your checklist to selling real estate
Setting out on the path to selling a property can be very confusing. Often you don’t know where to start, or even how to gather the knowledge on how to do so. This brief will give you an overview of how to initiate the process of selling, valuing, and marketing your property.
Timing your sell
- December to February – School holidays and summer, selling a house now carries with the advantage of attracting buyers that might consider your property perfect for outside activities; also families, and people with children are very attractive as buyer in this time period.
- March to May – As summer dies down you have and opportunity to take some fantastic photographs and form a great portfolio
- June to august – the changes in the weather will allow the buyer to check out how the house toughs up against to structural issues and the weather; so showcase your strengths to impress.
- September to November – In the spring you will get the most inquiries into your property, the downside is that your property might get flooded with the high number of properties on the market.
Make sure you look at the trend in interest rates before you put your house on the market; keep you eyes on variable and fixed rate, the current market sentiment and do your homework as to current market prices.
A “buyer market” is best to those who are buying property because more people are selling homes than there are potential buyers to purchase them. on the other hand, a “sellers market” occurs when there are more buyers looking for property than there are properties up for sale. In addition to those two markets, there is a “neutral marketing”, which is cause by affordable interest rates leading to an even balance between buyers and sellers. This means that the market does not favour the seller.
How much is my property worth?
It is a question every homeowner would like to know. There are indications of course, like how much the house “next door” to you just went for, however rather than your guesstimate you can go to the professionals to get valued.
Professional valuers: will have an experienced and competent understanding of a particular area and will start by searching for completed sales of comparable properties.
If engaging a valuer
- make sure the gardens are looking nice and any clutter around the house is put away.
- if you know the value of other properties in your area it is best to give it to the valuer for consideration and review.
- if you have plans and future costings, make sure, if you’re going through a lender that the lender requests an “as if complete” valuation.
- be honest about any and all prices, remember that your valuer will see right through it if you don’t.
Real Estate Agents – provide an appraisal rather than a valuation. They base the price on other sale made in the area. Remember they get a commission on the price they achieve not the true price of the house. Local agents have an extremely imitate knowledge of the area, as well as the type of buyers and any current changes in interest.
Online evaluations have been made more easier and accessible. However, remember that no individual has walked through the house and no one can provide general information, and thus many factors may be lost in the process of evaluation.
Important things you should know about your real estate before you go ahead.
- Are they licensed and under state legislation?
- Are they working with you to achieve your desired result as opposed to just any result?
- Do they have a thorough knowledge of your chosen method of sale
- Do they have any references and referrals from current and past clients that can be verified
Market the home
One the most important factors involved in selling your home is marketing and displaying it effectively to buyers. With the rise and internet marketing and online consumer behavior across all demographics, there are more methods of marketing in real estate industries than ever before. To help navigate you through this confusion a real estate agent is often a wise choice. It is helpful to work with an agent who has worked in your area for some time. This way they will be able to finely tune the campaign.
When are scrolling through the list of houses on the market, you need to make sure your house stands out as the best. A good picture will do this for you. When potential buyers are scrolling through numerous property listings online, that tiny little photo thumbnail, must grab their attention.
A photograph will often be the first impression so employing a good photographer is wise, as often it will improve your attention and interest in the house.
It is said that pictures say 1000 words, so why not do a video. Video slideshows are becoming more and more popular as they are 60% faster than anything else at capturing people’s attention. they can be personalized, which in turn makes the reader and viewer more comfortable in contacting the person appointed to sell your home.
Other mediums of marketing include
Signboards – are often used to draw the attention of drive by traffic. To be effective they must be high-impact, colourful, and appealing. Best designs are large, colourful photographs that showcase your home and invite people in.
Print marketing has become less and less popular as more agents are using the online sphere. A good agent will provide their local marketplace with printed materials to inform the public of up to date sales information on a regular basis.
Preparing the property
Before inspection remember to both fix up and clean the inside and external areas of your house.
- prepare the house by painting or replacing front door\fixing up the letter box
- tidying up front garden
- clean out garages and sheds
- ensure your house number is visible
- wash down and clean external gutters
- update any garden and water features
And Internally :
- paint your home in natural contemporary colours
- cover old surfaces and chairs with new throws and cushions
- change flooring
- change light fixtures
- eliminate an unnecessary clutter to make the rooms more spacious.
- clean carpets and walls
- wash any dirty curtains
- tidy up cupboards
- fix any little defects
- fix any cracks in the flooring
The Contract of Sale can be prepared by a conveyancer, solicitor, or real estate agent. There are several details that will be included in a typical Contract of Sale, these include the following:
- Conditions of the sale, such as financing information or additional building inspections
- The names of the vendor and purchaser
- The property’s address
- The amount of deposit that must be paid
- The sale price of the property
- The date of the property settlement
- Whether the property will be available as a vacant possession, or if it is subject to a lease
- Other personal property sold as part of the package deal
From contract to settlement
Congratulations, you have purchased a new home! Now you can prepare for the big move. But besides packing, what else needs to be done between signing the contract and settlement?
- Most contracts will specify that the purchaser is responsible for the property within this time, so you should immediately organize building insurance to cover the purchased property.
- Other things to consider prior to settlement are:
- contact your bank or financial institution to arrange the finance detailed in your contract
- pay the deposit to the vendor’s agent’s Trust Account after the ‘cooling off’ period has expired
- choose a conveyancer – a professional who can complete all the legal paperwork for transacting the property. Refer to ‘Role of the Conveyancer’, located under ‘Steps in the Buying Process’
- approximately one week before settlement, you will receive a settlement statement from your conveyancer detailing the purchase price, deposit paid, rates and tax adjustments. By the last working day before settlement, you ensure you have paid the amount detailed on your settlement statement so that settlement is not delayed
- if not arranged prior, within this last week, arrange for gas, electricity and telephone utilities to be activated for your newly purchased property. At the same time you can also request final readings for the premises that you are vacating
Overall this is an exciting thing! Remember this is the next stage of your life.