Selling Your Home
Here’s our guide to the step by step process of selling your property to help you get ready to list your home.
1. Be prepared
After making the decision to sell, but before contacting an agent, Bunn recommends vendors “de-clutter, tidy up the garden and get the property as close to “open home ready” as possible.
“Think about when you want to sell, how you want to sell and anything you’ll be looking for in an agent.”
2. Choose an agent
To help choose an agent, attend open for inspections and observe, Bunn says.
“Ask agents questions about price, levels of interest and how they believe the market is tracking. Provide your details, but don’t admit you’re thinking of selling. See which agents call you back. These are the harder working, more successful agents,” he says.
“Research which agents are getting results locally; look at their track record,” he says.
Also, pretend to be a buyer.
“Email a few queries and see how they respond.”
Vendors should choose an agent they’d want to buy through, Gill says.
“It’s a personal relationship, so go with an agent you like, you can trust and believe has the skills to get the best result for you.”
3. Pick a sale method
Next you’ll decide how you want to sell.
“Think about what you feel comfortable with, but be prepared to listen to what your agent recommends,” Bunn says.
“Auction is frequently the method of sale that achieves the best result in the minimal time, but the market dynamics must be suitable and you must be prepared to invest in comprehensive marketing.”
He says private treaty “doesn’t give the vendor an advantage and takes longer, statistically-speaking”.
4. Set a selling price
You and your agent will work out a plan for listing, showing and selling your property.
Bunn says it’s important to price correctly, “as the market can be extremely unforgiving with overpriced listings.”
To set a price, vendors should do their research on local sales.
“That’s easy, with so many websites offering recent sale prices. Combining your knowledge with that of your agent’s current market analysis,will lead you to an accurate, realistic expectation.”
“The purchaser hasn’t yet experienced the benefits of living in your home, so you can’t assume they feel the same way about it as you do. The best way is to look at comparable properties in and around streets near your home, within a similar distance to amenities.”
When it comes to what is included in a sale, the standards are fixed floor coverings, light fittings and general fixtures, like window coverings.
5. Review the agreement with agent
Read the agency agreement being offered by the agent and be prepared to ask questions, Bunn says.
“If you want to amend a clause, ask before signing. Typically, the main points of discussion are around if the agreement is exclusive or non-exclusive, the length of the agreement, how the agreement will be terminated, the selling fee and any other fees, such as marketing or administration,” he says.
The agreement also specifies the agent’s estimated selling price.
6. Prepare vendor’s statement
Now you must prepare the Vendor’s Statement (section 32) for your property.
A vendor’s statement – also known as a section 32 – explains to buyers the crucial things they should know before buying the property. They are prepared by a legal practitioner or conveyancer.
The statement covers things like whether a mortgage is held over the property, any covenants which would restrict what you can do with it, any easements to which the land is subject (drainage, rights of way, or power lines for example), council zoning and associated declarations.
7. Market your property
“You can’t sell a secret,” Gill says. “If you want to ensure you’re getting the best result, you must advertise in a number of areas – the number one is through the internet. You need the best photos, great copy-writing and great presentation.”
Bunn says a good campaign should consider a property’s target audience.
“This may be strictly local, national, or even international, depending on the type of property. Consequently, your marketing should aim to reach all possible interested parties within a reasonable timeframe and embody traditional and digital elements, plus good old-fashioned agent’s skills,” he says.
“When showing your property, it should be presented as a showroom. Talk to your agent about presentation for recommendations about how to showcase your home to ensure your target market falls helplessly in love.”
8. Go to market
Once on the market, some vendors move out, Gill says.
“It’s up to the individual, but if you’ve got small children, it can be difficult to keep a house presented well for a three to four week marketing period, so some vendors move out completely. Not everyone has that luxury though.”
A good agent will give vendors a detailed schedule of events for the campaign, so they know in advance what is happening when Gill says.
9. Sell! Sell! Sell!
sales
A great agent will negotiate for the best price.
When it comes to actually selling and negotiating price, vendors should trust their agent, Gill says.
“It comes back to choosing the best agent, who has the right skills. If you have the right agent, you should have complete faith in them to get the best result for you.”
10. Under contract
At auction, if the reserve price is met, the highest bidder is the buyer of the property, unconditionally.
With a private sale, the buyer has a three-day cooling off period.
You should also prepare the contract of sale through your solicitor or conveyancer.
11. Settle
“Settlement” is the final stage of the sale, when the buyer completes the payment of the contract price to the vendor and takes legal possession of the property.