The Property Selling Process
Selling your Home
Deciding to sell your home is one of the biggest property decisions you will ever make. It can be stressful and emotions can run high. However, you can ensure that you make the right and smart decisions with the right preparation and research. Having a supportive real estate agent can also ensure that the selling process will be as smooth as possible. If you’ve never sold a property before, it’s hard to know where to start. Here are the 7 steps to selling your property!
Step 1 - Have Your Property Appraised
An important first step when you are considering to sell your property is to have a property appraisal. This is an informal process that can be done by a real estate agent. The agent will provide you with a Comparative Market Analysis that will show you the estimated market value of your property. This is done by reviewing the current market and market trends, and looking at similar properties that have sold in the last 90 days and/or properties that are currently being sold on the market.
Step 2 – Finding the Right Real Estate Agent
An agent is your representative when selling your property. This is the person you are trusting to help you achieve your desired sale price for your property in the shortest time possible and provide you with a positive experience in the process. Real estate agents can provide you with insights on the current market trend and provide advice on methods of sale, sale price and marketing strategies. It is important to choose an agent that is right for you, not one that charges the least as they can affect your final sale price. Don’t be afraid to ask questions!
Step 3 – Choosing a Sale Method
There are many different ways to sell a property in Australia. Your real estate agent is the best person to help you choose the right method for your property. Make sure to talk to your real estate agent about the benefits and drawbacks of each method.
Private Sale – Property is advertised with a set price or price range that is open for negotiation.
Auction – Sale of a property where interested buyers gather to publicly bid on a property.
Expression of Interest/ Tender – These methods of sale are quite similar. Prospective buyers are invited to submit their best offer by a particular date and time.
Off-market – A real estate firm will look for buyers from their database without putting your property on the market.
Step 4 - Marketing Plan
Once you’re ready to go ahead with the sale of your property, it is important to have a coherent marketing strategy in order to effectively attract potential buyers. This includes the basics such as putting your property online, professional photography, floorplan and copywriting. Some extras you can consider are videos of the property, signboard in front of the property, and email, print and digital campaigns.
Step 5 – Open For Inspection
Once the agent and yourself have agreed on the marketing strategy, the house is ready to be put on the market and ready for inspection. Presentation of your property is a critical part of the selling process. Open for inspections are normally held on Saturdays.
Step 6 – Offers & Auction
Regardless of your method of sale, you may have received multiple offers for your property. Your agent will negotiate with buyers on your behalf to obtain the best offer. It is then up to you to choose to accept or reject the offer. Your agent will be the best person to seek advice from at this time.
If your property is going to auction, the best thing you can do is to be prepared. For many sellers, it is normal to feel stressed out and nervous. However, knowing how the process of the auction and understanding possible results can reduce your anxiety and stress levels.
Step 7 – Finalising the Sale
The buyer and seller are not bound legally until signed copies of the contract are exchanged. At the time of the exchange, the buyer will be required to pay the deposit, which is generally 10% of the purchase price. Settlement normally happens 6 weeks after the contract is signed. Once settlement is completed and all documents are transferred, the new buyer assumes legal ownership of the property and the keys will be handed over.
With that, your property is successfully sold! Time to celebrate!
If you have any questions, please don’t hesitate to contact me at [email protected] and I will be glad to provide you with further information.