PROPERTY SELLING TIPS AND ADVICE
Are you ready to sell your home or investment property? Sellers that
take a hands-on approach will be in a better position to accomplish
their goals. Whether you are selling your home for the first time or you
are a real estate veteran, you may like to consider the following:
- Set the right price for your home
- Use contemporary marketing methods to showcase your property's best features
- Making small improvements to achieve a big difference
FIRST STEPS
LIST MY PROPERTY
Thinking about selling your home? A CENTURY 21 real estate agent can help you sell your property in a timely and stress-free way. Get started and list your property now. First home sellers, see the 'ADVICE FOR FIRST TIME SELLERS' section.
CHOOSING AN AGENT
Choosing a real estate agent to sell your property can be a difficult decision and one that many people have not had to make before. There are so many real estate agents in the business, each well-versed in presenting the benefits of their services - how do you choose?
In essence, the real estate agent should be an expert negotiator and marketer of property.
The following suggestions can help sellers in the real estate agent selection process.
Thinking about selling your home? A CENTURY 21 real estate agent can help you sell your property in a timely and stress-free way. Get started and list your property now. First home sellers, see the 'ADVICE FOR FIRST TIME SELLERS' section.
CHOOSING AN AGENT
Choosing a real estate agent to sell your property can be a difficult decision and one that many people have not had to make before. There are so many real estate agents in the business, each well-versed in presenting the benefits of their services - how do you choose?
In essence, the real estate agent should be an expert negotiator and marketer of property.
The following suggestions can help sellers in the real estate agent selection process.
- Local expertise. Choose an agent that demonstrates a sound understanding of local trends and market characteristics.
- Give yourself choice. When interviewing real estate agents, give yourself time with two or three. The agents should show enthusiasm about selling your property and present you with a clear, step-by-step marketing strategy that shows you their suggestions for the selling of your property.
- Consider their negotiation style. A real estate agent's negotiation style will be on display during your initial contact as he or she negotiates the commission they will receive upon the successful sale of your property. Those agents who lower their commission quickly and without much debate should be approached with caution - they may be willing to sacrifice your property's sale price just as easily.
- Consider previous customer testimonials and references. These are an important way to ascertain where the agent has sold before and if the client was happy with the service they received. Some qualities to look for include the agent's honesty, availability and trustworthiness.
- Trust your instincts. Remember that you will likely be working with your chosen real estate agent closely throughout the sale process - welcoming them into your home and trusting them with a highly valued asset. If you are comfortable with the real estate agent, this will likely increase your chances of a smooth selling process.
MARKETING THE PROPERTY
The key to a successful sale is the marketing strategy which comprises three important elements: -
The key to a successful sale is the marketing strategy which comprises three important elements: -
- Price
- Method of Sale
- Promotion
Price
There are two considerations with regard to price. Firstly, the price at which the property will be promoted, and secondly, the sale price expectation.
The selling price of the property is determined largely by the collective sentiments of interested buyers, and more particularly, those that negotiate to purchase. There is plenty of information available to property buyers including recent sale data and details of properties currently listed for sale, and it is from this information that buyers will establish their opinion of the value of a particular property. Using detailed knowledge of the market, and by understanding the buyers motivation, a good agent will ensure that the best price possible is achieved.
Consider the following when working with your real estate agent to set an asking price for your property.
There are two considerations with regard to price. Firstly, the price at which the property will be promoted, and secondly, the sale price expectation.
The selling price of the property is determined largely by the collective sentiments of interested buyers, and more particularly, those that negotiate to purchase. There is plenty of information available to property buyers including recent sale data and details of properties currently listed for sale, and it is from this information that buyers will establish their opinion of the value of a particular property. Using detailed knowledge of the market, and by understanding the buyers motivation, a good agent will ensure that the best price possible is achieved.
Consider the following when working with your real estate agent to set an asking price for your property.
- Location. You can't get away from this one. If your house is located in an area that is in high demand, you should be able to expect a higher price than you could for the same house in a less sought after location.
