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Selling your property

There are a few simple things that you can do to maximise both the number of people who become interested in buying your property and the amount that they are willing to pay.

When a person is considering purchasing a property (potential buyer), they will spend time looking at your property and comparing it to other properties that are available on the market. It is important that you consider how your property compares in the current market for other properties of similar price, which I can provide to you within a comparative market analysis. Potential buyers will also likely drive past your house and look at it from the street prior to deciding if they want to book an inspection. So it is important to consider the street appeal of your property prior to listing it, as this will increase the number of inspections of your property.

Once a potential buyer has made a commitment to inspect your property, they have already made some type of connection and the inspection is your opportunity to strengthen this connection to obtain an offer. The main considerations your potential buyer is likely making during the inspection is if your property is what they are looking for and if it suits their needs, or if they would want to change anything to make it suit their requirements, and what this might cost.

Preparing your property

To maximise the number of potential buyers who book an inspection of your property, you need to ensure that your property looks good for those drive by viewings (that it has good street appeal). If your property is well cared for, it will suggest that the whole property is well maintained. A neglected yard and house can significantly impact a person's decision to look any further at your property.

Some things to consider that may impact the street appeal of your property are;

Is your lawn maintained?

Is there clutter in the yard?

Is your outdoor furniture taking up room and making your yard or entertaining area look small?

Are there any overgrown trees/branches blocking access?

Are the walls of your house clean, and is the paint in good condition?

Is your garden overgrown?

All of these things may seem insignificant, but poor street appeal has been known to deter a number of potential buyers as the property may seem to them to be neglected or need a lot of work to maintain.

Buying a house is not only a financial investment, but an emotional one. The more positive emotions felt about your property, the more inspections you will have and the more likely you are to receive a good offer.

It is a great idea to go outside your property and to look at whatever catches your eye. Does it give you a positive emotion, or a negative one. If it is negative, how easy is it to remove or to change it so that it provides a positive emotion instead?

To increase the chances of obtaining an offer, it is beneficial to show all of your properties potential, features and benefits. Less is more. Although you may have lots of lovely sentimental items in your house that make it a home to you, this may block the potential buyers from seeing the full potential of the property for their own lives.

Large furniture or a lot of furniture or effects in the house can be overwhelming to a person's senses and can lead them to visually focus on your possessions and miss seeing the actual home. It can stop them from visualising their own possessions in the rooms. The more space that can be seen, the more likely the potential buyer will see how their own items may suit or how their needs may be met.

Some things that you should consider to help show your properties full potential are;
Is your space cluttered with personal effects?
Does your furniture show the space available in the room, or could some be removed?
Does any paintwork need touch-ups or a clean?
Does any silicon or tiles need replacing in wet areas?
Is it clean and well cared for (wobbily door knobs / tattered curtains)?
Does it smell nice, a nice scent in the air can make a lovely impression?

Again, the more positive emotions felt by the potential buyer, the more likely you will receive a good offer.

But an inspection inside your home differs a little from street appeal. Although your possessions may give you a positive emotion, a potential buyer's emotions are connected when they can see their own lives in the home. You can give them the opportunity to do this by giving them a simple view. I strongly recommend keeping a minimal amount of possessions on display to show the warmth of your home, but to not overwhelm the space with items so that they can not visualize themselves living there.

If you are unsure about preparing your property, please feel free to speak to me. I would love to help you identify the best ways to prepare your property. I could even provide some guidance on low cost options that you may not have considered.

Inspections

The actual inspection of your home also takes some planning and consideration.

Timing of inspections
This will differ for each property. I will take time to discuss this with you to determine if there is anything that may impact the viewing of your property that can be avoided? For example, if the location of your property is near a school, it would be best to avoid drop-off and pick-up times, or is your property near the airport, it would be best to avoid flight times.
Hosting inspections / Agents
It can be enticing for sellers to want to stay for inspections. But I will encourage you not to be present as it can make potential buyers feel intrusive in your home, and often makes them rush their inspection and not have time to see your properties true worth.
Potential buyers are more likely to take their time if you are not there, and I can assure you that I will work hard for you in advising potential buyers of all of the great things about your property.
Pets
Are there any pets at your property that could be walked or taken with you at the time of the inspection?

Current Market Price

Determining the current market price requires a number of different considerations.

Although you think of things such as how much you have invested in the property from your initial purchase and improvements you have made, the market value may differ greatly to this either higher or lower. The real estate market can change over time, and different areas may value assets of a property differently, and this is where I can provide guidance from my extensive knowledge of the local area and current market. Listing a property too high can result in it remaining on the market longer than normal (stale listing), and can impact the number of potential buyers as over time it will appear lower on internet searches and it may seem as though something is wrong with it.

