Tips on Selling
The preparation you put into presenting your property ready for sale can be the difference between obtaining a basic price or achieving a great price. And, the best part is, its really not hard, time consuming or expensive.
The process, or indeed art, of presenting your property for sale is an important one to master. For most, the sale of a property comes around every 5-7 years. For others it has become a more regular event, choosing to capitalise on the opportunity of upgrading the family home and make substantial tax free gains in the process.
Whatever your motive for selling, the process can either be stress free and lucrative or tense and disappointing. The good news is that you have the ability to plan ahead and with your agent choose the best method of selling.
Buyers for good quality property can be found all year round. With the marketing process having become far more sophisticated than in previous times, the issue of timing is less critical today than in the past.
Presentation of your property is a critical factor in achieving the highest possible price. The emotional appeal required to stir the spirit of the buyers is unlikely to be generated by a poorly presented property. And a neglected building sends out
warning signals to prospective buyers.
So it is important to do whatever you can to have your property looking its absolute best on inspection day. Some of the turn offs for buyers include:
To improve the presentation, seek an outside opinion, as many of these problems can be fixed over a weekend for little expense. Selling your home or investment property should be a positive experience, the better you can present it, the easier it will for buyers to want to buy your property.
Method of Sale
When it comes to selling your property, basically there are three popular methods to choose from:
When a property is offered for sale by Private Treaty, a price is set on the property and the property is then marketed by your agent at that price. Potential buyers may make offers on the property and the vendor has the ability to accept, reject or negotiate on these offers. Private treaty is a most common method of sale in Newcastle.
The advantages of selling your property by Private Treaty are:
Borrelli Quirk Newcastle Real Estate has successfully utilised all three methods. Auction is effective in the event of there being difficulty in clearly determining the value of a property whereby a value range may be more practical.
Also, where a property is likely to attract more than one qualified buyer in the marketplace, auction allows competitive bidding to increase the final sale price. In the event that you choose to submit your property for sale by auction, research the success of each companys auctioneers, as a skilled auctioneer can add significantly to your end result.
Most auction marketing periods run for about four weeks. Also make sure you allow for an additional 2-3 weeks prior to beginning of auction campaign to allow for the preparation of contracts and marketing campaign. The advantages of selling your property by Auction are:
Expressions of Interest (EOI)
Property offered for sale by tender or Expressions of interest provide the owner with documented control of the sale process. The owner is required to prepare a tender document outlining conditions acceptable to them for interested parties to make an offer to purchase in writing. This document is usually prepared by the owners solicitor/lawyer. A contract for sale is also attached to the tender document. There is a set time & date for potential purchasers to submit their Expressions of Interest to purchase. At the end of that time the agent & the owner open and compare all tendered offers to purchase and select the most appropriate. The highest offer to purchaser may not necessarily be the one accepted by the vendor, as other terms and conditions may be more favourable than the highest price. You are able to discuss with your agent the details of preparation of the documents for a sale by Expression of Interest.
Sale Preparation Checklist
The property should be cleaned & detailed thoroughly with everything in working condition. A few hundred dollars spent sprucing up the property will increase the saleability and more than likely increase the sale price.
It would be prudent to obtain a building and pest inspection report. This allows you to have necessary repair work done prior to sale. A 100% clear report can be used as a selling feature for buyers.
The Contract for Sale is required to be prepared by your solicitor or conveyancer with all the essential terms and conditions in the contract. In NSW the law requires that a contract be available for inspection prior to the property being offered for sale.
A certificate of compliance should be obtained from the Local Council if you have recently undertaken major building works. It is advisable to have a survey of the land and buildings available when selling a property and included in the contract.
If there is a current lease, check the expiry date and termination requirements and advise your solicitor. Make a note of all the inclusions. That is, everything that will be included in the purchase price and remaining at the property after completion of the sale. E.g. Items include light fittings, floor coverings, curtains and blinds, stove, air-conditioner, fixed floor coverings cloths line, TV antenna, built-ins etc. It is important to nominate items that are not included in the sale.