Sell Your Home Like a Professional Agent
Selling your property yourself doesn’t mean you can’t do it like the pros.
You’re about to embark on a seriously rewarding journey. By selling your house yourself, you’re removing the middleman. You’ll no longer need to deal with the stress and anxiety of not knowing what an agent’s true motives are. If you’ve ever sold property using an agent, you likely asked yourself questions like: ‘are they telling me to drop my price because they want a quick sale?’ or ‘is a $7,000 marketing campaign really necessary?’ or ‘are they just maximising the opportunity to promote their brand?’
Well, friend, now you’ll never be left wanting because you are your own agent, and you always have your best interest at heart. Plus, when it’s all said and done, you’ll have saved thousands of your hard-earned dollars by paying absolutely $0 agent commissions.
Private real estate companies, like us at buyMyplace, give you the tools and support you need to sell your property like a true professional. You will have all the same advertising opportunities as agents do, but this time you’ll be in control of the entire process.
Selling your property is all about strategy. We’re not saying it’s a walk in the park, but it’s certainly easier than you think! Think of the last product you purchased. How did you know about it? Why did you buy that particular brand? Someone, somewhere, was given the task of selling that product to you and, thanks to their well-planned strategy, it worked.
Now it’s your turn to sell a product: your home. Trust us when we say there’s no one more qualified for this job than you. Why? Because you know the ins and outs of your property like no agent ever could. You know the sunniest spots in the garden, the most light-filled room in the house, and the best spot in town to get fish and chips. That exclusive knowledge is exactly why buyers enjoy dealing directly with you, the owner.
Painting the Picture
Here’s something agents don’t want you to know: creating a marketing campaign to sell your home isn’t rocket science. If you have a computer, a mobile phone and access to the internet, you’re set! Besides, help is always within reach if you need it.
The first thing you’ll need to consider when devising your selling strategy is time to sell. How urgently do you need to sell your property? Do you need to sell it A.S.A.P or are you comfortable with your property selling within the market average of up to 90 days? If you’re in a rush, then you may want to consider selling by auction, as you’re more or less guaranteed to sell by a specified date.
Otherwise, you will create a marketing campaign to advertise your property, just like any professional real estate agent would. Lucky for you, this is where private real estate companies like us come into play. We’ve created a variety of marketing campaigns to choose from. All you need to do is decide how much professional help you need.
Nothing in Life is Free
We know it, you know it, and your potential buyers know it too.
The goal of selling your property should be coming out the other end with a smile, happy with the result. The key is…(drum roll please)… setting realistic expectations. One of the biggest complaints we hear from home sellers and buyers alike is when properties are under or over quoted. Take the time to determine a fair and realistic sale price for your property before you hit the market.
There are plenty of online resources available to help you conduct research on your local market’s going rate. Websites like www.onthehouse.com.au offer instant online valuations, plus a measure on the accuracy of their estimate. At buyMyplace, we provide our vendors with access to Comparative Market Analysis reports powered by Core Logic, which provide market-based estimates to guide you in determining your property’s value.
In-field research is another great way to gauge how to price your property for sale. Find out what properties are currently on the market in your area and see what they’re quoting. Attend a few inspections to find out how much interest there is and listen to what people say about the price. If you don’t feel comfortable doing it yourself, you can purchase a detailed market appraisal and be on your merry way.
The Law is the Law
Now, as much as we know you’re capable of anything you put your mind to, the legal aspect of selling property is something you shouldn’t do without a professional’s help. Unless you want to go back to school for 2-3 years, of course? Yeah, didn’t think we’d have any takers.
The process of buying and selling property in Australia is regulated by state legislation. Although specific details may differ, the same general process applies whereby the property owner prepares a Vendor’s Statement – a series of legal documents outlining certain disclosures, representations and warranties.
The other important document you’ll need to prepare is a Contract of Sale, which outlines all agreements between the buyer and seller. FYI for all of you who live in New South Wales, it’s mandatory that your Contract of Sale is prepared before you place your property listing on the market.
And, let’s not forget about the money! The ‘holding deposit’ is paid at the time of sale and is held by your conveyancer in at trust account until your final settlement date. Oh, and always remember to seek legal advice before you sign anything.
Failing to Prepare is Preparing to Fail
It’s a well-worn cliche, but first impressions count, especially when it comes to real estate. Since you’ll have followed all of our advice as above, when it comes time for you to host Open for Inspections, you’ll have hundreds of potential buyers lining up at your door.
Open for Inspections are scheduled in advance, which gives you plenty of time to prepare. All you need to do is think like a buyer! If you’re selling a property, we’re willing to bet you’re looking to buy one too, so this shouldn’t be too tough, right?
Make sure your property is displayed at it’s best. Get your hands dirty and put on your gardening gloves, pick up a paintbrush and give the fence a once-over. Clean your home like it’s never been cleaned before. We’re talking scrubbing bathroom tiles, washing walls, and deep-cleaning carpets.
On the day of your inspections, open all the windows to let the fresh air and sunshine in. The aim of your game is to give potential buyers the opportunity to envision their lives in that space. Do that, and we promise your hard work will pay off.
Driving a Hard Bargain
At this point, your Open for Inspections were a huge success, and now you’ve got offers coming in left, right, and center. You’ll be able to use common sense to narrow your offers down to a solid 2-3 bidders. However, if you need some advice we’ve got you covered.
We understand negotiating the price of your home can seem daunting. However, if you prepare yourself in advance it can be a walk in the park.
Take time to reflect on the absolute lowest price you’ll accept. This will help guide you in knowing when to walk away from an offer. Think of the questions you might be asked by home buyers, such as ‘how long do you want the settlement period to be?’ or ‘why is your property priced higher than the one down the street?’ Have confidence in your ability to have these conversations. After all, negotiating isn’t about arguing or disputing, it’s about having a conversation and coming to an agreement.
After All is Said and Done
After negotiating with a few buyers, hopefully, you’ll have found “the one”, your buyer. Congrats! Now it’s time to talk settlement.
The settlement period is the final stage when both you and your buyer officially seal the deal. It is the final exchange when your buyer pays you for your property in full, in exchange for the title deeds, and of course, the keys. How exciting!
Remember, before your settlement becomes official your buyer is entitled to a Final Inspection, which usually takes place within 7 days of your settlement date. Be aware that this is their final opportunity to ensure your property is in fair condition before signing their life away. If they find an issue that needs last-minute fixing, be prompt in resolving the issue and book another inspection. Besides, if your settlement falls through, most private real estate companies (like us) let you relist your property at no extra cost.
Once everyone has signed the dotted line, pop open the champagne bottles and get the party started! You’ll deserve every ounce of happiness, pride, and accomplishment you feel. Congratulations, you’ll have just sold your very own property and saved thousands of dollars in the process.
What’s next? Plan your reward! But we’ll leave that one up to you…