Steps to Selling Your Home
One of the most important decisions of your life
Selling your home, probably your greatest asset, is one of the biggest decisions you’ll ever make. It is also one of the most emotional periods of your life.
If you have decided to sell, it’s likely that you have been thinking about when you would like to put your home on the market, how you want to sell your home, and who may be able to help make a successful sale. You may also have an idea of how much it’s worth.
The following will help clarify those thoughts, and to make the process of selling your home a pleasurable and hassle free experience.
Steps to Selling Your Home:
1. HOW MUCH IS MY HOME WORTH?
One of the most important factors in selling your property is marketing your property at the right price. A good Real Estate agent has the experience and market data to ensure that you set the correct price, while aiming to maximize returns on your investment.
How can I tell if the price is right?
If the property is over-priced
Attracts fewer buyers
Takes longer to sell
Turns buyers off as they can get better value elsewhere.
Price may have to be adjusted to reflect correct market forces, thus running the risk of selling for less than what could have been achieved if priced correctly at the start.
If the property is under-priced
Makes potential buyers wonder what is wrong with it
May sell quickly but not at the best price
Attracts bargain hunters with low offers
2. WHO SHOULD I USE TO SELL MY HOME?
The person representing you and your home must place your needs first and be a professional in every sense
Have a great marketing strategy
Great negotiation skills
Must be Motivated and Passionate
Have a Strong Desire to Succeed
3. SELECT AN AGENT AND SIGN THE LISTING AUTHORITY
The Listing Authority will give your chosen agent the authority to act on your behalf in representing your property during promotional period and during selling period. If you choose not to sell for any reason prior to accepting an offer, you may take your property off the market at any time. If you choose a Fully informed, Full House Agent, we will start the processing.
At this stage your agent will prepare all the necessary legal documents – you, the vendor will need to supply the prospective purchaser with a vendor’s statement, also known as section 32, which we can arrange to be prepared on your behalf by a legal representative. We can also start the marketing campaign. If you agreed, a sign will be erected on your property, advertisements will be given for your approval and the marketing campaign will be discussed in detail.
A day and time is arranged with you to take the photos for marketing. Please let us know if there is a preference for time of day photos are taken or any areas of your home you would like us to focus on with the photography. We will arrange for a professional photographer to take the photos, with specialist equipment to enhance the look of your home for marketing.
6. MARKETING – Understanding the market
All potential buyers registered on our database are contacted and notified that your home is for sale.
Target markets are identified, who is likely to buy your property and how best to tailor your advertising dollars to attract them. Market conditions will also form a big part of tailored advertising, and understanding the current Real Estate market is essential.
Understanding the market
Once you have decided to sell, you need to make some essential choices. But you can’t make the correct choices without an understanding of the market.
The property market is cyclical, and it is helpful to know what stage of the market we are in, at the time you are selling. Knowing the current market conditions gives you and indication of what type of properties are selling, how quickly and for how much.
There are distinct sets of market conditions.
The number of properties on the market is greater than the number of buyers
Properties take longer to sell
Prices are stable and sometimes will fall.
Buyers often dictate the selling price.
The number of buyers exceeds the number of properties for sale.
Properties sell faster and prices generally rise.
Sellers can hold fast on the selling price.
Even number of buyers and sellers
Prices remain fairly constant.
Buyers take longer to consider a decision.
7. INTERNET ADVERTISING.
Your property is loaded onto the following websites.
www.realestate.com.au (most popular website that every prospective buyer visits!)
8. FOR SALE OR AUCTION SIGN ERECTED – the silent agent
Distinctive “FOR SALE” signage is displayed on your property.
9. CLASSIFIED ADVERTISING
Advertising is arranged for the local paper, home opens arranged at your choice and all marketing options are discussed.
10. BUYER INSPECTIONS
We will arrange appointments with you to show prospective buyers through your home. Once the inspection is complete we will report back to you with the buyer’s comments, both good and bad, so you are fully informed of the markets response to your home
11. FOLLOW UP
All potential buyers are contacted to assess response. Once our micro-marketing and electronic marketing has commenced, we follow up on all generated leads. We may receive an offer.
12. OFFER IS MADE AND NEGOTIATED
When an interested buyer if found they may make an offer in writing. This is one of the most exciting parts of the process, but it is a potential minefield your agent will help you through. You will need to consider offers and their various components:
A deposit (your agent will advise on a suitable amount) shows the buyers intent or good faith. It is usually paid within 3 days of acceptance. If you have a conditional offer any deposit will be returned to the buyer if the conditions cannot be met.
Chattels are items that are generally fixed on the property and include carpets, light fittings, stove, dishwasher, blinds, curtains, fixed heaters, TV aerials, garden sheds, and clotheslines. Some BBQ’s and pool cleaners may also be classified as chattels so make sure your agent goes through all of these with you.
These are requirements that must be met before the sale is complete. The most common conditions are.
Subject to finance being approved.
Subject to the sale of the buyers property.
Subject to a builders structural report.
Subject to a timber pest inspection report.
Discuss very carefully with your agent the details of any offer before accepting it. Once all the conditions of the offer have been met the contract becomes unconditional
Your agent will negotiate an offer with a potential buyer on your behalf. The key to getting the best price rests with the skill of your agent. The difference between effective and poor negotiation could amount to thousands of dollars. Once the potential buyer makes their offer, your agent will present it to you. You should assess each part of the offer, taking careful note of any conditions and either counter offer, or accept or decline the offer.
14. SIGN THE OFFER
With your approval on the price the offer would be signed to confirm the sale.
15. UNDER OFFER
While the conditions of the offer are being met, your property is off the market
Your property attracts the right buyer, the right price and you can move on with your future plans. Sold sticker is placed on our board, solicitors or conveyances are supplied with all fully signed contracts and section 32, and the property is awaiting settlement.