How to sell your home
Selling property can feel overwhelming. That makes sense–after all it’s not every day that you sell your home. We like to lay things out as clearly as possible so that you know what happens and what you’ll need to do every step of the way.
Getting an appraisal
An appraisal is much more than simply a price estimate.
A detailed appraisal includes information about the market and your area as well as suggestions for sale methods and marketing. You should use the appraisal process to get a sense of your agent. How thorough are they? How well do they know the local market? Do you like their communication style?
An online appraisal is a great first step and will give you a broad indication of your home’s potential sale price. A detailed appraisal will be personalised, refined based on any additional information you provide, and will include additional recommendations outside of a number figure from an agent with local area expertise.
The selling process
Choose an agent
Look for someone that understands your needs and that you get a good feeling from. This is an important relationship.
Choose a sale method
Your agent will advise you (and we go into more detail below). Market conditions and your personal needs will drive this choice.
Prepare your property
Some minor modifications to your property could significantly impact your sale price. Other modifications may be an unnecessary sinkhole. Chat to your agent, who will use feedback from buyers to advise you.
On the Market
Marketing your property
There are a number of different options based on your budget and the type of buyer you’re targeting. These range from traditional print advertising to social media, event marketing etc.
All Independent agents have access to a database of over 10,000 buyers and we’ll get in contact with anyone looking for a property like yours.
During and after inspections, we’ll seek feedback from potential buyers. This not only gives an indication of what people are prepared to pay for the property, but also what modifications or changes in presentation could be made to increase your home’s appeal.
Finalising the sale
During this step a buyer is secured, an offer is submitted, and conditions are finalised.
If you are happy with the offer the buyer places a 10% deposit.
Exchange contracts – Signed contracts are handed over from your solicitor and the buyer’s solicitor.
Organise final inspection
Before settlement can occur, an inspection is arranged so the new owner can double check the property conditions are being met.
Once all this is done, it’s over! The buyer is officially the new owner of the property and you have the money in the bank.
Ways to sell your home
There are multiple ways to sell your home—you’re probably already familiar with some of them. And you probably want us to cut to the chase and tell you what sale method gets the highest price.
Unfortunately, there isn’t a one-size-fits-all style answer.
Each sale method has its own strengths. Your agent can talk you through which sales strategy might work best for you based on what’s happening in the current market.
This involves a public auction in which potential buyers compete by placing higher and higher bids on the property.
For sale (Private Treaty)
The property is publicly listed at a set price. This gives you control over the terms of sale and the asking price.
EOI (Expressions of Interest)
Buyers are invited to make private offers, uninfluenced by an advertised price.
Buyers are asked to make offers over a minimum price.
Buyer price range
The buyer is given a price range to encourage negotiation.
The property is advertised with no price. Buyers submit offers based on what they feel the property is worth.
Buyers submit offers for your property on a signed contract along with a deposit. This gives you the power to select the best offer.
Things that could impact which sale method you choose include how fast you need to sell, how unique your property is, and how much competing stock is in the market.
Pricing your property
When it comes to pricing your home it’s essential to have a good understanding of the market, as this will ultimately determine what you should be asking for.
Too high a price might help to sell other similar homes that are priced lower. If your price is too low you may be disappointed with the result.
Factors which can impact your sale include:
What’s happening in the market?
This includes everything from how easy it is for buyers to get financing to what new developments are underway in your area.
Is there a significant demand for properties like mine?
Demand vs supply has been drilled into us since high school, and there is no better example than the residential sales market.
What similar properties are currently for sale?
If your home is unique and there’s nothing else like it out there, you can ask for more. If you’re one of many you may need to be more competitive with your pricing.
What are similar homes selling for?
This will give you a good indication for what buyers are prepared to pay. Look for what has sold recently in your area–the market can change quickly.
Why are some homes not selling?
If you can address buyer concerns before you take your property to market, you’re better positioned to meet your sale goals
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A good agent will help you make sense of the data's that's out there, provide expert advice and utilise their skills to negotiate the best sale price for your home. Contact us today.