sell your home and what is probably your biggest asset, is a daunting task. But by making sure you have all the various elements of the selling process aligned, you’ll be on the right path to assuring a great sale price. To help you navigate the home selling process, we spoke with Auctioneer and Head of Belle Property Advisory and NSW/ACT Franchise Growth Andrew Robinson, to give us some insider tips.
Do your research
Familiarise yourself with the market that you’re looking to sell into. How much stock is on the market and how fast is it moving? How much are homes like yours selling for? Attend auctions in your area. Check auction clearance rates and speak to local experts.
Choosing an agent
Before you do anything to your property, have an agent look through. Agents are well versed in what features prospective buyers are looking for, so always seek their opinion on how to enhance your property first.
An agent can make or break any campaign so invest the time in finding the right one to suit you. Avoid choosing an agent solely on who charges the least. Rather, choose one who offers the most value and has the required skill set, especially during the negotiation stages. This could boost your final sale price.
If you want to get the best result from the sale of your property, then you need to work with an agent who can offer you the best advice. Your agent should be able to advise you on things that you might not have otherwise noticed.
When is the right time?
When deciding on the best time of year to sell your home, the consensus leans towards spring. However, while spring is a very active period, that timing may not translate well for you, i.e. a coastal home may perform better in summer or if the market climate changes, a quieter period like autumn or winter may better serve your property. Depending on your personal situation, home location and the property itself, your agent will be able to identify the best time.
Prepare your home for sale
Before making any changes to your property, seek advice from your agent. This could save you a lot of time and money. If budget permits, enlist a stylist to ensure your home is presented in the best possible light.
The best thing you can do is to have your property professionally styled in a way that allows buyers to envision themselves living there. If there’s too much personality on show it can put people off. It’s much better to try and create a blank canvas. Try to keep things neutral, make sure the space is de-cluttered and spend time thoroughly cleaning and tidying.
Standing out from the crowd
Marketing is key. To get the best results, you need a widespread marketing campaign with great photos. That’s the thing that’s going to make your property jump off the page or screen when people are scrolling through. Make sure you’ve decluttered, carried out maintenance work and had the place styled before you have your photos taken. Bad photos can make or break your campaign.
On the market
Your agent will work as the mediator between you and potential buyers, hosting open homes, liaising with building inspectors, helping to negotiate a private treaty sale or when the time comes, running auction day.
Private treaty or Auction?
There are two basic ways to sell a property. One is by private treaty and the other is at auction. Most sellers are looking to secure the best price in the shortest amount of time. It’s important to take these factors into consideration when deciding which method of sale is best suited to you.
If you’re keen to move quickly, an auction is often the best way to go. Selling at auction sets a deadline, so owners can get a good idea of when their property is likely to sell.
Although you have less control over the final price at auction, you can set a ‘reserve’ price (i.e. the lowest price you are willing to accept). If you have more than one buyer interested in the property, there’s a chance you will secure a better price than expected.
If you’re in no rush to move, you may want to consider a private treaty. This allows you to set a price upfront, although it can take time to find the right buyer. It’s also worth remembering that private sales tend to go for under the listed price. If the initial price is set incorrectly, you run the risk of underselling the property, or having to reduce the price later. This can slow down momentum, which may put buyers off.
Once your property is exchanged, lawyers and banks will ensure both parties meet their financial requirements before settlement day – the day that you will relinquish your property to the new owners.
Quick guide to selling success
Best way to achieve a great outcome on the sale of your home is by selecting the right:
- Brand associated with property
- Marketing strategy
- Campaign method
Get all four elements right and you’ll get a great result.