So, you’ve made the decision to sell your home. What do you do now? Here are some basic steps about the sale process to help you out.
Choosing your agent
In selecting an agent, be sure to ask them how they plan to promote your property, what costs are involved and why their plan is the best strategy to ensure your property sells for the highest possible price in the shortest period of time.
Your chosen agent should provide a thorough and precisely costed marketing plan designed to give your property the best possible exposure by using a suite of promotional activities. Signboards, web presence, home opens, buyer data bases, social media and press advertising are some examples.
Your agent is also a crucial resource in determining the most important aspect of marketing your property: deciding on a price. A good agent should be able to give you detailed and recent examples of properties that have sold in your area. They should be able to describe the difference between your home and their examples, and explain how those differences affect the asking price. Working together, you and your agent should be able to decide on a realistic asking price which is clearly intelligible to any potential buyer.
The next thing to consider before you come to market is the different selling methods available to you. There are three ways to sell:
- Private Treaty is the most common way to sell a home in WA. This is where you advertise your home for an asking price and then negotiate with the buyer through your real estate agent. When you reach an agreement on price and conditions, the sale proceeds to settlement.
- A variation on the above is an invitation for offers to be submitted by a set date. Similar to a sale by tender, this process can be referred to as Expressions of Interest, Set Date Sale or End Date Sale. Your agent will recommend a marketing period of between four and six weeks, with a determined end date. Interested buyers submit their offer before the end date for the vendor’s consideration.
- Auctions make up a small percentage of property sales in WA when compared to the eastern states. Auctions are a great way to sell if you have multiple buyers who are emotionally attached to your home, because they compete and push the price up. Auctions can limit buyer numbers however, as they usually only allow cash offers, which can preclude buyers who are subject to finance or subject to the sale of their own home.
When you’ve decided how you want to sell your property, the next decision is how you want to promote it. A solid marketing plan is essential to ensure all buyers active in the market get a chance at seeing your property so as to enhance competition between buyers. Your agent will guide you through the options available, and how appropriate they are to a property like yours.
Finally, spend some time working on your property to present it in the best possible manner before coming to market. Your agent can offer advice on what improvements you could carry out to expand