Selling your property is a decision that should be carefully considered and well planned. There are several important steps you should follow to assist in the sale of your property.
Prepare your property for sale.
If you decide to employ an estate agent or do it yourself, you should make the effort of presenting your property in the best possible way. Simple things like keeping your garden well maintained, de cluttering inside and out, repairing broken windows, fences, lights and leaking taps will all help to create interest from potential purchasers. You may even decide to undertake a more comprehensive renovation by replacing floor coverings, light fittings, kitchens, bathrooms, patching and painting interior walls throughout which should significantly increase the final sale price.
Determine your selling price and terms of sale.
In order to sell your property, you must have a realistic expectation of the value of your asset. You will be wasting your time if you try and sell your property for a price that is well above market value. In order to determine an achievable price for your property you will need to research similar properties in your suburb which have recently been sold. To give yourself the best idea of the state of the property market in your area you should;
- Attend auctions
- Seek out auction results in newspapers and websites.
- Research recent sales results
- Search real estate websites for statistics (i.e. median house prices, clearance rates)
- Talk to local estate agents and property professionals
Taking some time to research will give you an indication of what your property may be worth. As well as the asking price you should consider the settlement terms you would like to achieve.
- Deposit: 10%
- Settlement: 30/60/90 days
Prepare sale documents
The next step in the process is to instruct your lawyer or conveyancer to prepare the following documents.
- Section 32 (vendor statement)
- Contract of sale of Real Estate
It is important to understand that under Victorian legislation a purchaser must be given a signed section 32 (vendor statement) and acknowledge receiving this document before signing the contract of sale. Having these documents ready to provide to potential purchasers will avoid delays when they are ready to make an offer. If you have negotiated a purchase price and settlement terms acceptable to both parties a vendor statement and contract of sale must be signed, and a deposit provided for the agreement to be binding.
Prepare your advertising
When your property and all relevant documentation is ready, the marketing can now be prepared. A comprehensive marketing campaign should always include Professional photography, floor plans, Internet advertising, Signage and Brochures.
Now that your property is looking as good as it can it is time to get some photographs. It is important to understand that the first impression that a potential purchase will have will be from the internet advertising and the images contained within that listing. So, it is critical that your photographs present your property in the best possible light. Having your property professionally photographed is a very important part of the marketing of your property and will help attract potential purchasers to take the time to come and see your property. It is important to understand that there are many listings on the internet and if your images are dull and uninspiring potential purchasers will skip straight past your listing. We will arrange a professional photographer to attend your property and when the images are available, we will upload them straight to your listing. These images will also be used in the production of an advertising brochure.
A detailed floor plan should be part of a comprehensive marketing campaign as it provides interested parties with information, they need to make an informed decision about the suitability of a property and if it will meet their needs.
In the past people would look through newspapers or visit local real estate agents to find property for sale or lease. Internet advertising is the way potential purchaser and tenants look for property today. There are many real estate advertising websites on the internet today however saleorlease.com.au provides property owners with a variety of options from a basic “Do It Yourself” package to a full-service package. Our high-quality user-friendly website interface incorporates features including Google maps/street view/navigation, large image slideshow, local amenity guides, property descriptions and much more.
Place a For Sale sign in a visible place at the front of your property with contact phone number and www.saleorlease.com.au web address where they can find details of your property.
Directing people to www.saleorlease.com.au where they can find detailed information about your property can save you time and will give potential purchaser the information they need to decide if your property is right for them.
As part of our service we product a high-quality advertising brochure to be provided to everyone who inspects your property. This will help people remember the features of your property when short listing properties they are interested in pursuing.
Open for inspections
Once your marketing is in place you will then need to organise times to open your property to the public. When you have chosen suitable times (generally weekends) you can include this in your internet advertising. During these open for inspections remember to talk to people who are inspecting your property to get their feedback. Even if they are not interested in buying your property you should still try to understand the reason behind their lack of interest as this will give you suggestions on how you can improve your property. It is important to remember that everyone is not going to appreciate your property as much as you do so when you get negative feedback you should not consider this as helpful advice.
Receiving an offer
If someone likes your property but is still concerned with your asking price, encourage them to make you an offer, this must be in writing to avoiding misunderstandings.
Offers should include the following details,
- Sale price
- Deposit (10%)
- Settlement terms (30,60 or 90 days)
When you have negotiated a sale price and settlement terms you are satisfied, with you will need to either complete the contract of sale or meet your purchaser at your solicitor’s office to complete the contracts. When the contracts are signed and you have received your deposit and the balance on the settlement date, you have completed the sale transaction. There may be a negotiation process involved. If the property you are interested in is going to auction then you must have your finance and deposit ready for the auction date and set your limit before bidding commences and if the property surpasses your limit then you should not make any more bids. When you have reached agreement on terms, or you are the highest bidder at an auction, you can proceed with signing a contract of sale and providing the deposit. If you are successful at auction, then you must provide the 10% deposit immediately and there is no 3-day cooling off period. The balance must be paid on the settlement date specified in the contract of sale.