From researching the market through to choosing an agent and settlement day, there’s a lot to get your head around.
We take a look at the key things that should be on your to-do list.
Do your due diligence
While a good local agent should be able to give you in-depth information about the current market and help you set a realistic price guide for your property, it always pays to do your own research too. Long before you put your property on the market you should start keeping an eye on what similar properties have sold for, so that you know what you can reasonably expect. Being abreast of current property trends will also help you figure out what unique aspects of your property you can capitalise on.
Decide on the right time to sell
Ultimately the best time to sell is when it’s right for you and this will quite likely be determined by personal factors such as a change in life circumstances or finances or the desire to upsize or downsize your home. However, there are differences in seasonal selling times that it’s worth being aware of when deciding when to put your property on the market.
Prepare your property for sale
The first step is having a big clear out and clean-up of your property so that you have a clean slate from which to present it at its best during viewings. Take care of any maintenance tasks and repairs and consider booking professional cleaners for big jobs such as window washing or carpet steaming. If you will still be living in the property while it’s showing you need to declutter as much as possible. Consider putting extra goods in storage during the selling period.
Find a good local agent
Interview different local agents to get a good feel for their style. You want to find someone who knows your local property market, whom you feel you can trust, and who has a solid track record of selling similar properties in your area. Choosing the right agent is particularly important in a changing market.
Get a sales contract drawn up
Before you market your property, you will need to have a lawyer or conveyancer draw up a contract of sale. This will include details of the owners, title, settlement dates, conditions of sale, and what is included with the property, such as furnishings or appliances.
Maximise your property’s appeal
Making sure your property looks its best to buyers is always essential, but all the more so in a more competitive market. Invest in ways to give your property an advantage and stand out in the busy spring selling market, from a new paint job to professional staging. If you are selling a small terrace home or unit there are things you can do to create the illusion of space. Even simply adding more greenery to your home can enhance its appeal to buyers.
Private sale or auction?
Your real estate agent will be able to guide you as to which method is best given the current market and your particular property. Conditions differ slightly depending on whether you sell by auction or private treaty. Auctions have no cooling off period, but private treaty sales can have a cooling off period. Most properties in the inner city sell by auction - but it can be nerve wracking on the big day. If you choose private treaty your agent will also help guide you through the negotiation process to come to a final sales price.
Exchanging contracts and settlement
Prior to settlement, you and your buyer will have your lawyers and banks work through the details of the sale. They will advise you of your legal and financial requirements pre-sale. Make sure that you are across all of these so that you meet your obligations at the right times. On settlement day, you will hand over your keys in exchange for the balance of payment from the buyer or their bank and your home will officially be sold.
Looking to sell your property in Sydney’s inner-city?
Get in touch with me today to find out how I can help.