Selling for the best price

Set expectations

As you consider selling your home, it’s a good idea to get visibility on your next move and how feasible it might be. Speak to your finance broker to ensure that your plans after selling – whether it’s buying a similar property, upgrading or building – are actually feasible. You don’t want to sell your home only to discover you can’t achieve what you had in mind with the proceeds from the sale.

Choose your partners

Next up, you should commit to an agent. There are a lot of things which go into selling your home that a quality real estate agent can cover off for you. Only the most experienced sellers with a proven track record built over time should entertain the idea of selling their own home.

It’s important to do your research. A website and promotional material will always highlight the agent in the best possible way, but referrals and past client reviews will show their true colours. Metrics like average days on market and auction clearance rates are useful, as they give a clear insight into how good an agent is.

Asking family and friends who have purchased or sold a property about their experience is a great way to ensure the agent you’ve enlisted will provide quality service. What do they wish they knew when they started out? It will give you an insight into the things you need to look out for, the challenges they faced will indicate what you need to focus on.

Be clear on what you want from the process. Is high-touch, lots of communication important to you? Make that clear in your discussions. Do they know your area well? That can make a world of difference to the end sale price.

You can even test them out in real scenarios. Go to an open house and see how they perform. Ask lots of questions of potential agents. Remember, they work for you. Ask them to take you through case studies of other property sales and to talk you through how the sale happened and how the results were achieved. Ask them why they use certain approaches and what they think will work best for your property and why. If they’re suggesting an auction, ask why? Ask for their best auction tips.

Make sure the agent specialises in your area and is someone you feel comfortable around as they don’t just negotiate prices on your behalf, they also act as a mediator and represent you as a vendor. So choose wisely.

Having a quality team, including your broker, conveyancer or solicitor, and real estate agent who communicate well will ensure any issues that arise during the sale can be quickly and easily dealt with.

Prepare for sale

With expectations set and an agent ready to go into battle for you, it’s time to prepare your home. You can always sell your property in its current condition, or you could carry out repairs and upgrades to make it more appealing to potential buyers.

Whether it’s aesthetic or structural, there will be some things which will be needed but consider the cost compared to any increase in the selling price. Your decision will also help you set realistic timeframes to carry out any maintenance work or ‘staging’- the temporary décor and aesthetics which make your property shine.

As with many things in real estate and growing your wealth, it is sometimes the least exciting things which help get the best returns.

Getting together all the documents required is a tedious yet necessary part of the property selling process. From a disclosure document to a contract of sale, ensure all the paperwork is prepared in time to ensure the sale process all runs smoothly.

For example, before a property can be marketed for sale, your agent will require a copy of the contract from your legal representative.

Being prepared will not only move things along quicker, but will allow you to capitalise on the best circumstances for selling your home.

Advertising and marketing

With your property looking its best and all paperwork in order, it’s time to get the word out.

There are a few well-known property sites, which are the obvious choice to list on but an experienced agent will also have their own networks to explore. Whatever channels you choose, you will need high resolution photos and thorough, enticing descriptions to attract the kinds of high quality buyers who will pay a top price for your home. Everything you do to increase the perception of your home is an investment in the perceived value, which will benefit you when the sale goes through.

There are also some legal considerations you should be across. By law, advertised information must be factual, accurate and up to date, including information passed on verbally and in the photos you use.

With pricing, it’s illegal to misrepresent the price to potential buyers. This includes advertising the property at a selling price lower than your agent’s estimated price, or lower than the amount you’re willing to accept.

A buyer can also withdraw from a contract of sale on the basis of misrepresentation if something isn’t accurate and they could take legal action. So it’s in your best interest to make sure you’re accurate and honest with what you’re selling.

If you are planning to advertise the property yourself, there are a number of things to consider, including where you will advertise and how much it will cost.

Think about how to present your property so it appeals to the right buyer – families, retired people, first home buyers. Remember that the tools are there to help you sell and get a high price, so if you take photos and videos or create and print brochures, consider hiring a professional.

Thinking that your home will sell itself can be a costly mistake. Despite how much you like the way you have it set up; furniture, flooring and painting changes can make a big difference to the property’s wider appeal, and marketing it widely can increase the competition and, therefore, the price.

Trust your agent’s strategy, engage in a thorough marketing campaign, and invest in presenting your property in its best light to help secure the best financial result.

Auction or private sale

Deciding which method to sell your property will not be the same for everyone. A private sale can be less stressful for some sellers as the amount is advertised and everyone knows what they’re dealing with. Private sales are usually suited to properties in areas experiencing less demand.

Auctions can open up unlimited possibilities with the sky literally the limit, but are governed by quite strict rules and regulations, which are different in each state and territory. It’s a mechanism that works well to get the most for properties in high demand, but the process comes with a lot more stress and heightened emotions.

Whatever your situation, trust your agent’s strategy, especially if they’ve done both before. This is the advice you’re paying them for.

Even if you’ve sold many times before, each sale is unique for the market at that time, your financial situation and the quality of the property you’re trying to sell.

You only get to sell it once, so make sure you do the work to maximise your returns.

If you’re ready to sell and want a clear understanding of the options available to you which will grow your wealth for the long term, get in touch with our experienced team who can help you sell the right way.