When selling a property, it is important to ensure that the agent you choose to represent you is the best for the job. Selling can be as much of a stressful and emotionally draining time as buying, so it is important that you have an agent you can trust and you do not feel you need to watch. The agent should explain to you every aspect of the sale, as well as all the ins and outs of the process. You need to remember that the agent is your representative, so you should know as much about them and their experience as possible. They should be able to provide you not only with an estimate of the property's worth but also a guide to what other similar properties in the area have sold for.
An important way to gauge their dedication to the sale of the property is the interest they take. They should ask you questions about the property that cover the history, renovations, special features and advantages, through to council rates and ultimately what sort of price you are actually expecting. It is always a good idea to shop around for an agent as you would for anything else. Do not let an over enthusiastic agent with high but perhaps unrealistic estimates sway you. While they might believe they can get a better price than another agent, it is the market that will actually decide what your property is worth.
At Henzells, we understand that there is a lot more to selling your home than simply placing a ‘For Sale’ sign in front of your property. Below, we take a critical look at the two major marketing strategies used in the sale of property i.e. Exclusive Agency and Public Auction.
Sale by Exclusive Agency
Your property would be placed in our hands as exclusive agents for an agreed period of time. As your exclusive agent we are committed to actively marketing the property for sale. Several marketing and promotional options are open to you, specifically designed to target buyers.
Under this arrangement the property will be promoted to the market with a predetermined asking price, however the terms of the final contract can be changed as a consequence of negotiations with the buyer.
You may consider this method suitable if you are not in a hurry to sell and are prepared to wait until a buyer comes along who is willing to pay the asking price. This being the case, you should consider the following;
- Placing a price on your home usually guarantees that the amount set will be the maximum price you will be likely to achieve. People often offer less, but rarely more!
- As a result of the unlimited time frame, there is little urgency placed upon potential purchasers to buy your property.
Sale by Public Auction
The sale of property by auction is widely recognised as the most effective and successful method of achieving a premium price for your property in the shortest possible time. This is achieved by the following:
- An auction advertising program is an impressive demonstration of your commitment to sell, with a targeted marketing campaign intended to saturate specific buyers in the market.
- Marketing without a price attracts an unlimited buying market – buyers will judge your property on its features and benefits – not price.
- The contract of sale will be on your terms. You, the owner, remain in control and the terms you set may include the period for completion, financial terms, or any other special conditions.
- An auction date creates a sense of urgency yet still allows purchasers ample time to complete their own inquiries and arrange finance. On the actual day of the auction each potential purchaser can clearly see their competition, which builds competitive biddings and ultimately exhausts market demand – resulting in a premium price.
At the conclusion of a successful auction, the purchaser is required to pay a 10% deposit and the unconditional contract of sale must be executed. The purchaser is then locked into the purchase of your property.
The presentation of your property is an important aspect of the overall selling process. We would like to offer you these simple tips for making your home more appealing to prospective buyers.
When preparing to sell your property:
- Tidy and clean the front entrance areas;
- Wash window curtains;
- Lighten dark areas to brighten your home;
- Make your home look and smell inviting with touches such as freshly cut flowers;
- Complete any obvious maintenance and repair prominent faults;
- Clean out storage cupboards to make the area more spacious;
- Remove excess clutter - have a garage sale or give away some unwanted items or store elsewhere;
- Arrange for your pets to be cared for by friends or pet motels; especially when inspections occur;
- Wash down and clean the external walls, windows, paths, garden edges and walls;
- If you have a pool, ensure that it is sparkling clean;
- Weed, replant, trim and re-mulch gardens; and
- Trim lawn edges and mow.