- Condition. A home that has been better maintained will most likely sell for more than one which has been neglected and needs repairs.
- Desirable amenities. If a house has amenities that are currently popular in the market, it should attract a higher price.
Setting the correct pricing strategy is crucial in marketing the
property to achieve the best possible outcome. The options are: -
- Fixed price
- Price range
- No price
The pricing strategy is closely linked to the method of sale selected.
For example, if the Auction method of sale is chosen, the agent may
recommend that no price be advertised, or perhaps a price range. Unlike
the fixed price method were buyers negotiate down, the Auction method is
predicated on the buyers negotiating up.
Using a no price strategy, the agent seeks to focus on the needs and wants of a particular type of buyer (the target market) who might be attracted to a suburb, or a specific type of property. Upon enquiry, and once the agent has established an understanding of the buyers requirements, the agent will seek to establish a price reference by discussing the market data available.
When using a fixed price, or price range indicator, it is critical to ensure that the promoted price can be supported by recent and current market activity. If the price is too high, interested buyers may not communicate with the agent and the chance to negotiate is lost. Similarly, if the price is set too low, it is very difficult to negotiate a buyer upwards. There are a number of legislative requirements with regard to advertising price - your agent will discuss this with you.
Method of Sale
There are two main methods of sale: -
Using a no price strategy, the agent seeks to focus on the needs and wants of a particular type of buyer (the target market) who might be attracted to a suburb, or a specific type of property. Upon enquiry, and once the agent has established an understanding of the buyers requirements, the agent will seek to establish a price reference by discussing the market data available.
When using a fixed price, or price range indicator, it is critical to ensure that the promoted price can be supported by recent and current market activity. If the price is too high, interested buyers may not communicate with the agent and the chance to negotiate is lost. Similarly, if the price is set too low, it is very difficult to negotiate a buyer upwards. There are a number of legislative requirements with regard to advertising price - your agent will discuss this with you.
Method of Sale
There are two main methods of sale: -
- Auction
- Private Treaty
The agent will advise on the method of sale most suited to achieving
the best possible price given the type of property and local market
conditions, however, it is widely recognised that the auction method of
sale achieves consistently better outcomes than private treaty.
It is important to note that whatever the agent recommends, it is the SELLERS CHOICE as to which method is finally chosen - there may be other circumstances which impact on the sellers choice of sale method.
Auction
The Auction method of sale is based on an intensive promotional campaign over a specified period where the agent attempts to attract the attention of the largest number of the 'target' audience who will enter competitive bidding for the property on the day of auction - more competition means a higher price and better conditions. When the property is sold at auction, the buyer does not have a 'cooling off' period - a deposit is paid, and the seller is legally obligated to settle the full proceeds of sale on the date of settlement specified in the auction conditions.
However, using the Auction method, the property can also be sold prior to auction if an attractive offer is received, or after the auction as the agent negotiates with interested buyers. An important component of the Auction is the 'reserve price' which is the lowest price that the seller will accept on the day of auction - this price is generally established on the day before or on the day of auction in consultation with the agent based on feedback and interest received during the promotional campaign.
Private Treaty
In contrast to the Auction method, negotiations are carried out 'in private' between the agent and the buyer. Private treaty usually involves 'fixed price' or 'price range' advertising of the property, however other methods such as Public Tender are another form of private treaty where interested buyers 'tender' up to a 'closing date' - the seller then has the option to accept or reject offered prices.
Promotion
The agent should articulate the manner in which the property will be promoted in order to attract the interest of the maximum number of qualified buyers - more competition means a better price and conditions.
Firstly, the agent should have the details of currently interested buyers as part of the agent's buyer management process. Secondly, the agent will implement a marketing campaign using appropriate media including print and online to attract the attention of new buyers in the market. Under normal circumstances, the agent should employ a mix of all mediums to ensure the net is cast over the full pool of potential buyers for the property.
It is also helpful to discuss other terms and conditions, such as timing and items that can be included with the sale of the home. Both of these have the potential to make your property more attractive to potential buyers.
