Real Estate Sellers FAQ
Selling your property is always a pivotal moment, as rarely do you have the opportunity to release such a sizable equity in selling your home or investment property (it may well be one of the biggest financial decisions you may ever make). Feel free to contact Mark or one of our team members to understand the advantages and pitfalls. Here’s some answers to a few commonly asked questions:
Do I need to employ an agent?
No, you can sell the property yourself and there is a growing number of portals which assist you to do so. However, there are many distinct reasons why less than 2% of all sales in Perth are conducted by owners. Employing an agent eliminates a lot of the risk and worry from selling your property!
What should I do to prepare the property for sale?
Quite often there’s simple, cost effective and efficient way to prepare your property for sale. For a thorough guide, download our helpful Property Presentation Planner tips HERE
When I list the property for sale, how long will the listing contract to sell be?
Usually a minimum of 90 to 180 days. This will cover preparing the property for sale, marketing the property, accepting an offer, allowing a contract to become unconditional and proceeding towards settlement.
Do I need a sign at the front of the property?
Obviously the more people who know that your property is for sale, the greater chance of obtaining multiple and higher offers. Who knows better the benefits of residing in your location than your immediate neighbours, whether they be tenants or owners. Due to certain privacy situations, some clients prefer not to have a sign. It is certainly preferable to have a sign, but not mandatory.
Do I need to have a home open?
Similar to a sign, it’s preferable but not mandatory. Failing home opens, inspections by appointment at specific days and times may work just as well. However, it’s often surprising the number of people that wander through a house without making an appointment and end up liking, buying or referring your property to family and friends, all because they casually walked in through a home open.
Home opens for the first few weeks of a new listing are generally extremely beneficial.
Do I need to be present at inspections?
It is preferable that you are not. Everything is done to make the buyer viewing the property feel comfortable and unrushed in an inspection (sort of feeling at home ). The longer a buyer tends to linger in your property, the greater chances we have of securing a sale. With more emotion involved typically a better price is achieved through the negotiation process.
When do I need to move?
If it is your principal place of residence you need to hand over the keys no later than midday the day after settlement. This sometimes can be a logistical problem coordinating buyers and sellers as they clean, and move their belongings and furniture. Speak to your agent for confirmation.
Do I require a settlement agent?
It is strongly recommended that you seek the services of a reputable professional to assist in the process of signing all documentation, preparing land transfer documentation, liaising with your bank to discharge your mortgage, pay the funds and to be there to troubleshoot if something steers the settlement process off course.
Law of averages, one in three settlements have some form of a glitch.
Negotiating the offer;
Generally (and probably just the same as when you purchased), there will always be some upside or latitude in the initial purchase price. Depending on how long the property has been on the market, and what your agent’s feedback is in relation to other interested parties, it could very well be that you are able to counter offer not only the price, but maybe the terms and conditions i.e. a shorter settlement period, cash deposit to be released to you, rent back the home etc. Remember everything is up for negotiation and having a professional negotiator on your side should assist invaluably in obtaining the very best deal for you and your property.
Promoting and marketing the property;
The more people that know that your property is for sale, the greater the chance of securing an offer higher and more swiftly. Marketing used correctly should elevate the opportunity of having multiple offers on your property which can increase your selling price. Spending money on promoting your property via the internet, print advertising, signboard, circulation to databases and neighbours is paramount. Just as is professional high-grade photos, video and drone footage to ensure more active engagement by potential purchasers. Note: videos are opened ten times more often than photos when marketing your property online, so the extra cost is well justified.
Marketing and promoting your property is the opportunity to give it a real wow factor to stand head and shoulders above all the other competition. Speak to your agent about the best and most cost-effective ways of maximising your exposure.