Are you planning on selling your Sydney property?
A lot of things come into play when selling your Sydney home. At the least, you should understand how the process works to sell your home.
Check out a rundown we made.
1. Private sale or auction? Decide how you will sell your Sydney home
How you decide to sell your property depends on several factors. Generally, there are two ways properties are sold and bought: private sale or auction.
Private sale requires advertising the property and inviting potential buyers. Auction refers to a public sale.
Real estate agents and conveyancers can walk you through the process.
On top of these professionals, you can also consult a lawyer on which method of sale is easier and better. It is best to base your decision on recent sales data.
2. How much? What is the property reserve price you are willing to accept?
The reserve price refers to the lowest price you are willing to sell your property in an auction. In private sales, this can also mean the price you will consider in relation to the asking price. You should research local sale prices and property data to decide on your reserve price.
Enlist the help of a financial planner or accountant to evaluate your returns and potential losses.
The goal should be is to earn or get at least your investment on the property upon sale.
3. Understand what you can advertise
You should know that it is illegal for any real estate agent or broker to quote or advertise a price that is lower than your asking price, reserve price or whatever it is stated in the authority to sell.
Your property advertising should not be deceptive or misleading. You can be subject to penalties or fines should you misrepresent a property. This applies to all aspects of advertising including photographs and ad content.
4. Address any property defects quickly
Auction offers can be made directly to the seller or through an agent. Offers often come in the form of signed contract and negotiation process follows the same for a private sale.
Prior the auction, it is best to have a building inspection specialist go through your property and ensure any major property issues are rectified before going to market. Otherwise you may risk a prospective purchaser negotiating to reduce the sales price based on discovered defects.
The day of the auction requires opening your property to prospective buyers. You want to ensure you put your best foot forward.
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