Selling Your Property

The preparation you put into getting your property ready for sale can be the difference between getting a standard price and a great price. The best part is, it’s not hard, time consuming or expensive. Whatever your motive for selling, the process can either be stress free or tense and disappointing. The good news is that you have the ability to choose. There are four factors that will influence the outcome of any sale.

Timing

Buyers for a property can be found all year round however it’s not often that a purchaser for your home is out there, just waiting for you to put your home on the market. Timing, presentation and advertising are all required to bring buyers and sellers together for the best result. Spring is often considered to be the best time to sell. It’s a time of optimism and with the weather clearing, more potential buyers will be out and about. It is also a time when more sellers will put their homes on the market so there will be more competition. Winter usually presents fewer buyers, but the buyers are usually more focused on purchasing and traditionally there will be fewer homes on the market to choose from. Prior to placing your home on the market, allow an additional two weeks to prepare both the property and the marketing material.

Presentation

Buyers for a property can be found all year round however it’s not often that a purchaser for your home is out there, just waiting for you to put your home on the market. Timing, presentation and advertising are all required to bring buyers and sellers together for the best result. Spring is often considered to be the best time to sell. It’s a time of optimism and with the weather clearing, more potential buyers will be out and about. It is also a time when more sellers will put their homes on the market so there will be more competition. Winter usually presents fewer buyers, but the buyers are usually more focused on purchasing and traditionally there will be fewer homes on the market to choose from. Prior to placing your home on the market, allow an additional two weeks to prepare both the property and the marketing material.

Methods of Sale

Selling via Private Treaty

A standard residential property transaction is known as a Private Treaty sale. This is when you set the price you would like your house to sell for, and your real estate agent negotiates individually with prospective buyers to achieve a sale as close to this price as possible.

Pros

  • There are many advantages to selling via private treaty, these include: Greater flexibility for negotiation. For instance, a contract can be signed “subject to” certain conditions such as a building inspection or finance approval.
  • Flexibility regarding the length of time your home is listed for sale: unlike an auction, you are not working towards one specific date.
  • Cost savings on the marketing and promotional expenses of an auction campaign.

Cons

  • It may take longer to sell your home compared to an auction campaign.
  • You might need to make your home available to prospective buyers for frequent viewings and inspections.
  • If you or your agent mis-price the market, you might list below the property market value, meaning you lose money or if you price it above the market value, your property might sit empty for weeks or months, generating little interest.
  • The most common method is where the seller advertises the property and invites offers from prospective buyers. The buyer and seller negotiate the sale, usually with the assistance of an agent. The sale is concluded with a written contract.

Selling via Auction

An auction is when prospective buyers gather to bid on your property. The highest bidder at the end of the auction becomes the successful buyer, provided the bid matches or exceeds your reserve price. A sale by public auction is arguably one of the most exciting, effective and rewarding methods of buying and selling real property

Pros

There are several advantages to selling your property via auction:

  • An auction involves a three-pronged marketing push, as the vendor has the opportunity to sell their property before auction, on the day of auction, or in the event the property is passed in, directly after auction.
  • You have the ability to set a reserve price and a settlement date to suit you.
  • A written marketing plan with pre-agreed appointment times enables the sellers to arrange their lives during the lead up period.
  • The auction process by its very nature creates a sense of urgency; buyers have a definite time frame in which they must act.
  • The auction process encourages competitive bidding, which means there is no price barrier.

Cons

Before you sign on the dotted line for a comprehensive auction campaign, you need to be aware of the cons:

  • In general auctions have a more expensive advertising campaign than private sales, with a $5,000-$10,000 average minimum budget.
  • If the property does not sell, the vendor is still responsible for paying the advertising costs from their own pocket.
  • Your agent may pressure you to dramatically reduce your reserve price during the high-pressure environment of an auction, in order to the make the sale.
  • The auction process may not suit private people who are uncomfortable having their home publicised across the internet and other advertising media.
  • Both methods of sale have been working effectively for vendors for many years
  • Your real estate agent will be able to offer you more advice on which method is most suitable for you and your property.

Sale by Tender

A sale by tender invites competitive tenders from potential buyers where all the offers are considered at a specified time. This is becoming increasingly common.

Get in touch

Shop 37A, Benowa Gardens Shopping Centre
203 Ashmore Road, Benowa QLD 4217

Phone 07 5570 3300

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