Your guide to selling. How to secure a premium price
Welcome 03 Need to know before you get started • Ways to sell • The costs of selling 04 Preparing to sell • How to prepare for a property appraisal • Preparing to sell checklist 06 Finding the right agent • Questions to ask a potential real estate sales agent Selling for the right price at the right time • Factors that affect the sale of a property Attracting international buyers Facilitating a seamless exchange and settlement 08 09 10 11 Contents.
Welcome. Selling your home or investment property involves a lot more than just responding to an offer. While exciting, it can also be a challenging and daunting process. As a premium brand with over 160 offices across the country, we pride ourselves on our outstanding property presentation, strategic marketing and high-level negotiation skills – all of which are key to delivering an outstanding sale result for our clients. Our clients benefit not only from our strong buyer connections at a local level, but also our ability to market properties nationally through our network’s database of over 3 million buyers. While our exclusive partnership with global listings platform Leading Real Estate Companies of the World ensures your property is promoted to buyers across 70 countries at no extra cost. This guide harnesses the expertise of our knowledgeable agents to outline each step of the selling process, along with strategies to help you confidently sell your property for the right price at the right time. We hope you find this information useful and look forward to speaking with you soon. Peter Hanscomb CEO Belle Property Australasia
Need to know before you get started. Before you get started, it’s essential to understand a few basics, such as the different ways property can be sold and the costs you may incur. Sales methods There are four main methods of sale in Australia: auction, private treaty, off-market, and expressions of interest. How you sell a property can affect a number of aspects ranging from the price tag to settlement period. Auction Auctions create a competitive environment for qualified buyers. Sellers have three opportunities to capitalise on the strength of the market in this scenario: sell before the auction, sell at auction or sell after the auction. An auction is advantageous for sellers because there is no ceiling price on the property; therefore, it encourages competition, often increasing the price outcome. Private treaty A private treaty sees a property publicly advertised at a set price for sale, encouraging serious buyers with appropriate finance to inspect it and submit offers. All offers are presented to the seller, as and when they come in, for review. Private treaties can be advantageous for sellers, saving them time, allowing for better negotiation and providing greater privacy. Off-market Off-market sales invite qualified and highly motivated buyers to inspect a property before it is advertised to the public. This allows the seller to test market response, gain positive and negative feedback, and gauge pricing expectations. Today, more and more buyers and sellers favour off-market sales, as they save both parties time and money. Off-market sales are particularly advantageous to sellers as offers can be submitted, reviewed, negotiated, and accepted before investing in external marketing options. Expressions of interest (EOI) The EOI method is most commonly applied to unique properties that are hard to compare with other properties or difficult to price. These properties are advertised with calls for EOI without disclosing the selling price. Once the intention to sell is made public, the market response is tested, allowing the seller to gain positive and negative feedback and gauge pricing expectations.
The costs of selling. Property marketing Your agent will recommend a comprehensive property marketing campaign designed to maximise interest and competition in your home, leading in turn to a higher sale price. As the seller you are responsible for your property marketing costs. Your campaign may include photography, copywriting, advertising, letterbox drops, online property listings, signboards and social media, with costs varying depending on property type, location, campaign length and the marketing channels used. Repairs and renovations There is no point making any costly changes or repairs to your home if it’s not going to increase your selling price. Speak to your real estate agent about any repairs or renovations they recommend investing in to get the best return for your sale. Styling and staging Professionally staging or styling your home shows off its full potential, maximizing its appeal to buyers to increase competition and sale price. Costs vary depending on property size, and whether furniture is hired or existing furniture is used. Agent fees There are two types of agent fees, a flat fee and commission. A flat fee is an agreed amount paid to the agent no matter the final sale price. A commission is where the sales agent gets an agreed percentage of the final sale price, which can vary depending on property value and local agent competition. Auctioneer fees If you sell via auction you will need to pay the auctioneer’s fee, which can vary according to the auctioneer’s experience, property type and location. Conveyancer fees Like when buying, as a seller you need a conveyancer to manage the transfer of legal ownership of the property. Ideally your conveyancer will have a good understanding of the local market, and depending on the property and complexities of the sale, conveyancing costs can range from several hundred to several thousand dollars. Lender fees If you exit your home loan contract with your lender after selling, you may be liable for an early exit fee (if you bought before 1 July 2011) or administration, discharge, or settlement fees. Each lender is different, so check with them ahead of your sale. Taxes If you are selling a rental property you may be liable for Capital Gains Tax (CGT) on any sale profits. Speak to the ATO or your accountant to understand your tax liabilities when selling a property that was previously rented out. From styling and marketing to bank and conveyancer fees, these are the costs you can expect when selling your home.
