Selling you home is probably one of the most difficult and stressful things most homeowners had to do in their lifetime. With the right advice and support and engaging the services of a Property Sales Professional can make this transition uncomplicated and manageable. You have to be clear about your decision and reasons for selling and be open to suggestions and alternatives.
Once you have taken the decision to sell your place it’s a good idea to do some market research before engaging the Professional services required for the Sales process.
Create a list of your primary objectives which can be a range of things but more commonly such as
Do the market research to see what properties are selling within the area and then using this information to gauge what the sale price range is more likely to be. As good measure look at the completed listing or recently sold properties with similar characteristics to your own property.
If you have access to a computer and internet this is easily done online with thousands of properties selling or sold etc. on hundreds of marketing portals. Most popular searches are http://www.realestate.com.au or http://www.domain.com.au
Note: Most homeowners have a subjective opinion of the properties which is normal.
However you must be prepared and open-minded about the Agents appraisal report for your Property as they are the Industry Professionals and do extensive market research when compiling the report for you.
The Real Estate Market Place
The property market is a volatile one but this is not noticed as the changes can fluctuate over month’s seasons to several years. Our current market is experiencing a lot of corrections over the past few months and as a result it’s encouraged more buyers into the market along with the contributions brought about the interest rate cuts.
When considering to sell now would be good time as it’s considered a sellers’ market.
What’s a seller’s market? This is when there are an overwhelming number of buyers and a shortage of properties for sale. However keep in mind that the ratio changes as the prices do as well.
There may be 1000 buyers in a particular area for properties within a price range of ($600k - $800k) but on the flip side there may only be a handful of buyers for a higher price range ($1mil plus) thus creating a balanced or buyers’ market.
Buyers’ market is when the ratio of available properties to buyers is lower, meaning more properties and fewer buyers therefore leverage changes.
A Balanced market is where the ratio of properties for sale to buyers looking to buy these properties are almost on par therefore a level field.
Selling your property in a balanced or buyers’ market may not generate enough interest as there is more competition and thus reduces your properties demand and your negotiation advantage. You should also consider seasonal factors as these can also affect the market.
A Professional Agent should be able to
Make sure you understand all aspects of the presentation and services and products before you sign any agreement.
Note: You have till the end of the next business day after the day on which you signed the agreement to terminate it. Beyond this time you are legally obligated to compensate the agents as per the contract
The Appraisal Process
The agents you invite to conduct a property appraisal should do their due diligence and not be complacent. You should join them if you wish in case they have questions.
Please note that you may be asked to provide evidence of ownership before this commences.
They should do these things as a minimum
After deciding on an agent you want to use, invite them to do a listing presentation.
You will possibly have to sign an agency agreement with them and have a copy of the Contract for Sale prepared by your Solicitors or Conveyancers for this appointment.
During this time the Agent should present to you the following.
Method of Sale
Your Agent is the best person to advice you about the best method for selling your property as at this stage they have done extensive market research and have probably prepared a marketing and promotional plan for the sale of your property.
The more common types of sales methods are
Note: Your agent should be able to determine whether this is an option depending on the interest generated in the property or recent market activity
Property Presentation Tips
During or after an open home most property viewers will express their opinions and offers on the property which your agent should present to you after wards or at the next meeting depending on your arrangements.
Open homes are a great way to assess the interest your property generates and is a convenient option for the owners as there are set times for these and you get enough time for all your preparations.
At your discretion you may opt for open for inspections by appointment only that way you have an idea of who’s coming through your place for added security and peace of mind.
So there are some general tips for Vendors looking to or selling their property and usually helps you envision the order of things and what to expect during the sales process.
Your agent should be able to assist you further regarding various other presentation tips ideas.
Give MAX REAL ESTATE a call when you ready to sell and let us do the hard yards for you to make the sales process a rewarding and pleasant experience that it should be.