Seller Feedback
As your property is placed on the market and prospective buyers start looking at it, they will have views regarding the asking price you have set, the suitability of the property for their purposes and whether they will pursue the purchase further.
It will be up to your real estate agent to follow up with people that visit your property in order to gain their feedback which they will then report back to you for consideration. It is important for you to take this information on board, particularly if there are common themes emerging, and to consider altering your sales approach accordingly.
For example, if numerous buyers report back that the asking price set for the property is way beyond comparable properties also for sale in the area, you may like to consider reducing your expectations in line with such market feedback.
Your real estate agent will be able to advise you on the best ways to approach incorporating seller feedback into your overall marketing plan.
APPOINTING THE AGENT
The seller appoints the agent by way of a Listing Agreement.
A listing agreement is a contract between a real estate agent and a seller that grants permission for the agent to offer the property for sale, usually for a fixed period of time. The agreement contains the sellers instructions to the agent with regards to the method of sale and the promotional program including a detailed marketing plan and an agreed budget for advertising and other costs. It will also include any special instructions from the seller such as the inclusions and exclusions and access to the property etc.
It does not give the agent the authority to commit the seller to a sale - the seller is committed to the sale only when the seller signs a contract of sale.
Listing agreements are generally on templates designed by industry bodies and approved by regulatory authorities. Sellers wanting verification that a particular agreement complies with industry standards could seek advice from the local industry body such as the local Real Estate Institute
It is important to note that whatever the agent recommends, it is the SELLERS CHOICE as to which method is finally chosen - there may be other circumstances which impact on the sellers choice of sale method.
Auction
The Auction method of sale is based on an intensive promotional campaign over a specified period where the agent attempts to attract the attention of the largest number of the 'target' audience who will enter competitive bidding for the property on the day of auction - more competition means a higher price and better conditions. When the property is sold at auction, the buyer does not have a 'cooling off' period - a deposit is paid, and the seller is legally obligated to settle the full proceeds of sale on the date of settlement specified in the auction conditions.
However, using the Auction method, the property can also be sold prior to auction if an attractive offer is received, or after the auction as the agent negotiates with interested buyers. An important component of the Auction is the 'reserve price' which is the lowest price that the seller will accept on the day of auction - this price is generally established on the day before or on the day of auction in consultation with the agent based on feedback and interest received during the promotional campaign.
Private Treaty
In contrast to the Auction method, negotiations are carried out 'in private' between the agent and the buyer. Private treaty usually involves 'fixed price' or 'price range' advertising of the property, however other methods such as Public Tender are another form of private treaty where interested buyers 'tender' up to a 'closing date' - the seller then has the option to accept or reject offered prices.
Promotion
The agent should articulate the manner in which the property will be promoted in order to attract the interest of the maximum number of qualified buyers - more competition means a better price and conditions.
Firstly, the agent should have the details of currently interested buyers as part of the agent's buyer management process. Secondly, the agent will implement a marketing campaign using appropriate media including print and online to attract the attention of new buyers in the market. Under normal circumstances, the agent should employ a mix of all mediums to ensure the net is cast over the full pool of potential buyers for the property.
It is also helpful to discuss other terms and conditions, such as timing and items that can be included with the sale of the home. Both of these have the potential to make your property more attractive to potential buyers.
Seller Feedback
As your property is placed on the market and prospective buyers start looking at it, they will have views regarding the asking price you have set, the suitability of the property for their purposes and whether they will pursue the purchase further.
It will be up to your real estate agent to follow up with people that visit your property in order to gain their feedback which they will then report back to you for consideration. It is important for you to take this information on board, particularly if there are common themes emerging, and to consider altering your sales approach accordingly.
For example, if numerous buyers report back that the asking price set for the property is way beyond comparable properties also for sale in the area, you may like to consider reducing your expectations in line with such market feedback.
Your real estate agent will be able to advise you on the best ways to approach incorporating seller feedback into your overall marketing plan.
APPOINTING THE AGENT
The seller appoints the agent by way of a Listing Agreement.
