Selling your property is easier than you think!
Gearing up to sell your biggest financial asset can seem like a daunting feat, but just imagine if you were given the keys to the castle and could ensure your property becomes a bestseller. Traditional real estate wisdom is out the door, and learning from the agents on the cutting edge of the market will let your home to live up to its full value. First of all, you’ll need to ensure you’ve prepped your home properly before putting it on the market. There’s more to selling your home than simply making the decision to do so - but if you take the right steps, you’ll sleep easy knowing you’re ahead of the game!
Today’s buyers are fussy and demanding. They’re also much more discerning when it comes to the housing market.
Attracting interest from your prospective buyers begins with some effective property market research. You can begin by looking into recent property sales in your area and start sprucing up your place for a better price.
In the meantime, you should also develop a clear set of goals and consider the logistics of your finances before investing any significant time and money — and be sure to check out this free expert seller’s guide to guarantee you an attractive outcome:
1: Choosing an Agent
As an owner, you can’t afford to sit tight and wait for everything to fall into place, but you can afford to hire someone with the skills to sell.
Take control of the selling process, hire the right real estate agent, and gain some insight into the current property market. First things first, start looking for an agent at least a couple of months before you’re ready to sell. Allowing enough time will afford you the minor details that will inevitably increase the value of home. Secondly, hire a real estate agent who’s confident enough in their ability to put in the extra hours to attract flurry of offers above and beyond your presumed asking price.
Research which agents are getting results locally. The best way to gauge the success of a potential agent is by carrying out some clever independent research on how many properties they’ve listed as “SOLD”. Nothing screams alarm bells like a plastering of “FOR SALE” signs and no evidence of a job well done. Not only will entrusting the sale of your property to the wrong real estate agent have its financial pitfalls, it’ll also mean you’re stuck with them for months!
2: Planning and Budgeting
Preparing yourself and your home for sale involves a comprehensive understanding of where your property sits in relation to others on the market.
A well-advised plan will save you time, money and a great deal of stress. Being alert to the responsibilities that go hand-in-hand with the selling process can help give you an idea of how much it will end up costing. Hiring an experienced agent will help you gain control of the processes involved, and offer you the confidence of a successful sale.
The number one question on almost every seller’s mind is, “Is there an affordable way to prepare your house for sale?”
One of the easiest ways to keep your budget in check is by finding the perfect balance between what you’re likely to sell for and what you’re likely to get back. Selling your house in short order and for a higher price often involves some short-term investments to achieve a greater return-on-investment. You don't need to spend large sums of money or commit to major renovations to make your house more attractive to buyers. In fact, often it’s the little things — the fine tuning that offers you the most bang for your buck.
If you’re looking for ways to cut costs when selling your property, there are certain aspects to you can and can’t afford to skimp on. It’s a good idea to consult with your agent before either exhausting your budget on any unnecessary upgrades, or passing up the basics.
3: Pricing and Legals
Be brutal, scientific and, more importantly, honest when it comes to determining your selling price.
Trying to determine a fair asking price that also meets your minimum asking price can be a difficult weigh-up. Being precise with pricing and property inclusions is of the utmost importance — and there’s plenty of information out there for you to gauge just how much your property is likely to sell for.
Again, carrying out some good research will help you gain some great insight into what buyers are looking for in your area and how much they’re prepared to pay. In any market, the general rule of thumb is that you’ll receive your best offer within the first few weeks if your house is priced correctly .
During the process of shortlisting potential real estate agents, many sellers will base their decision on costs, which involve both fees and commission. Such fees are designed to cover the advertising and marketing spend, while commission is a portion of the sale price achieved for your property. It’s important to remember not to simply settle for the agent with the lowest commission fee — at the end of the day, you may not get what you pay for.
Here are some of the primary expenses you’ll need to account for in the process of selling:
- Professional photography
- Professional brochures
- Signboard advertising
- Script writing
- Database matching
- Title search
- Administration fees
- Floor plan
- Pre-listing building & pest inspection
- Virtual furniture
- Photo signboard
- Internet marketing including advertising on realestate.com.au and domain.com.au
- Facebook marketing
- Styling & furniture staging
- Disclosure statement and CMS (units only)
- Auctioneer Fees
- Pre-auction title search
Before the house is under contract, a good agent will take care of many of your legal documents, including your title search, insurance, accurate advertising, and meeting council requirements to ensure you don’t end up in any legal trouble.
A solid understanding of any legal obligations should also be assumed once your house is under contract. At this stage you should consult with a solicitor on how to prepare and complete your contract of sale, which will detail the conditions of the sale and other crucial things buyers should know before buying your property.
