Whether you are making a job change, retiring, or just in need of a change of scenery, one thing is certain when it comes to the sale of your home: your main objective is to determine the best and most realistic price for your home and to achieve it in the least expensive and quickest amount of time. Your home will probably be the most valuable possession you will ever sell and Mosman First National is here to help.
The role of the Real Estate Agent
The real estate agent's role is to help you achieve your aims in the most efficient manner possible. The agent acts as a market reporter, providing experience and advice on what the market may pay for your home and the most effective way of reaching potential purchasers.
When to involve a Real Estate Agent
The best time to involve the agent is ideally when you are making the decision to sell your property. Remember, you do not have to sign with an agent to take advantage of their advice. Once you've made the decision to sell, the sooner your property is on the market, the more opportunities you will have to sell. New buyers enter the market every day and yours may be just the home they are looking for.
Types of agreements
When you do decide on an agent, you will be asked to sign an Agency Agreement which will contain an estimate of the fees, charges and expenses you can expect to pay the agent when your home is sold. This is important because it will help you determine a proper budget for selling your house or unit. Before you sign any agreement with an agent, you should read it carefully and make sure you understand it and your obligations. There are several kinds of agreements and real estate agents will happily tailor one to meet your needs.
Auction or Private Treaty?
If you submit your property for auction this means that prospective purchasers will bid against one another at a date and time suitable to you. You can set a reserve price, which is the minimum you will accept, and once bidding has passed that level you know you have a sale as it will be unconditional and a predetermined deposit must be paid on the day. Sale by private treaty means that you set a price at which your property is to be marketed to the public through the marketing plan agreed to by you and your agent.
What is your property worth?
One of the major decisions to be made is the price to put on your property. It is vital that a sound, realistic strategy is provided in setting a price that can assure you of two things:-
Obtaining your asking price or very close to it; and
Getting the sale sooner. Through expert local knowledge, your agent can establish a realistic price for your home based on its location, age, size, features and market variables such as interest rates. The sale price of your home should be based on prices achieved recently for similar properties within your neighbourhood.
Pricing for the market
If your price is too high, you could shut off the most important ingredient of real estate selling - a constant flow of qualified prospective purchasers who are looking for homes in the price range you establish. In any buyer/seller relationship, it's normal for the seller to ask him or herself "I wonder if I could have asked for more?" On the other hand, the buyer may question whether he/she could have paid less. The professional art of negotiating for the best price is a skill that your agent should have mastered.
What's for sale?
It is important to determine from the outset what is to be included in the sale of your home. For instance, fittings and fixtures that are easily removed without damage, such as decorative light fittings, wall units and drapes are not necessarily included in the contract. It is important to make sure everyone is clear on what is included, particularly if it will add value and appeal, before your home is put on the market. Any exclusion needs to be written into the contact.
Reaching potential buyers
Selecting the best marketing plan to ensure your home is exposed to the maximum number of buyers is important in achieving the best price. However, expensive or extensive marketing is not always the answer; a smaller, well-planned campaign aimed at the right market can often bring the right result in a shorter time, especially if your home has features which will make it attractive to an identifiable group.
Your home on show
Whether by individual inspections or through 'Open Homes' set at predetermined times, here are some tips on how to maximize their effectiveness. - A tidy home says 'Welcome',
- Less is more!
- Repairs can make a big difference,
- Let the sun shine in,
- Make them comfortable,
- Silence is golden.