Determining the market value of your property includes;
Recent sales of similar properties
Selling features of your property (e.g. side access / ocean views / larger rooms, etc.)
Local market trends / desires
The future potential of your property (e.g. development)
To assist you in determining the current market price of your property, I would be happy to provide you with a Comparative Market Analysis (CMA)

Exclusive Agency Agreement

Listing your property with multiple agents does not necessarily increase the number of potential buyers that will see your property. Potential buyers mostly search properties using online platforms and do not follow particular agents. When you list your property with Real Estate GC Hervey Bay, your property will be advertised on all of the popular platforms.

Listing your property with multiple agents may actually result in less focus being given to selling your property as an agent will risk all of their effort in advertising and time spent showing your property, with the potential of the sale going through a different agent, and not receiving any payment for their hard work.

If a potential buyer is using another real estate agent to search for properties on their behalf, and are interested in your property, this does not stop their agent from contacting Real Estate GC Hervey Bay to discuss a conjoint arrangement.

OTHER INFORMATION TO ASSIST YOU IN THE SALE OF YOUR PROPERTY
(Extracts from the REIQ "Eight steps for selling property" - 26 Nov 2019)

Comparative Market Analysis (CMA)

Ask your agent to provide you with a CMA. This report contains information on (at least) three properties of a similar nature and style to yours, that have sold recently in your area (within around 5km). It's helpful in understanding your property's price potential. If there are no recent comparable sales, your agent must provide a written explanation outlining how they arrived at a suggested market price for your property.

Beware of overpricing

Setting a realistic price will generate greater buyer interest and achieve a faster sale than if the property is overpriced. The risk of setting an unrealistic price is a longer time on the market which can be off-putting to buyers. An agent must market your property at a price you've agreed to, e.g. if your property is listed at $509,000, the agent cannot market it as '$460K-plus'.

Adjusting your price

The seller can choose to change the listed price at any stage when marketing a property but be sure to give this instruction to your agent in writing. An agent is unable to change any marketing without your written instructions.

Appoint an Agent

Under Queensland law, there are three types of agent appointment: open listing, sole agency, or exclusive agency. These options are defined on the document you would be using to appoint the agent, known as Form 6. The REIQ recommends the exclusive agency model, because the appointed agent will be dedicated to selling the property and only one set of marketing costs is generated.

Signing the Contract of Sale

Most often, it will be the buyer who makes the initial offer by signing contract documentation, which is then presented to the seller by the agent.

If the seller wants to make a counter-offer and change the terms or offered price, the changes are made on this contract of sale, initialled by the seller and presented back to the buyer by the agent for further negotiation.

When both parties agree on the offered price and the terms of the offer, all parties must sign and initial any changes that have been made to the document and

Key steps

There are key steps that must be taken to ensure a contract is legally binding on all parties including:

All initials and signatures of the buyer and seller are on the contract, and the contract is then dated; and
Acceptance has been relayed to all parties.

Agents should ensure that all parties to a contract receive a fully signed copy of the contract as soon as the above steps have been taken,

Costs to Consider

Agents Commission

In Queensland, there is no standard or recommended commission rate. The agent is required to ensure that commission is clearly expressed, and that the client fully understands the likely amount and when it is payable.

Agents may choose to express the commission payable in a variety of ways which may include a flat fee commission (irrespective of the sale price); a percentage commission or a combination of the two (i.e. a flat fee up to a certain amount and a percentage thereafter).

The commission payable for a residential sale is generally paid on settlement from the proceeds of the sale. It is advisable for sellers to instruct their solicitors to pay this commission from the proceeds of the sale on settlement.

Other Costs

Selling your property can incur other costs such as for advertising and marketing, a valuation report, building and pest inspection reports, as well as legal and financial fees.

Marketing  

Real Estate GC Hervey Bay ensures we take the most current and effective approach to our marketing campaigns.  We will ensure the maximum number of prospective buyers will be able to view your property listing.  We can make recommendations to our clients on the current trends and the most effective platforms to advertise on, and we are also able to customise our marketing to our clients needs and budgets. Our marketing campaigns are re-assessed throughout the sale process and are able to be adapted as required.

Due to our strong relationships with our clients in the Fraser Coast Region, we hold an extensive database of clients that are currently looking for their next new property.  We routinely utilise this database to match potential buyers to properties that fit their purchase criteria.