The preparation you put into getting your property ready for sale can be the difference between getting a standard price and getting a great price. And, the best part is, it's not hard, time consuming or expensive.
The process, or indeed art, of presenting your property for sale is an important one to master. For most, the sale of a property comes around every 5-7 years. For others it has become a more regular event, choosing to capitalise on the opportunity of upgrading the family home and make substantial tax free gains in the process.
Whatever your motive for selling, the process can either be stress free and lucrative or tense and disappointing. The good news is that you have the ability to choose.
Buyers for good quality property can be found all year round. With the marketing process having become far more sophisticated than in previous times, the issue of timing is less critical today than in the past. However, there are some important points you may wish to consider.
Typically decision makers of companies take advantage of school holiday time, Easter and the Christmas break. The end of financial year also creates distractions in the Commercial and Industrial Market place, so picking an appropriate time to maximize your marketing campaign takes some planning.
The time required to sell property that is accurately priced will typically vary between two and six months. Prior to placing your property on the market, allow an additional two weeks to prepare both the property and the marketing material.
Presentation of your property is a critical factor in achieving the highest possible price. This is similar to detailing a car before you sell it. The appeal required to stir the spirit of the buyers is unlikely to be generated by a poorly presented property. And a neglected building sends out 'warning signals' to prospective buyers.
So it is important to do whatever is possible to have your property looking its absolute best during the marketing campaign. Some of the turn offs for buyers include:
- Gardens overgrown
- Rubbish and general trade waste left in the car park
- Evidence of damp or moisture in the walls
- Stains or water markets in the office carpet
- Cigarette or strong food odours
- Poorly maintained Doors, windows or gates
- Cracked glass
To improve the presentation, seek an outside opinion, as many of these problems can be fixed over a weekend for little expense, or as little as a coat of paint in the office and foyer area’s combined with new carpet
Method of Sale
When it comes to selling your property, there are three popular methods to choose from:
- Private Treaty (Sale)
- Public Auction
- Public Tender
Each has its own advantages and it is advisable to speak to your agent about the benefits of each method.
Our company has successfully utilised all three methods, however we have found sale by Public Auction to be the most effective method for properties in our geographic area. Auction is effective in the event of there being difficulty in clearly determining the value of a property whereby a value range may be more practical.
Also, where a property is likely to attract more than one qualified buyer in the marketplace, auction allows competitive bidding to increase the final sale price. In the event that you choose to submit your property for sale by auction, research the success of each company's auctioneers, as a skilled auctioneer can add significantly to your end result.
Most auction marketing periods run for about four to six weeks.
Sale Preparation Checklist
- Get the property detailed thoroughly
- A few hundred dollars spent sprucing up the property will increase the salability and more than likely increase the sale price.
- The Contract for Sale should be prepared by your solicitor or conveyancer with all the essential terms and conditions. In NSW the law requires that a contract be available for inspection prior to the property being offered for sale.
- A certificate of compliance should be obtained from the Local Council if you have recently undertaken major building works.
- It is advisable to have a survey of the land and buildings available if required when selling a property.
- If there is a current lease, check the expiry date and termination requirements and advise your solicitor.
- Make a note of all the inclusions. That is, everything that will be included in the purchase price and remaining at the property after completion. Standard items include light fittings, floor coverings, curtains and blinds, air conditioning systems. These can also be excluded if you prefer but it should be noted in the contract for sale.