Hot Steps to Sell Your Property

If you are thinking of selling your property it is worthwhile to educate and prepare yourself by asking yourself and your partner the following questions:

Why are you thinking of selling?

There can be a number of reasons, why you have decided to sell. Maybe you want to downsize or upsize. 

What is my property worth? Before you hire an agent, do some initial research yourself. Go to some home opens in your suburb and see what you are competing against. This will give you an idea of where your property sits in the market. Find out what properties have sold for recently in your suburb and find out how long properties generally take to sell as the market changes. Your real estate agent can also help you with this.

What will it cost to sell my property? When selling a property you need to include settlement agent fees, marketing costs as well as agent fees. The costs depends on a number of factors and you are best to discuss this with your agent.

How do I price my property? Pricing of your property depends entirely on your marketing strategy. It is important to remember that the asking price does not automatically guarantee the selling price. If the property is priced too low, you will often find more offers in a short amount of time. With a good agent, you will then experience a final offer that may very well exceed your initial asking price. On the other hand, if you ask for too much, you will have less or no offers. You then run the risk that the market thinks that there is something wrong with your property and you will struggle to sell the property. It is therefore better to price your property lower rather than higher.

Should I renovate? The effort and hassle of renovations may not equal a higher sales price so be careful not to over capitalise. A $40,000 pool does not mean you can ask for $40-$50k more (more often than not, you devalue your property with a pool). Generally an impressive kitchen and bathroom is important when selling.

How do I choose the best agent? The best agent may initially be the most expensive and the agent who offers you the lowest appraisal. However, this agent could be the one who actually sells your property quickly, without providing you with unnecessary stress. The best agent is the honest agent as you will receive the correct info at all times so you can make an informed decision. Ask for testimonials or ask for the agent to go through what takes place in all phases of the selling process.