Selling Tips & Checklist
Selling TipsSale by private treaty requires the seller to set a price, price range other method from the beginning of the campaign. Your agent can help guide you through the pricing process. However history shows many sellers have a tendency of initially setting an optimistic price as they think buyers are likely to negotiate the price down, whilst you always need to leave a little room for negotiation setting the price too high can be counterproductive, so an experienced agent becomes a vital source of information. Ask for their guidance when establishing your asking price and refer to comparable sales in your area, don’t rely on current competition as often this type of evidence can be misleading as the listing price may differ greatly to the end sale price.In general, sale by private treaty gives the seller greater control over the sale, more time to consider offers by potential buyers and the ability to extend the time the property is listed on the market (although this often leads to potential buyers wondering why the property is not selling) especially if the price is set too high at the initial stages of listing. Generally, private treaty sellers can negotiate the price and sale terms with the buyer. Private treaty sales can be conditional on certain terms being fulfilled within required times. For example the buyer may have requested a building and pest inspection or may require finance approval.There are 4 main methods of private treaty and the seller needs to also consider which method is best for the property and their personal circumstances and time frame;
Choosing the method of sale
Selling by private treaty
IV.Expressions of interest.
Selling by auctionAn auction by nature creates urgency as there is a definitive time in which the buyer must act or they risk losing their opportunity to buy the property. Setting an auction date, groups all interested buyers together at the one time, creating a competitive environment and the greatest chance to achieve the highest possible price. The theory of an auction is that your home will sell at true market value at that particular time.Unless the property is passed in and consequently becomes listed ‘for sale’, the seller knows exactly when a sale and settlement will occur. The benefit of this is being able to plan ahead with your next move.During the marketing campaign, buyers are usually given a price guide which can vary throughout the campaign depending on the amount of interest in your property and feedback received from buyers. The great thing about auctioning your home is that there is no price limit only a minimum amount that you decide you are prepared to sell for, which is called the reserve price.Setting the reserve should be an analytical decision based on buyer feedback obtained by your agent during the campaign as well as comparable sales in your area. By now you should have a good idea as to how many buyers are genuinely interested and how they feel about your home in relation to the price that has been quoted to them.The marketing undertaken for an auction property needs to be more focused and will most likely cost a little more than a normal marketing program as the auctioneer will charge an auction fee of around $770 to the agency which is passed onto the seller.Buyers need to conduct building inspections and ensure their finance is approved prior to bidding at the auction. If the property fails to sell at auction, you can continue marketing the property with an asking price. It is likely that one of the buyers, often the highest bidder will come forward and negotiate a sale with the agent on your behalfShould the property sell on auction day under the hammer, the property is sold and there is no cooling off period for the buyer or the seller.
Get ready to sell checklist
You’ve made the decision to sell your property and you want to get the highest price possible. The best way to explain this process is to imagine yourself as the buyer. Presentation is the key and you don’t have to spend a lot of money to get it right. Work out a budget and prioritise the most important items.First impressions count. How does your property present from the outside and does it create an inviting signal for the buyer. Before selling, check items such as roofing for cracked tiles or rusted sheeting, guttering, exterior paint work and wood work as these items can be off putting for a potential buyer. Clean all exterior and internal windows. This should also include any glass ballustrading or pool fencing.Don’t be shy to invest a little money in employing a professional cleaning team as they can clean a house in a very professional manner and in a short period of time. Remember you have probably been living in the house for a long time and professional cleaners will notice items you may not. Buyers will always scrutinize kitchens, bathrooms and wet areas. It is important to ensure that the shower recess, screens, toilets and mirrors are clean and smell fresh. Flooring is an expensive item to replace so if you have cracked tiles, dirty grouting, scratched floor boards or worn carpets it would make sense to have these items replaced or repaired before showing potential buyers. Ensure your home maximises light no matter what time of the day it is. Open the curtains and check all light bulbs are working. If you’re holding an evening inspection, light up your garden and consider using a few candles inside to further enhance the ambience.Mow the lawn regularly, particularly before an open for inspection, trim hedges, rake up the leaves, if you have a pool make it sparkle and hide away any pool equipment.If you are selling a tenanted property, consider offering the tenant a cleaner to come over before the open for inspection if you think the presentation is going to be a problem or offer an incentive to the tenant, by reducing the rent, for the tenant to employ their own cleaner. It is money worth spending and a good way to keep your tenant on side.Selling your home is a great time to reduce clutter. It creates an impression of space so remove anything you don’t want to take. Most local councils will come and collect your rubbish free of charge or for a small fee. Another option is to consider giving your unnecessary household items to a charity, such as The Salvation Army or to hire a self storage space to de-clutter during the sale process.Pet odours and hair can be a big turn off for buyers so ensure there is no trace of your pet during inspections. This may mean steam cleaning carpet, hiding away their food and water bowl, toys and bedding.
Checklist prior to marketingEnsure the property is at its best for the professional photography as you only get one chance of putting the property to the market.Make sure you advise your agent the best method of communication for arranging inspections and the most suitable times.Arrange an access plan to the property for the agent such as a set of keys and ensure you provide the agent with a separate alarm code if required.Provide the agent with a copy of the council and water rates and if possible a set of plans for the property demonstrating that the council approvals are in place. (in the event something is not council approved, disclose this to the agent so it can be made as a special condition on the contract).If you have a close relationship with your neighbours, it may be worthwhile letting them know that you are listing the property for sale as they will be your best advocates to any potential buyer.