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Selling a Property

Having decided to sell your home, you can expect to spend at least several months taking the following steps:

  • Preparation:
    1. Appoint an Agent: Select a reliable real estate agent to guide you through the process.
    2. Financial Arrangements: Discuss with your lender how to pay off your mortgage.
    3. Sale Method: Decide whether to sell your property at auction or by private sale.
    4. Set a Price: Establish a reserve or sale price based on market conditions and advice from your agent.
    5. Open for Inspection: Prepare your property for potential buyers by cleaning and making necessary repairs.
    6. Negotiations: Handle offers and negotiate the final price with potential buyers.
    7. Contracts: Exchange contracts to formalize the sale agreement.
    8. Moving Out: Plan your move and ensure all necessary steps are taken to transition smoothly.

    Role of a Real Estate Agent: Agents aim to sell your home quickly and for the best price possible. Their services include:

    • Advising on Price and Sale Method: Provide an estimate of your property’s value and recommend whether to sell by auction or private treaty.
    • Advertising: Market your property through various channels to attract potential buyers.
    • Showcasing: Arrange viewings and open houses to present your home to interested buyers.
    • Negotiating: Facilitate negotiations between you and potential buyers to agree on the best possible price.
    • Facilitating Sale: Guide you through the process of exchanging contracts and finalizing the sale.

    Choosing an Agent:

    • Trust and Credibility: Ensure the agent is a member of the Real Estate Institute (REI) for assurance of professional standards.
    • Agent’s Commission: Compare quotes from different agents, considering what services are included in their fees. Some may offer comprehensive marketing packages, while others might have more limited services.
    • Agency Options: Decide on the type of agreement:
      • Exclusive Agency: One agent handles the sale and earns the commission.
      • Sole Agency: Similar to exclusive, but you can sell the property privately without paying a commission.
      • Open Agency: Multiple agents can market your property, but only the selling agent earns the commission.
      • Auction Agency: The agent arranges the auction of your property.
      • Multiple Listing Agency: Your agent collaborates with other agents to sell your property.

    Determining Property Value: Setting a realistic asking price is crucial. Consider factors like location, size, age, and unique features. Research recent sales of similar properties and consult your agent for a market opinion. Be aware of economic and market conditions that may influence your property’s value.

    Preparing for Sale:

    • First Impressions: Clean, declutter, and make necessary repairs to ensure your home is presentable.
    • Renovations: Focus on cost-effective improvements that enhance your property’s appeal without overcapitalizing.
    • Presentation Tips: Ensure your home is clean, well-lit, and welcoming during inspections. Simple touches like fresh flowers and a tidy garden can make a big difference.

    Final Steps:

    • Exchange of Contracts: This legally binds the sale. Both parties sign and exchange contracts, and a deposit is paid.
    • Settlement: Complete payment and transfer ownership of the property.
    • Moving Out: Notify utilities, redirect mail, and inform relevant parties of your change of address. Ensure all keys are provided to the new owner.

    By following these steps, you can efficiently sell your home and ensure a smooth transition to your next chapter.

Call Ray White Bridgeman Downs on 07 3353 7600 for a confidential discussion or property appraisal.