A listing agreement is a contract between a real estate agent and a seller that grants permission for the agent to offer the property for sale, usually for a fixed period of time. The agreement contains the sellers instructions to the agent with regards to the method of sale and the promotional program including a detailed marketing plan and an agreed budget for advertising and other costs. It will also include any special instructions from the seller such as the inclusions and exclusions and access to the property etc.
It does not give the agent the authority to commit the seller to a sale - the seller is committed to the sale only when the seller signs a contract of sale.
Listing agreements are generally on templates designed by industry bodies and approved by regulatory authorities. Sellers wanting verification that a particular agreement complies with industry standards could seek advice from the local industry body such as the local Real Estate Institute
MARKETING PLAN
ADDING VALUE TO YOUR PROPERTY
There are a variety of ways that you can look to improve the appearance of your property in order to add value in the mind of the buyer and increase your chances of a sale.
PRESENTING YOUR HOME TO BUYERS
Presenting your home during รข€˜open inspections' or by appointment is an important part of the sales process. This section provides property showing tips that can help boost a home's appeal and impress potential buyers.
Although prospective buyers are guests in your home, you want them to be able to imagine they own the property. You do not want to make these visitors feel like intruders.
Now is a good time to get your home ready for the spotlight. Start with a thorough clean up, then eliminate any clutter, add a fresh coat of paint and tidy up the front and backyards. You can also talk to a CENTURY 21 real estate agent about other tips that can help boost a property's curb appeal and impress potential buyers once they're in the door.
On days when your property is open for inspection there are a number of ways to subtly help make your home more welcoming to buyers.
Selling your home or investment property can be challenging and emotional, but it need not be traumatic. This collection of home selling advice will help you to move through the process seamlessly.
Whether you have moved once or a dozen times, it never seems to get any easier. Here are some hints that CENTURY 21 hopes you will find helpful as you prepare for moving day.
The real estate market can be complex to navigate, particularly if you are selling a property for the first time. Keep reading for some selling tips from CENTURY 21 to help you get started.
At first, selling a property may seem daunting - you haven't sold a home before, the market may seem complex, and what worked for owners 10 or 20 years ago may not work as well today.
What steps should you take? Here is a simple list to help you get started.
There are a variety of ways that you can look to improve the appearance of your property in order to add value in the mind of the buyer and increase your chances of a sale.
- Clean, organise and neutralise your space. Declutter your property to make it look bigger and cleaner. Buyers need to be able to envision themselves and their own belongings in the home, so avoid using bright colours and too many personal belongings.
- Keep your lawn green. Ensure your front and back lawns are healthy and well-maintained, as a patchy lawn can detract from your property's overall appearance. This includes mowing your lawn before any showings of your property.
- Add insulation to save energy. Adding insulation can be an inexpensive way to increase your home's energy efficiency, as it can reduce heating and cooling costs.
- Update kitchen appliances. The kitchen is often the room that buyers gravitate towards first and an updated kitchen can help sell your home. You don't have to renovate your kitchen to give it a new look, rather updating your appliances to the current standard and simple changes such as repainting cabinet doors and replacing hardware such as knobs, can make a big impact at a relatively low cost.
- Update bathroom fixtures. A little change can go a long way when it comes to the look of your bathroom. Updating simple fixtures such as the taps in your sink and shower can add style to any outdated bathroom.
- Build a fence. If you are trying to sell a property the appearance of a fence can help to enhance the perception of its value. Buyers with children or pets will also appreciate the privacy and security of an enclosed backyard.
- Repair the gutter. Ensuring that your gutter is clean and in a well-kept state is crucial in protecting your home against water damage.
- Light up the outside. An easy and inexpensive way to increase your home's outdoor space is to add lighting. Lighting can help make a home more appealing and appear safer.
- Store and organise. Ample storage space is a plus, especially when it comes to garages and wardrobes. Efficient wardrobe structures can help to keep clothes organised and save space.
