If you are considering selling your home soon, it is important to understand the market you are selling in, as well as the marketing strategy you wish to use. Knowing who your ideal buyer might be and targeting your marketing as well as the presentation of the property toward attracting them is key. In order to achieve a sale price you will be happy with, here are a few things to check off your list before rushing into any sale.
1. Understand your market
What is actually happening in the current market in your local area? Is there a strong demand for properties like yours or are there too many similar properties currently for sale? You need to ask yourself whether selling at this time will be advantageous.
If you wait will that put you in a better or worse position? Speaking to a good cross section of local agents will give you a reasonable idea of current conditions. However, be sure to come from a position as ‘buyer’ not ‘seller’. Otherwise their advice may be somewhat biased! Better still, speak to a buyers agent. They will give you an honest assessment of whether it’s easy to buy at a discount or whether competition is tight.
If you are able, choose to sell your property only when there are more buyers around, leading to increased competition and a better sale price.
2. Have realistic expectations
When deciding on what price you might achieve for your home, try to compare with properties that are similar and have sold within the last 6 months. In addition you should visit any properties that are currently for sale taking note of the features and the price quoted by the agent versus the eventual sale price. If you see a pattern where the sale price is lower than the agent’s quoted price, now may not be the best time to be selling. If the property sells for a great price, then consider how closely your own home compares and make deductions for anything that is missing, or additions for anything your home has that this home doesn’t.
Every vendor takes pride in their own home and sometimes it’s a good idea to have someone with an unbiased view give you their market estimate.
When establishing the price of your house, make sure that the final sum of money you receive will be satisfactory to you after taking into account all of the fees associated with the property sale, because after all, you do not want to be worse off than you were before you sold your home.
3. Dress to impress
Styling your home with borrowed or rented furniture and accessories can add an element of luxury that potential buyers are drawn to. You want them to be abe to imagine themselves living there, enjoying the lifestyle that your home will bring, or showing them what is possible in regard to presentation and placement of furniture. Sometimes buyers can have difficulty imagining the best use of a space or where to put their TV if the property is vacant.
However if you don’t have the budget for this you can leave the property vacant which will give an overall sense of space and the impression that the property is a blank canvas with which they can do whatever they please with.
4. Choose the right agent and marketing strategy
Do your research and have a list of questions to ask during the agent interviews. The best agent is not always the one who charges the lowest commission, or gives you the highest market estimate. In fact, they can often be the worst! Make sure you take the time to assess each agent’s proposal together with their recent sales, current properties for sale and how long they have been on the market. Days on market is an important part of selecting an agent. You don’t want someone who sells too quickly as they may not put in the effort to achieve the highest possible price. Long days on market are also not good as this means they have overpriced the property from the start.
When choosing a marketing strategy, think about what will get you the best return in the current market. Attend a few auctions to see whether this process is right for you. Although the 15 minutes it takes to conduct an Auction can be quite stressful, it often results in a sale price above your expectations so don’t rule it out.
If you’d like some independent and unbaised advice around the timing of your sale or choosing the right agent, our Vendor Advocates are waiting to hear from you.
Book in a call with us here or visit our website for more information on how we can help you maximise your sale price in the current market, without costing you a cent extra!