Your agent will also work closely with your solicitor to check the building and pest inspection is completed properly, and establish the buyer is communicating effectively in terms of their financing. Your solicitor will handle the separation of the commission for your agent, bank settlements, and needless to say, ensure your contract of sale goes through. If you don’t already have a good solicitor on your team, ask your real estate agent to recommend some of their best professional connections. Your agent is likely to know who in the industry will work hard to protect their seller’s investment.
4: Preparation and Photography
If you take a cavalier attitude towards selling and ignore your buyer, then you will struggle to get the offers you’re looking for.
Being flexible is important, so don’t just wait for the grass to grow at your open home. Your prospective buyers want to inspect houses on their own schedule, so hoping for the best just won’t do. It’s in your best interest to accommodate any buyers who may wish to view your property after hours. Be sure to build up a rapport with those interested to guarantee your property stands out from the market, not matter how oversaturated it may be. Hire an agent that’s stealthy and proactive in their approach to an open home — because if you snooze, you may very well lose in this game.
“The Tweak” is the number one principle in maximising profit. It’s essentially the ribbon that perfectly ties a gift together, adding to overall charm of your package. Styling and staging your home is all about playing on the emotions of the buyer, and it’s one of the primary steps to present your home in a light that’s irresistible to the imagination. They’ll want to envision themselves in your home, which is why highlighting certain features and setting the scene will turn an average property into an enticing sale.
A good real estate agent will be your guiding light in terms of home staging. They’ll know from experience what characteristics draw in buyers, and how to achieve your sale goals. You might also want to consider getting a handyman in to help meet your general repair and maintenance obligations before listing your property for sale.
In today’s world, the internet is where the first inspection will take place for the vast majority of home buyers — which is why any photographs taken of your property will be so impressionable. Real estate photography is about showcasing the lifestyle your buyers want. The photos should lead buyers on a journey to their future living room, and down the pike to their local surrounds. Twilight photos are a great way to bring your home’s character to life, lighting up the intricacies of both exterior and interior, and improving your online curb appeal.
5: Listing and Advertising Creatively
Rule number one: Find an agent who’ll jump at the opportunity to do something wacky and different in order to draw in more prospective buyers.
Rule number two: There are no more rules!
It’s no secret the digital age has brought about a big shift in the way we advertise real estate, and within an already saturated marketplace, there’s now more competition than ever to make sure your listing stands out from the crowd. Property listing has evolved to become a meticulous online artform, and simply pushing your listings won’t guarantee you maximum impact on the housing market.
People don’t just buy houses, remember — they buy lifestyles. Creative listing and advertising is about thinking outside-the-box to attract more interest to your house than ever before. Don’t just reiterate data and the particulars in your real estate marketing efforts. Your marketing needs to offer a kind of narrative that depicts what it’s like to live in your home, and you should hire an agent who isn’t afraid to host great open houses and drive some effective social media campaigns. A good agent will play to all angles of the narrative, and sell people on the future of their lives in that home, rather than its mere features.
Superhero and real estate guru Rob Levy describes one of quirkiest stunts as an agent:
“I really love to work with owners who want to do something a bit different,” he said.
“For example, I had a wonderful woman selling her house under unfortunate circumstances after being diagnosed with cancer. She wanted to move as quickly as possible and attract more attention than ever before.
“It just so happened that at one point in my career I’d sold a house to a stuntman, who later became a business partner of mine. He helped me get dressed up as Superman, attaching me to a stunt rig. The newspaper and television media came out to film me flying over the house as Superman. Naturally, with all of the extra attention, the house sold the next day for close to asking price.”
6: Promotion and Performance
Home selling success starts with the right advertising media and ends with the knowing right numbers to check.
The art of real estate can be a lot to get your head around, but it’s essential you constantly track the right insights in order to make the most of your selling performance. Keep your eye on your local competition and what their advertising looks like prior to listing your property and how many properties in the area are currently for sale.
Ask your agent to take a look at the analytics of the host website of which your property is listed — it may tell you how many times your property has appeared in people’s search results, as well as how many visitors have clicked through to view your full advertisement.
It’s also important to look at the numbers behind your selling price. You won’t be able to alter the market on a week-to-week basis — so utilising these metrics will help you determine the level at which your property will sell, whilst offering you a better understanding of its performance.
“Nobody starts to sell their home with the goal of getting the job done within 2 years. The numbers don’t lie.
“The longer the property is on the market, the less it sells for, as people perceive that it must not be good value if no one else has purchased it.”
7: Getting Started!
Are you equipped to sell your house?
Whether you’re a first home buyer or investment property expert, selling real estate can be an uphill process. Enjoying a painless transaction will come down to hiring the right real estate agent. The ideal agent will be an experienced professional who will listen to you, conduct themselves in an honest manner, understand the impulsive nature of the market. One who’s completely iron-fisted in their efforts to sell.