- Convert any unused space. Additional rooms are valuable in the eyes of buyers, so ensure that any unused space or rooms are being utilised by furnishing them in the style of a bedroom or workspace.
PRESENTING YOUR HOME TO BUYERS
Presenting your home during รข€˜open inspections' or by appointment is an important part of the sales process. This section provides property showing tips that can help boost a home's appeal and impress potential buyers.
Although prospective buyers are guests in your home, you want them to be able to imagine they own the property. You do not want to make these visitors feel like intruders.
Now is a good time to get your home ready for the spotlight. Start with a thorough clean up, then eliminate any clutter, add a fresh coat of paint and tidy up the front and backyards. You can also talk to a CENTURY 21 real estate agent about other tips that can help boost a property's curb appeal and impress potential buyers once they're in the door.
On days when your property is open for inspection there are a number of ways to subtly help make your home more welcoming to buyers.
- Check the temperature. If weather permits, open the windows to let in fresh air. If there is too much noise outside, close them. If it is cold enough to wear a jumper inside to stay warm, you may like to turn on a heater. Essentially you want the inside temperature to be comfortable and to give prospective buyers more of a reason to linger and explore the property.
- Create a mood. A fire in the fireplace or soothing, unobtrusive background music can help to set the scene for a tranquil home and can be useful for distracting attention from external, less desirable noises, such as traffic.
- Play up the visual. Open all window coverings to let in as much light as possible. Where outdoor scenery is undesirable (such as a dilapidated fence or a nearby structure that obstructs views) you may like to keep blinds partially closed. If you have landscape photographs showcasing flower gardens or beach scenes, display then in a prominent position. Turn on every light in the house, including appliance lights and wardrobe lights if present. Dark rooms with few or no windows can be brightened by placing spotlights on the floor behind furniture.
THE SALE
NEGOTIATING THE SALE
If you have decided not to sell your property through a public auction, you will need to negotiate a selling price for your property with prospective purchasers who put forward offers. Sales negotiations may also need to take place if your property is passed in at auction, where those who have placed an unsuccessful bid may choose to remain after the event to secure the purchase.
Considering the following tips, as well as consulting with your CENTURY 21 real estate professional, should help to ensure that you achieve a successful sales result.
When a buyer is ready to make an offer to purchase your property they will usually contact your real estate agent to let them know.
Most property buyers and sellers want to arrive at a win-win agreement, but that's not to say either side would regret getting a bigger 'win' than the other. Successful negotiating is more than a matter of luck or natural talent. It also encompasses the learned ability to use certain skills and techniques to bring about those coveted win-win results.
The Contract of Sale
The terms of the agreement are assembled in the Contract of Sale - in addition to the standard legal terms and conditions of a real estate transaction, the Contract of Sale will include agreed terms that relate specifically to the transaction including price, deposit, date of settlement, the inclusions and exclusions and other special conditions such as 'subject to finance' or 'subject to the sale of another property'.
Once agreement has been reached, it is normal for the agent to take a deposit
Depending on which state the transaction occurs, the documentation process will vary slightly.
In New South Wales, the contract of sale is prepared by a solicitor who is instructed by the agent on behalf of the seller to prepare the documentation following the agreement of terms between the seller and purchaser, and also the collection of a deposit from the purchaser.
In Queensland, Victoria, South Australia and Western Australia, the contract of sale is prepared by the agent - once the contract has been signed by both the seller and the purchaser, a deposit is accepted by the agent on behalf of the seller.
Preparing for the 'settlement' of the sale
The 'settlement' date is the date on which the balance of the purchase price is made and the title to the property is transferred to the purchaser.
Once the contract of sale has been signed by both parties, the cooling off period has expired and all special conditions have been satisfied. The conveyancer or solicitor for the sellers prepare transfer of title documents and settlement statements (including the adjustment of outgoings such as council rates), and also establish a line of communication with the purchasers conveyancer or solicitor and the lending entity if applicable. On the date of settlement, the conveyancer or solicitor for both parties meet to swap the balance of the purchase price for the title to the land - if a loan is involved, a representative of the lender will also attend, exchanging funds for signed mortgage documents and the title to the property on which the mortgage will be registered.
