We know that selling your house is a major life decision. We also understand that you may be confused and have an endless amount of questions you need to be answered before signing the dotted line. Here are 5 of the most frequently asked questions our agents get asked when meeting with vendors.
1. AUCTION OR PRIVATE TREATY
This decision is entirely up to you as the vendor, however, we do pride ourselves on our unique auction events and our strong 4-week auction campaigns.
Private Treaty – This means you list your property at a price and those who place an offer have the chance to put conditions on the sale. It also opens you up to a bigger market, as the buyer has the chance to get their finances in order, rather than paying upfront. That being said, this method of sale is usually a longer process, compared to an auction method of sale.
Auction – Auctions, particularly in-room auctions take all the variables out of play. They are held at a certain time and a certain place, they create competition and urgency and they follow set terms and conditions. Essentially with an auction, you have three opportunities to sell your property: The first is before the auction, provided you are presented with a favourable offer. Secondly, under the hammer and finally, you have the opportunity to sell your property post-auction.
2. WHAT HAPPENS IF I DON’T SELL AT AUCTION
If the bids do not surpass the reserve you have a couple of options. Most of our vendors go straight into negotiation with those who have attended the auction and made a bid. Sometimes some conditions stop these bidders from going any further in the auction, so in this case, you may still achieve a contract on auction night (conditional). If you decide not to take the highest offer or to go into further negotiations with the interested parties you can place a list price on your property. In this case, the auction feedback may help you determine a price that the market sees the value.
3. WHAT IS THE IMPORTANCE OF ADVERTISING ONLINE?
With a large number of properties going live every day, you need to make sure your property is not missed. It is more important than ever to ensure your property appears on relevant real estate search engines. It is even more important that you appear on the first two pages of these online portals. Here at iThink Property, put marketing package includes premiere listing on both of these online portals to ensure that all our properties appear at the top of the search and is seen first by prospective buyers. According to realestate.com.au premiere properties receive an average 20 times more views and 9 times more enquiry than standard listings.
4. INVESTORS: SHOULD I SELL TENANTED OR TERMINATE THE CURRENT LEASE?
In most instances, another investor will buy your property and decide to keep the residing tenants, that’s not to say that you won’t get a buyer that wants to purchase the property for themselves. There are a few things to consider when selling an investment property. The first thing you need to do is to notify your tenants that you are selling and make sure you are aware of what rules and regulations apply to you throughout the sales process. The selling agent must also give the property manager a copy of an Entry Notice (Form 9) before entering the property. According to the Residential Tenanacies Authority, an open home or on-site auction can only be held if the tenant agrees in writing, so ensuring you have a good relationship with your tenants is vital.
Some tenants may get quite concerned about the sale of the property, so some ways to keep their mind at ease might be to:
- Offer an incentive: paying for any necessary moving costs, paying a week of rent, offering gift vouchers.
- Educate the tenant: ask the property manager to provide the tenant will all the relevant documentation and resources so they are aware of their rights during the process.
- Maintain frequent communication: the better the relationship you and your agent build with the tenant, the more likely the process is to run smoothly.
5. WHAT SHOULD I DO TO PREPARE FOR SALE?
Before selling your property, you should do the following:
- Assess the local market: Jump on Realestate.com.au and Domain and take a look at some recent and comparable sales. This will help you reach a price guide for your property. It will also give you an idea of how your property will appear online and how you should present it.
- Declutter: De-cluttering is something everyone puts off but this is a vital step in preparing your home for sale! Buyers want to imagine their own belongings in the property so it’s important to keep things tidy. Take baby steps and dedicate just 10 minutes at night to target one area, maybe it’s that pile of paperwork on the dining table which you haven’t gotten around to?
- Tackle the exterior: You want your home to look inviting from the outside and one area many homeowners forget about is the area leading to your front door. It’s a good idea to step outside your fence and ask yourself these question; is it somewhere that feels inviting? If this was a stranger’s home would you want to go in? Just a quick weed, trim and a regular sweep of the footpath can change the impression a potential buyer has before they even step foot inside!
- Address the smaller issues: It is now time for all the items you have been mentally noting over the previous months/years to be fixed. It doesn’t usually cost thousands to finish these things if you’re in the process of putting the property to market. It’s more about the motivation, so get out the screwdriver, grab a brush, invite your friend around (you know the tradie one) and get stuck into it. You will thank yourself later and the reclaimed love you have for the property will shine through in your presentation on the day!
We hope that clears up some of the questions you may have surrounding the sale of your property. If you have any other real estate related questions you would like answered. Feel free to contact us via our social media pages. We would love to help!