Preparing to sell. How to prepare for a property appraisal It’s crucial to present your property in its best light to get the best evaluation possible. Here are five steps to help prepare for your property appraisal: Optimise curb appeal How your property looks from the street can have a significant impact on its overall appeal. Mow the lawns, weed the garden and clear entrance ways. Properties with attractive curb appeal tend to receive better appraisals. Fix, tidy and clean Put your best foot forward. Touch up scuff marks, tighten loose fittings and fixtures, and replace outdated minor fittings. Wipe down benches and surfaces and give the kitchen and bathrooms a once-over. Ensure everything is in working order and that every room is easily accessed. Let in some light and air. The key is to showcase that the property has been cared for and is in good condition. Create a list of improvements Note down any new additions you have made to the property. Tell the valuer about repairs or renovations you’ve had done. This information will be considered in your evaluation and reflected in your property report. Supply documentation During an appraisal, the valuer is required to measure floorplans. Therefore, copies of your building plans are very useful in the evaluation process and can help to establish a more accurate appraisal. Relax There are many factors other than the condition of the exterior and interior of the property that inform an evaluation. Many of these factors will be outside your control – such as size, type and location – so don’t lose sleep over the appraisal process. How can we help? Our agents are standing by to provide you with a complimentary property evaluation that you can trust. We know the market and what it takes to secure premium outcomes every time. Should you choose to list your property for sale, our agents will guide you to present your home in its best light so that you can secure the right price at the right time. Find out the true value of your property – request an appraisal today. The first step in any selling journey is to gain a good understanding of the market and the true value of your property. A current evaluation is worthwhile if you are considering selling or leasing or would just like to knowwhat your property is worth for financial peace of mind. After you have had your property appraised and are comfortable with the recommended listing price, it’s important to take on any feedback and make any appropriate updates to the property to strengthen its position in the market.
Preparing to sell a property checklist While you cannot change things like location, size or views, minor cosmetic updates can dramatically affect buyer interest. Here are six actions items to check off when preparing your property for sale: Declutter Less is more. Clutter can make a property look smaller, affect its flow, and subconsciously deter a potential buyer. Remove loose items from counters, windowsills, tables. Tidy behind closed doors – a curious buyer will open closets, drawers and cupboards. Clear gardens, pathways and exterior entrances to enhance curb appeal. Depersonalise Buyers like to visualise themselves living in a space, so the goal is to create a blank canvas. To do this, remove any distractions like family photos, bold artwork, eclectic furniture, and personal items. Repaint You might love your bold accent wall, but it won’t be to everyone’s taste. A fresh coat of neutral paint can go a long way to help buyers see the potential of your property. Light colours are preferable, as they create a blank canvas. Style Furnishings can make a huge difference. Plants create a welcoming environment. Flowers or a fruit bowl can lift a room. Fresh decor can modernise a property. Consider a professional home stager if you need a little extra help or want to give your house an extra lift. Stagers know the market and what sells. Deodorise You may be oblivious to the way your property smells. Invite a friend or third party to assess any scents. Lingering pet, food and smoking odours can be dealbreakers for buyers. Let in some light and air. If smells are pervasive, consider deep cleaning or masking techniques, but don’t go overboard with distinct artificial scents. Clean This is a no-brainer. The cleaner, the better. And remember to maintain cleanliness from the day you list the property to the day you sell as you never know when a buyer may schedule a lastminute viewing. Pay special attention to skirting boards, walls and doors – the property will look cared for if they are in good condition.