Pest and building inspections
When prospective buyers become serious about pursuing the purchase of your property, many will engage professional companies to conduct building and pest inspections.
These inspections are not compulsory and are the responsibility of the buyer. The buyer needs to ensure that if they intend to have them conducted, arrangements for such inspections need to be made prior to bidding at auction or signing the contract of sale (unless the obtaining of an 'a clear' building or pest inspection is listed as a condition of the sale in which case the purchaser will have to ensure the report is obtained prior to a specified date).
Sellers should prepare themselves for visits from such professionals/companies which will usually take place during business hours - sellers will most likely be able to work with their CENTURY 21 real estate agent to arrange access to the property.
If you have decided not to sell your property through a public auction, you will need to negotiate a selling price for your property with prospective purchasers who put forward offers. Sales negotiations may also need to take place if your property is passed in at auction, where those who have placed an unsuccessful bid may choose to remain after the event to secure the purchase.
Considering the following tips, as well as consulting with your CENTURY 21 real estate professional, should help to ensure that you achieve a successful sales result.
When a buyer is ready to make an offer to purchase your property they will usually contact your real estate agent to let them know.
Most property buyers and sellers want to arrive at a win-win agreement, but that's not to say either side would regret getting a bigger 'win' than the other. Successful negotiating is more than a matter of luck or natural talent. It also encompasses the learned ability to use certain skills and techniques to bring about those coveted win-win results.
- Start with a fair price and a fair offer. There's no question that significantly overpricing your home will turn off potential buyers. Likewise, on the buying side, making an offer that's lower than the asking price is practically guaranteed to alienate the sellers. Asking and offering prices should be based on recent sales prices of comparable homes in the area.
- Respect the other sides' priorities. Knowing what is most important to the person on the other side of the negotiating table can help you avoid pushing too hard on sensitive issues. For example, a seller who won't budge on the sales price might be willing to pay more of the transaction costs or make more repairs to the property, while a buyer with an urgent need to move into the property might be willing to pay a higher portion of transaction costs or forgo some major repairs.
- Be prepared to compromise. 'Win-win' doesn't mean both the buyer and seller will get everything they want; it means both sides will win some while also giving some. Rather than approaching negotiations from an adversarial winner-takes-all perspective, focus on your top priorities and don't let your emotions overrule your better judgement.
The Contract of Sale
The terms of the agreement are assembled in the Contract of Sale - in addition to the standard legal terms and conditions of a real estate transaction, the Contract of Sale will include agreed terms that relate specifically to the transaction including price, deposit, date of settlement, the inclusions and exclusions and other special conditions such as 'subject to finance' or 'subject to the sale of another property'.
Once agreement has been reached, it is normal for the agent to take a deposit
Depending on which state the transaction occurs, the documentation process will vary slightly.
In New South Wales, the contract of sale is prepared by a solicitor who is instructed by the agent on behalf of the seller to prepare the documentation following the agreement of terms between the seller and purchaser, and also the collection of a deposit from the purchaser.
In Queensland, Victoria, South Australia and Western Australia, the contract of sale is prepared by the agent - once the contract has been signed by both the seller and the purchaser, a deposit is accepted by the agent on behalf of the seller.
Preparing for the 'settlement' of the sale
The 'settlement' date is the date on which the balance of the purchase price is made and the title to the property is transferred to the purchaser.
Once the contract of sale has been signed by both parties, the cooling off period has expired and all special conditions have been satisfied. The conveyancer or solicitor for the sellers prepare transfer of title documents and settlement statements (including the adjustment of outgoings such as council rates), and also establish a line of communication with the purchasers conveyancer or solicitor and the lending entity if applicable. On the date of settlement, the conveyancer or solicitor for both parties meet to swap the balance of the purchase price for the title to the land - if a loan is involved, a representative of the lender will also attend, exchanging funds for signed mortgage documents and the title to the property on which the mortgage will be registered.
