Advice from the property sales professionals

The process of selling your real estate asset can be a complicated and time-consuming journey where simple mistakes can result in significant costs. Read on to learn some of the most common mistakes to avoid when selling your property and the best places to focus to ensure your investment in time, effort and money pays off.

Budget accordingly

Budgeting is one area of the selling journey where people tend to get caught out. When selling a property, it’s inevitable that you will incur costs. Costs range depending on services utilised in the process and this is deducted from the sale price of the property, so it is important to calculate and budget for these costs to avoid any nasty surprises.

If you choose to list your property with a real estate agency, there will be professional agency fees in the form of commission on the sale of the property, and any additional marketing and administration costs incurred throughout the sales process. If the sale method for your property is an auction for example, there will be auctioneer costs associated with this.  Make sure to chat through all your options with your consultant to decide what will work best for you.

Legal fees are another cost to factor into a selling budget, whether you choose to use a lawyer or conveyancer. They are the ones who carry out the property transaction and deal with the numerous legal documents involved with the sale. The fees will vary by the complexity of the transaction so it’s important to account for this in your budget.

If you’re selling a property that is part of a body corporate, it’s also important to note that you need to ensure you have funds set aside for any repairs or maintenance that may pop up prior to the transfer of the property.

Spend wisely on renovations

When preparing for sale, many sellers will undertake renovations in the hope it will boost the value of the property. However, not all renovations add significantly to the final sale price, so we advise not getting caught out spending or making unnecessary structural changes when not required. If you are unsure about whether making a change to your property is worthwhile or not, get in touch with one our friendly sales consultants who will be able to assist. Small fixes and repairs such as giving walls a fresh coat of paint and fixing any holes or cracks are an inexpensive way to prepare your property for sale without breaking the bank.

Invest in marketing & advertising

Marketing and advertising is a vital part of the selling process and ensures that your property gets seen by a wide range of targeted potential purchasers.

It’s easy to underestimate the value of marketing, however experience dictates that the wider the exposure, the more competition and the higher the sale price. It starts with quality photography and goes right through to advertising your property in the right places. A substantial investment in marketing your can make all the difference in attracting equally substantial offers. For a more comprehensive breakdown of making your property stand out in the market, check out our article here.

What’s your home actually worth?

When selling your property, determining the right sale price is key. Overpricing is one of the leading reasons why properties sit on the market unsold. Simply put, supply and demand economics mean that the housing market fluctuates and with this, the value of a property.

Chatting with a sales consultant is a great starting point to obtain a value appraisal. Actively working in the local market, they will be able to provide an estimate of what your property could sell for. This estimate is based on their knowledge and experience alongside empirical data trends, comparable sales and statistical analysis.

For a more detailed understanding of what your home is worth, consider opting for a registered valuation of your property. A registered property valuation is an independent assessment of a property’s worth conducted by a registered valuer. Registered valuations are a reliable way to understand the value of your property.  

So there you have our recommendations on the best places to focus when selling your home. For more advice on the property selling process or information around the current market, please get in touch with one of our experienced sales consultants today.