You’ve decided to sell your home, but now what? Selling seems like a large, technical process, and it can be. But, with the right process and expert guidance, the process can be seamless. The steps below will get you well on the way to having a stress-free sale. Start with small steps, such as understanding your local real estate market and engage a real estate agent you click with to have the most simple process.
Here’s what you need to do when looking to sell your home:
Understand the market
Don’t let the world of real estate intimidate you – it’s easy to get an idea of what’s going on in the market. In fact, it’s even easier to find out what’s going on in your micro-market (or suburb). Downloading a property report is the first step to understanding your local market.
Generating a property report is a great way to get the important information presented and explained to you in one document. Avnu’s live Property Report is instantly generated for your specific property and is filled with statistics for your suburb and your home, including a price estimate.
It helps you understand the local market by providing you with auction clearance rate, total new listings in the last year, median vendor discount, change in median price, and the average length of ownership for your suburb. These metrics all indicate if properties are selling in your local area and if people are wanting to buy them.
The median sale price is also provided, as well as indications of buyer demand and property supply. These demand and supply indicators are almost a summary of the above statistics, as they represent the overall sentiment of buyers and sellers. If you’re interested in selling, it’s desirable for buyer demand to be high and supply of property to be low.
The report will also provide you with trends in your local area over 12 months or 10 years, allowing you to see which way the market is likely to be heading.
Understand the selling process
Once you understand the state of the market, it’s a good idea to get familiar with popular sales processes in your area, as it differs in states and territories across Australia. The best way to do this is by getting in touch with your local agent. They can give you a detailed description of each method of sale.
If you request an appraisal, the agent can even come to your home and suggest a certain method of sale for your property.
The general selling process, regardless of state, is as follows:
1. Find a sales agent
It’s crucial that you meet with many agents and find the most experienced and knowledgeable one to assist you.
2. Decide on a method of sale
The agent you choose will most likely give you a method of sale recommendation, but the homeowner has the final say on the sale method.
- Auction – buyers bid and the highest price wins
- Private Treaty – agents negotiate a deal between the buyer and seller
- Tender – buyers submit offers and the seller will accept or reject the offer
Using Avnu’s Property Report, you can see the method of sale which is most popular in your area, which could impact you and your agent’s decision on what method of sale is best. Weigh up the pros and cons of each methods of sale with this piece of advice.
3. Sign Agency Agreement
Once you have decided on the above, your agent will have an Agency Agreement drawn up for you to sign. This simply denotes everything you have discussed with them in writing so that both parties hold up their end of the deal.
4. Market the property
In order to get buyers interested in the property, it has to be presented to the public. Agents may choose to market your property in print advertising, online advertising, or even social media campaigns.
5. Find a conveyancer or solicitor to draft up the contract of sale
Once the property is open for inspection, get a contract of sale draft from your legal representative to provide to any interested parties. This will include technical information like the size and boundaries of the land and the official buyers and sellers. Look out for these important features to make sure your contract is comprehensive.
The property is exchanged when both seller and buyer have signed the contract agreeing to a certain price. The home is technically sold, but a period of settlement then follows to allow the current homeowners to move out.
Settlement occurs with both buyer and seller present as well as their legal representatives. They will hand the keys over and finalise any last-minute queries before completely giving the property over to the buyer.
Know how to get the best price for your home
In order to get the best price for your home, it’s crucial to set your property in the right price range. This will then position your property to the right buyers, which can be enhanced by targeted promotion to the demographic you want to sell your property to. Realistic pricing is the fundamental way to ensure that your property sells, and with the right agent implementing the right strategies, you can truly get the best price.
After correct pricing comes pricing strategies, which are crucial for a timely and successful sale. Pricing strategies vary from state to state for legal reasons. Some popular price strategies across Australia, especially popular with Avnu agents, include:
- Price range or price guide – this is especially popular in NSW and Victoria. Agents advertise the property with a price range that they believe the property will sell for. It’s a great way to set buyer and seller expectations from the outset.
- Contact agent – this is when the property is advertised with no price, and all interested buyers must contact the agent with their offer. This is a great way to see what the market will pay for the property
Another good way to get the best possible price for a property is to do a quick refresh in terms of style and finishes. Since most people live in their homes, there are often things that need fixing up. Almost all houses need a fresh coat of paint inside and out.
Decluttering is also important, as although most agents can see through the clutter to appraise your house, buyers rarely can. Put your things in storage or do a thorough Spring clean to ensure you get the best price for your home.
Avnu agents often have a good relationship with a particular home stylist to stage, or style, the home for photos and inspections. This is a great way to appeal to all different kinds of buyers and put a little bit of polish on your home.
Understand the costs involved in selling
Building on the idea of home improvement, you will have to invest a bit of money in your home before listing to get the best deal possible. Sellers are often aware that there must be a commission paid, but forget about the odd jobs that might need doing, such as painting and styling.
Marketing is also quite a costly process these days due to the variety of platforms to market a property on. There are also now costs involved in digital and social media marketing that are incredibly important. It’s important for marketing to look high-end to hopefully attract the right buyer to the property.
Don’t forget – although you will have to make some out of pocket investments in your home, it will likely all come back when you sell your property.
Get the right agent
An agent will make or break your property sale. You should look for someone with plenty of experience in your area and with your type of property. Of course, ask around and see if anyone has good recommendations. Also, book in plenty of appraisals and be sure to ask the agent the right questions to find out if they are the best person for the job. You can see the questions we recommend to ask agents here.
Interested in selling? Don’t hesitate to get in touch with your local Avnu agent and access your free property report.
DISCLAIMER – The information provided is for guidance and informational purposes only and does not replace independent business, legal and financial advice which we strongly recommend. Whilst the information is considered true and correct at the date of publication, changes in circumstances after the time of publication may impact the accuracy of the information provided. LJ Hooker Avnu will not accept responsibility or liability for any reliance on the blog information, including but not limited to, the accuracy, currency or completeness of any information or links.