Pest and building inspections
When prospective buyers become serious about pursuing the purchase of your property, many will engage professional companies to conduct building and pest inspections.
These inspections are not compulsory and are the responsibility of the buyer. The buyer needs to ensure that if they intend to have them conducted, arrangements for such inspections need to be made prior to bidding at auction or signing the contract of sale (unless the obtaining of an 'a clear' building or pest inspection is listed as a condition of the sale in which case the purchaser will have to ensure the report is obtained prior to a specified date).
Sellers should prepare themselves for visits from such professionals/companies which will usually take place during business hours - sellers will most likely be able to work with their CENTURY 21 real estate agent to arrange access to the property.
COMPLETING THE SALE OF YOUR PROPERTY AND BEYOND
Tips for MovingSelling your home or investment property can be challenging and emotional, but it need not be traumatic. This collection of home selling advice will help you to move through the process seamlessly.
Whether you have moved once or a dozen times, it never seems to get any easier. Here are some hints that CENTURY 21 hopes you will find helpful as you prepare for moving day.
- Make clear arrangements with the buyer of your property about possession of the home and moving date.
- Start planning early, including discarding unwanted possessions that you don't wish to take with you in the move. Methods of disposal can include giving items away, holding a garage sale, and selling them online.
- Make a list of any important items you will need to buy for your new home. For example, you may require curtains, cleaning products, lights, etc. Having these things with you on the day you move in helps to prevent unnecessary surprises.
- Start packing early. Anything that you are sure you will not be using before moving day should get boxed.
- Label every box and carton. This makes it much easier if you happen to need an item before you move, and also makes it much simpler after you move. Unpacking will probably be somewhat of a gradual process - by labelling boxes you will know where the most necessary items are located.
The real estate market can be complex to navigate, particularly if you are selling a property for the first time. Keep reading for some selling tips from CENTURY 21 to help you get started.
At first, selling a property may seem daunting - you haven't sold a home before, the market may seem complex, and what worked for owners 10 or 20 years ago may not work as well today.
What steps should you take? Here is a simple list to help you get started.
- Define your goal. You need to consider the timing of the sale, any renovations or cleanup works that need to be done, and any other factors that could affect the process.
- Times have changed. Today's real estate market is very different when compared with that of 10 years ago. Buyers now use the internet, have greater access to data and information, and housing and location preferences have varied. The result is that many buyers are better prepared than they may have been in the past, and are also looking for different things.
- Sparkle and shine. Imagine going to a supermarket and seeing dusty fruit or aisles furnished with old, dilapidated shelves. This rarely happens, because supermarkets understand how to present their wares. Sellers must do the same. Declutter, remove personal items, organise storage areas and clean everywhere.
- Mechanics count. Buyers expect things to be in a reasonable, working condition. Astute buyers will have professional building inspections conducted and what they miss themselves their inspector should pick up. If you fix and paint things where necessary now, they won't be an issue in the future.
- Set the stage. When prospective buyers see your home, its show time. Provide them with an environment where they can see themselves living comfortably. Declutter and hide knickknacks that will distract them. Give them a place where everything is painted, arranged nicely and attractive, a home where the only question is - When can I move in?
- Know the market - real estate is local. Your CENTURY 21 real estate agent can explain market trends in your area, including the number of properties on the market and the speed at which they are selling, prices being achieved, the types of properties that are selling well, and why. This information is key to your ability to set the optimal asking price and determining the best time to list your property.
- Know the competition. Your property will be competing with other homes for buyer attention. Ask your CENTURY 21 real estate agent to advise you on how best to set your property apart and give it an edge.
- Be realistic. Real estate markets differ by location and time. Work with your CENTURY 21 real estate agent to gain an understanding about reasonable price expectations for your property in the current market and work towards preparing your property to achieve the best price possible.
- Have a plan. Real estate marketing involves more than a sign out the front and an ad in the paper. Your CENTURY 21 real estate agent will suggest a variety of methods to attract and qualify prospective buyers, including the latest internet listing and search tools.
