Sell

Seller Tips

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Most Real Estate Agents would like to be involved in Selling your home and you probably receive a newsletter every month just to inform you that the Agent is active and sold 1000’s of homes in your area. In our opinion, an Agent should reduce your expenses during the marketing process and increase your market exposure so you can achieve the highest price and maximise PROFIT. Most buyers are looking to meet a certain budget and the savvy Purchaser will wait for a period when the market is seasonally quieter i.e. Christmas to February & June to September.

We often talk about ‘marketing your property’ when we’re discussing advertising with you. In essence this is only 1 principle out of 4 from the ‘marketing mix’ proposed by E. Jerome McCarthy in 1960 being Promotion. We at Ray White Gordon/St Ives have adopted the 4 P’s classification (Product,Price, Place, and Promotion) that make up the 1960’s Marketing Mix as part of our Sales service. Below is the adaptation of the mix in relation to Marketing your property:

PRODUCT: Your PROPERTY, which is an asset class that is tangible (you can touch and feel it) therefore you should know every detail before selling it. Your location, land and building make up most of your property’s value (in general), the rest are improvements, fixtures and fittings which can add value. You can also redevelop or refurbish to add more bedrooms to further enhance the value of your property. In an ideal world a Purchaser will inspect and fall in love with the characteristics that make your property unique and may over capitalise to secure that dream. So the more you know about your Property Interest the better equipped you are to exploit the positives and make aware the negatives so that the Purchaser is well informed and can make a confident offer for your Property. Building and Pest inspections should be carried out by an independent contractor. We at Ray White Gordon / St Ives understand that you are not property professionals, so we now provide a Marketing Assistance form so that we don’t miss any important details that can add value.

5 easy steps for presenting your house for sale:

Paint: a fresh coat of paint in those dull areas of the house is a very cheap and easy solution for a quick freshen up.

Handy man: Its time to fix up any leaking taps, stuck doors etc. Making sure the house is in good working order makes a lasting impression.

Clutter: Pack up and store all personal items or ‘clutter’ from around the house. This creates more space and a clean modern feel.

Carpet or Floor boards: Make sure carpet is steamed cleaned or replaced if needed. Worn and tired floor boards can look amazing with a simple sand and polish. You’ll be pleasantly surprised how much of a different new flooring can make to the aesthetic appeal of your home.

Spring clean: Last but not least make sure your house is immaculately presented, remove all dust, mould and dirt from your house. Having a fresh bunch of flowers around the house for open houses always acts as a warm invitation. A property stylist can improve the appeal of your property by enhancing its appearance.

ALSO…..

The Contract for Sale should be prepared by your solicitor or conveyancer with all the essential terms and conditions. In NSW the law requires that a contract be available for inspection prior to the Property being offered for sale.

A certificate of compliance should be obtained from the Local Council if you have recently undertaken major building works.

It is advisable to have a survey of the land and buildings available if required when selling a property.

If there is a current lease, check the expiry date and termination requirements and advise your Solicitor.

Make a note of all the inclusions. That is, everything that will be included in the purchase price and remaining at the property after completion. Standard items include light fittings, floor coverings, curtains and blinds. These can also be excluded if you prefer but it should be noted in the contract for sale.

Call / Email one of our Sales agents to discuss this process with you.

PRICE: To determine the selling price an agent will have to first provide a Market Appraisal (based on comparables and Market conditions) and discuss with the Vendor a realistic price that the property can achieve when placed on the market. A good agent will give you a realistic price based on the ‘Highest and Best Use’ of the property and follow it up with examples and strategies of how to achieve the price and beyond. When determining the price you will achieve in the market consider how a Valuer would determine the Market Value [1] which is defined as:
“the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion.”

Agent’s do Not provide valuations but an appraisal which is a range / estimate of a selling price. We should however be mindful of what a willing purchaser would offer your property.

PLACE: represents the location where a product can be purchased. Most property Purchasers will visit a Real Estate Agency or deal with a trusted real estate brand that has training, experience and a redress scheme (Complaints / Customer service department). We have found that there are a lot of Walk-ins even with technology available. These days many other Agencies don’t have shop fronts and rely on phone & email enquiries rather than walk-ins. With technology becoming more accessible by people, Internet has become a popular and convenient platform for Purchasers to explore and this has resulted in a lot of non-retail real estate agencies (Agencies located in Office accommodation) being created. By placing your property with an agent that has no shop front, you will be limiting your exposure to the Market. We at Ray White Gordon/St Ives are a Franchise of RAY WHITE TM – Australasia’s most searched real estate brand[2] and we do have a shop front for customer walk-ins. This makes it an obvious hunting ground for any Purchaser looking for property throughout Australia.
PROMOTION: is the process where you communicate your property to the ‘Target Market’. Anybody can advertise everywhere and you probably will reach your target market and spend a lot of money. So strategy and identifying your target market early could save you some money in advertising expenses and probably bring more purchasers to the Auction room or negotiating table. From research carried out at our Open for Inspections, we have seen the Internet enquiries and use outgrow print media i.e. Local and National papers. Therefore a better online presence will greatly enhance your property’s ability to capture the target audience’s attention. There are other forms of communication like word of mouth, magazines i.e. (WHITE Magazine) data basing, letter box drops, Signboards and Editorials that will get the message out there at a fraction of the cost, as well. We have come up with an Advertising schedule that provides you with the most up to date pricing, availability followed by the amount of people that will view your property i.e. Impressions.
Once you have chosen your strategy develop your property’s image, as this could have an impact on value. We have a team that develops brochures, creates Internet and Print adverts, signboards, floor plans (2D or 3D), virtual tours and Amazing photos / Artists impressions. When it comes to Promotion there is no better team that can competently achieve a record price and save you money.

When choosing YOUR selling agent, ask do they have:

  • A reputation as a professional which can competently market your property.
  • Is up to date with all the latest promotion tools – Print and Multimedia.
  • Makes sure YOUR best interests are in mind (highest possible price), the agent should treat every single clients home for sale as the most important one in the shop window.

When selecting an agent, formulate a list of the questions you will need to ask your shortlist of prospective interviewees i.e.:

  • What is your experience as a real estate agent?
  • Are you employed full time or part time as an agent?
  • How long have you worked this particular location?
  • How many property sales were you involved with last year?
  • Do you normally represent buyers or sellers?
  • How many properties do you currently have listed?
  • How many prospective buyers approach you?
  • What do you perceive your personal strengths are as a real estate agent?

[1] IVSC (International Valuation Standards Committee)

[2] Google insights