The preparation you put into getting your property ready for sale can be the difference between getting a standard price and getting a great price. And, the best part is, it’s not hard, time consuming or expensive.
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 choose. 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 7-9 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.
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.
The time required to sell property that is accurately priced will typically vary between two and six weeks. Prior to placing your property on the market, allow an additional week to prepare both the property and the marketing material.
Presentation of your property is a critical factor in achieving the highest possible price. This is similar to detailing a car before you sell it. 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 is possible 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.
METHOD OF SALE
The two most commonly used methods of sale are “Private Treaty” and “Auction”. Below is a summary of each;
Sellers who decide to list their property by private treaty often decide to place their top price (or wish price) on the property when first being presented to the market. In today’s competitive market, this will often place the property in a mix of literally hundreds of other similar properties.
As buyers screen properties by price we notice that sellers will often waste their initial marketing campaign should the advertise price not be considered “market value” by a potential buyer. If you choose to list your property with a price we recommend you advertise the property very competitively compared to your competition.
Private treaty sales have a much higher days on market to achieve a sale and this is due to the fact that it sometimes takes a few price reductions, often set weeks apart to obtain what is considered by buyers as a fair price. The quicker a property reaches its fair market value the shorter the period of time on the market.
Another concern which is often bought up by buyers is the length of time a property has been on the market for sale. Properties that have been on the market for longer than a couple of months often bring about a negative opinion by buyers and only serve to encourage little interest and low offers.
This price at which you advertise your property for should be discussed carefully prior to listing.
Apart from implementing a highly focused marketing campaign, you will need to; Pick your auction date and select your “open days” if applicable; The contract of sale is on your terms and conditions, not the buyers; If not sold prior, you set a reserve price; this guarantees your property will not be under sold.
Our aim is to attract the highest level of buyers to your property as possible. This will increase the chances of achieving competitive offers and hence the highest possible price in the shortest possible time.
Potentially one of the biggest attractions to the auction process is that it offers extra opportunities for the sale of your property. An offer can be made before, at or after the auction. Should a buyer make an offer prior to auction, you would have to consider two main questions; will the buyer still turn up on auction day? Are there other interested parties?
While the answer to the first question will depend largely on the buyer’s motivation, we will guide you in the best options available to you to achieve the best result based on the information available.
If your property is not sold prior to auction day, your real estate agent will display legal documentation which the auctioneer will detail in an announcement. The auction will then start by the auctioneer asking for an opening bid. They will then set an amount by which all bids must rise. Once the reserve price is reached, the property is considered to be on the market and will be sold to the highest bidder. If your reserve price is not reached however, the auctioneer will confer with you to determine if you are happy to sell at a lower price.
If your property is not successfully sold on or before the auction we find it quite normal to have bidders ready to make a post auction bids which may have some conditions attached, for example subject to finance. It is because some buyers require finance and other conditions they may not be in a position to bid on or before auction.
Choosing a sales agent who understands & utilising these three (3) key strategies will define the overall success to a sale by Auction. Ray White is well known as the market leaders in the Auction sale process.
We know that the quality & quantity of marketing you choose will determine the overall level of buyer inquiry you receive and will certainly make your property stand out from the competition. Whilst we can offer you a free marketing campaign, what you get for free and what you need to do to achieve the best result in today’s market are two different things.
Once we have inspected your property we will design an individual marketing campaign based on your requirements.