Finding the right agent. Questions to ask a potential real estate sales agent An experienced and knowledgeable real estate agent can be your most valuable asset when selling a property, helping to guide you through the process from end to end and secure the best deal possible. Here are some essential questions all sellers should ask an agent – and themselves – before enlisting an agent’s services. The basics • What type of properties do they specialise in? • What type of services do they offer? • What is their track record for selling properties in your local market? • Can they provide strong references from their most recent clients? • Do they have client testimonials or case studies that you can review? • Can they share their key metrics, such as days on the market or auction clearance rates? • Are their current listings similar to yours? • Do they have a strong buyer database for properties like yours? • What kind of reach do they have? • How are they involved in the local community? • How do they communicate with clients during a campaign? All about your property • Howmuch do they think your property is worth? • How long do they think it will take to sell your property? • What sale type do they feel is the best option for your property? • Who do they believe is your target market? • What updates do they feel need to be made to your property? • What do they feel are your property’s unique selling points? • What makes your property different from your competition? • What marketing sales strategy would they use to promote your property? • How do they intend to use their network to give your property reach? • Howmuch will you be expected to invest in marketing? Ask yourself • Do you feel comfortable with the agent? • Are they attentive and do they listen to your needs? • Do they have strong local market knowledge? • Are they transparent with you? • How knowledgeable are they about your property/local market? • Do their ideas align with yours or add to yours? • Are they a strong communicator? • How efficiently do they follow up with you? • Have you researched them? Take a look at their online or social media presence, comments and reviews – Google My Business and Rate My Agent are great places to start. How can we help? Belle Property is built on the strength and quality of our people. Our real estate experts are also trusted advisors and expert negotiators, committed to helping clients achieve their property goals while easing any associated stress and uncertainty.
Local market Research the history of neighbouring properties to understand local demand. Look at what has sold and when it was sold, attend open houses and auctions, and compare the state of play to establish the actual market value of your property. Sale type Sale type is one of the most important aspects of a successful property transaction. Options vary from expressions of interest to auctions to private sales, but the goal remains the same: to get the right price at the right time. Today, more and more buyers and sellers favour off-market sales, which help both parties save time and money. Pricing Even if you are in a seller’s market, it’s important not to overprice. Buyers who view an overpriced property will often disregard it even if you drop the price later. Properties will generate offers if priced at actual market value. And once the offers roll in, so does buyer emotion, which could end up driving the price up. Selling for the right price at the right time. Timing A high supply of similar properties in your area will make it more difficult for you to sell at the right price. If your circumstances allow, it might be in your best interests to stay put until the market improves. The timing of your sale can also affect the type of sale you opt for, whether auction, private listing or off-market, which in turn can impact the price you will receive. Professional support The best strategy you can put in place in today’s market is selecting a seasoned real estate professional who can walk you through the process and handle each step for you. Focused on building relationships, a good agent will be privy to off-market opportunities, have an array of marketing tools under their belt, possess an up-to-date understanding of current market conditions, and be skilled at attracting as many buyers to your property as possible. What’s more, they will keep a level head while skilfully steering you through negotiating a sale. There’s much more to consider when selling property than simply naming a price, placing a listing on a real estate website, and accepting an offer. Here are five key factors that can dramatically affect the sale of a property:
Attracting international buyers. Choose the right sales agent Make sure your agent has experience attracting and marketing to international buyers, presents well on and off-line, and ideally speaks other languages (or has an assistant who can). Find out how they will market your property internationally. For example, our network is a member of global real estate listing platform Leading Real Estate Companies of the World, which enables us to promote our listings to buyers across 70 countries, and facilitates the exchange of referrals amongst its 550 member companies. Invest in professional photography and copywriting To make your property stand out to international buyers, your agent should be recommending professional photography and copywriting, both of which are crucial to a successful campaign. Beautiful images help buyers connect with a property emotionally when they aren’t able to physically inspect it, while compelling headlines and descriptions can increase the clicks a listing gets online. Embrace technology Thanks to advances in technology and the increased use of online property marketing, these days it is easier than ever to market a property to international buyers anytime, anywhere. Your agent should be embracing the full range of tools available for a wide-reaching international property marketing campaign, including the use of videos, 2D and 3D floorplans, virtual tours and aerial shots. This ensures potential offshore buyers can glean enough information about a property to be sufficiently comfortable to make a purchase without leaving their country. Sell the lifestyle People buy into the lifestyle a home offers as much as the property itself, and for international real estate buyers, this is no different. A skilled agent will showcase nearby lifestyle offerings and amenities that off-shore buyers may not be familiar with— including schools, transport, To secure a premium price for your sale, your home needs to reach as large an audience as possible, including not only local and national buyers, but also those located internationally. Here are our top four tips for attracting offshore buyers.
