Selling your house in Australia for top dollar isn't hard to achieve with a little planning. In this article, you'll learn tips on how to prepare your home, how to choose the right agent, and how to remain in a position of power during a sale.
The goal - Obtaining the highest price in the shortest amount of time.
Time on market is a real key. If it sells too fast, you probably had it listed too cheap. If it stagnates for months on end, buyers will become wary and think there are underlying problems, and that's why no-one has purchased it.
Before painting an unrealistic picture, it is essential to note that every situation when selling a house in Australia is different. Every location is unique, the market is always changing, and although you're about to read great advice, there's no silver bullet. Instead, it's a combination of techniques and choosing the right agent.
Tips For Selling A House In Australia
Let's discuss the one thing you shouldn't do – Don't listen to an agent who walks in and says, "sell with me today because I have buyers waiting". This is an indication of a lazy agent who cares more about getting their fee than you. A quick sale usually means the agent hasn't tried to maximise the price.
Price Strategy
Achieving the maximum price when selling your home often takes planning and more importantly, time. Professional and hard-working agents see this as their duty to negotiate the highest price possible for you, which justifies their fees. However, you don't want your house to be on the market for an extended period of time, either. You need to have completed your research about the sale prices of similar houses in your area. From this, you'll have detailed knowledge to contribute to a pricing strategy and will list appropriately, not emotionally. When the right offer comes along, take it. You can easily find the sale price of similar properties in your area on Realestate.com. Here's a handy link to the sold section. https://www.realestate.com.au/sold/
Fix The Obvious
The reality is homes deteriorate over time, and even a small thing such as a leaking tap, a door that does not open easily, hints to the buyer that the entire property is in a less than perfect condition. Negative thoughts in the buyer's minds set in, such as potential cost and underlying problems. It's best to avoid these thoughts altogether, and it's amazing how cheap a lick of paint is, a few washers cost and a little TLC can be to freshen up your home. Do not give the buyer any reason to try to bargain you down. Experience tells us most buyers automatically double the potential cost of any repair. The bigger the repair, the more they try to discount the price.
It's extremely valuable to complete a building and pest report rather than asking the buyers to pay for it. It's relatively cheap, and you can ensure there are no issues in the roof or other areas that could cause great concern to potential buyers. Roof issues are particularly worrisome for buyers because problem roofs can equate to large repair bills. Problem roofs also question weather-tightness and the structural integrity of a home. Don't allow this to even cross the buyer's mind. This minor investment at an approximate cost of $500 and gives you a chance to fix unforeseen issues. If they come to light only after you have signed a contract from a purchaser, it will put the power back in the buyer's hands to try to reduce the initially agreed sale price. It could be the best investment you make when selling your home.
The presentation of your home when selling a house in Australia does matter. Please do take the time to present your home as cleanly, neatly and uncluttered as possible. Many professionals that flip homes often use staging companies. A staging company will replace the existing furniture with new furniture that matches the style of the house and is appealing to buyers. Unfortunately, other people don't appreciate your family photos, your little Nik-Naks. If a staging company usually comes at a cost, but they are often trained interior designers, and therefore, they're worth every cent. If you can't warrant the additional expense, then hire a storage unit and declutter your home. Buyers need to be able to imagine themselves living in the home, so don't let your amazing, unique personality get in the way.
Never Disclose Your Situation
Many agents forget they are employed to market the home, not your personal circumstances. Question them and ask for a guarantee around the privacy of your personal circumstances. Many agents simply need a friendly reminder to protect your privacy, as they usually have the best intentions and work ethically. If buyers can find out that you need to sell in a hurry, or you're experiencing other stressful times in life, the buyers will try to bargain you down. This is just a reality of negotiating and selling a house in Australia.
Renovations
Should you renovate the bathroom or kitchen just before you sell? Honestly, the answer is that unless it genuinely needs significant work (has water issues etc.), don't do it. You are leaving, these are expensive renovations, and your tastes may not be aligned with the buyers. Everyone has a different style – that 1990's kitchen might be just what the new buyer is looking for to remind them of when they grew up. Again, just make sure it all functions properly. Otherwise, leave it for the buyer to bring their own personality into their new home.
Photography
In today's world, people will find your home for sale online, and pictures paint a thousand words. If you're offered a cheap photography package, turn it down, plain and simple. Amateur photography could be the difference between someone enquiring and viewing your property, or not. When buyers are looking at hundreds of homes online, the photos are where the attraction starts. Great photography is a must.
Interestingly, many buyers usually begin looking outside of their budget. Their eyes tend to be bigger than their wallets. If your property has outstanding photos yet priced within their budget, you'll capture their interest. They'll perceive that they are not buying below their standards and dreams and be reassured every time they jump online and relook at the property. The prouder they are of what they want to buy the less likely they are to bargain you down and even better they may pay even more than you thought.
Features/Settings/Lifestyle
Insist your professional photographer captures emotional photos that show the features, the setting, the lifestyle and the location that made you buy the home originally. Take a drone shot of how close to the schools, cafes and amenities the house is located. An aerial visual is better than a map because it may surprise you how many people aren't good at reading maps.
If you are buying new furniture after you move and yours is showing its age, do ask the photographer/agent to use the very cost-effective technology of virtual furniture and staging. Importantly it allows buyers to see what glamorous decorating they can do if they buy the home. There's no need to buy a new lounge until you are in your new home. If it is particularly worn, drape a stylish cover over it.
Summary
- Keep the buyers in an emotional state, not a logical one that might be thinking about fixing the roof etc. If a buyer is thinking logically, then usually a low price is offered with less urgency, and they'll scrutinise building inspections and every detail. This can be a nervous time for you as you wait for the reports to come back about your home.
- Everything in the property market is driven by supply and demand when selling a house in Australia. Of course, if you have a high demand location, then it will increase the demand. But the fewer property issues and the stronger the presentation accelerates demand. You will attract more buyers who want your home and, of course, they'll be willing to pay a higher price.
- Research and create a pricing strategy. The more understanding you have about the market, the more likely you'll avoid an emotional rollercoaster and accept the right offer while it's on the table. If your property has been on the market for three weeks, you've followed the above guide yet haven't had any written offers, then you may need to review your listed asking price with your agent. It may need to be reduced so the agent can go back to interested buyers and renegotiate for you. The reality is every home will sell at a price the market will pay, but it is up to you to decide quickly and how much you will reduce the price based on the market feedback you receive. Timing is always actually in your hands, not the agents. But if you rush to market because of pressure from an agent, you may rush to sell and regret it later.
Selling a house in Australia in today’s market can be more than lucrative. Follow these steps and you’ll bye well on your way to achieving top dollar.
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