What to do when you decide to sell

So, you’ve decided it’s time to sell. One of the important things to consider before you come to market is the different selling methods available to you.

Three ways to sell

Private Treaty is the most common way to sell a home in Western Australia. This is where you advertise the property at an asking price and then negotiate with the buyer through your real estate agent. There is often a period of negotiation before the sale is secured. When an agreement on price and conditions is reached, the sale proceeds to settlement.

A variation of the Private Treaty method is an invitation for offers to be submitted by a set date. Similar to a sale by tender, this process is sometimes referred to as Expressions of Interest, Set Date Sale or End Date Sale. A marketing period of between four and six weeks is common whereupon interested buyers are invited to submit their offer for the vendor’s consideration prior to a particular date.

Auctions, while gaining in popularity in more recent times make up a small percentage of property sales in WA when compared to the eastern states. Auctions are a great way to buy and sell property and are more transparent as, unlike a purchase by Private Treaty, multiple bidders are able to see the competing buyer’s bids at the auction. The auctioneer is unable to sell the property at the fall of the hammer unless a bid is at or beyond the reserve price – the cash figure the vendor will accept. The sale at auction is normally unconditional.

Marketing

When you’ve decided how you want to sell your property, the next decision to be made is how you want to promote it. A solid marketing plan is essential to ensure all buyers active in the market get a chance at seeing your property so as to enhance competition between buyers.

Picking an agent

In selecting your agent make sure you ask them how they plan to market and promote your property, the costs of doing so and why their plan is the best strategy to ensure your property sells for the highest possible price in the shortest period of time.

Your chosen agent should provide a thorough and precisely costed marketing plan designed to give your property the best possible exposure by using a suite of promotional activities. Signboards, floorplans, home opens, buyer data bases and press advertising are some examples.

Advertising increases the awareness of your property and highlights its key features. Your agent can advise on the different advertising options available in listing your property on websites and in state and local newspapers.

Presentation

Finally, spend some time enhancing your property and present it in the best possible manner before coming to market. Your agent can offer advice on what small improvements you could carry out to expand your property’s appeal to a wide buyer audience.

SOURCE: www.reiwa.com.au