Facilitating a seamless exchange & settlement. While both the buyer and seller may be happy with an offer, the deal is not done until both parties sign copies of the contract for sale. After the contract exchange comes the settlement period. Settlement is solidified when a buyer pays the total sale price and the seller hands over the deed and property keys. Here are six key items to check off during the exchange and settlement process: Have you reviewed the contract? This step should be done before accepting an offer; however, as the document has legal implications, it’s essential to do a final review before signing on the dotted line. Check over the finer details and make any necessary amendments for your conveyancer to raise with the other party. Once all revisions are accepted and finalised, it’s time for the exchange. Are the contracts ready to be exchanged? Exchanging contracts is the legal part of selling and buying. There will be two copies of the sale contract: one for the seller and one for the buyer. Each party must sign one copy before they are swapped and kept for record. At auction, exchange happens immediately after the winning bid is accepted. For private treaty sales, each party signs separately then exchanges documents by hand or post. The exchange is usually arranged by a solicitor, conveyancer or agent and must happen within two business days. The buyer and seller are legally bound once the contracts are exchanged. Have you taken note of the cooling-off period? There is typically a cooling-off period in place for buyers. The timeframe varies from state to state in Australia, with extended cooling-off periods generally applied to properties sold off the plan. It is also possible to reduce or extend the cooling-off period by written agreement from both parties. The cooling-off period starts as soon as the contracts are exchanged; thereafter the buyer may forgo their deposit if they use their cooling-off rights and withdraw from the agreement. Have you agreed to a settlement date? A sale contract will typically outline a settlement day. Settlement is the conclusion of the sale transaction and usually takes place six weeks after contracts are exchanged. The buyer will need to pay all outstanding costs to ‘settle’ the property purchase at settlement. Are you prepared for settlement? Buyers and sellers don’t typically need to attend settlement in person; instead, solicitors, conveyancers, and bank representatives meet to exchange the necessary cheques and documents. The amount owed takes into account the outstanding purchase amount (minus the deposit) as well as utility bill and tax calculations. Are you prepared to transfer ownership? The seller will hand over the title deed once payment is received. Both the parties then issue written consent that the settlement process has taken place and the keys are released to the buyer. How can we help? Our seasoned and knowledgeable agents can competently steer you through the entire exchange and settlement process, connecting you with conveyancers and finance providers where required.
Contact your local office today. belleproperty.com/agents-and-offices Information about this report: We (the agent/cy) have endeavoured to show all sales reported by all agents and individuals as listed on publicly available sources for the mentioned period. We believe this information to be accurate, whilst all care has been taken, no representation has been made and no responsibility is accepted for the accuracy of the whole or any part of this document. Individuals are directed to rely on their own enquiries. Please disregard this publication if your property is exclusively listed with another agent. Properties displayed are only those which have been publicly listed and sold by multiple agents/cies in the area. We advise you seek independent advice on your area statistics if you are thinking of buying or selling. belleproperty.com Contact.www.belleproperty.com