How Should I Sell My Property?
There are several methods of marketing residential property. At ANTONAS REALTY we will back you 100% using whichever method you choose.
Public Auction
Public Auction is a very popular method with sellers in Sydney as it creates a situation where buyers have to compete with other buyers, rather than competing with you, the seller.
With an auction, your property cannot be sold unless it reaches your ‘reserve price’ - however it can be sold for well above the reserve price. This is because there is no firm asking price; hence, no "ceiling" is created in the buyers' minds.
You benefit as the seller because a Public Auction:
- Significantly raises the profile of your home through a carefully targeted, intensive advertising campaign.
- Places a time limit on buyers, encouraging them to make a high offer before the auction rather than wait to see what auction day may bring, allowing you the option of selling before auction if you choose.
- Allow you - the seller - to set the terms of the sale.
- Has no "cooling-off" period (when buyers change their mind).
- Is not conditional on buyers' finance approvals.
- Creates competition between buyers, pushing the price up rather than negotiating it down.
Submitting your property for auction means that prospective buyers will bid against one another at a date and time set by you. Both the seller and buyers can see how much interest there is in the particular property and, importantly, each buyer can see who they are bidding against.
Each bidder is competing for the same property under the same terms and conditions, with the property being sold to the person who is prepared to bid the highest amount.
Private Sale (Private Treaty)
While many sellers prefer the Public Auction method, some view Private Sale as being less stressful. Private Sale, or Private Treaty, is where the property is offered at a price determined by you, the seller. When a buyer expresses interest in the property, an Antonas Realty consultant negotiates on your behalf with the buyer in order to maximize the price.
You benefit as the seller because a Private Sale:
- Can have less marketing costs associated with it - this of course depends on how long it takes to achieve a satisfactory sale.
- Removes the open competition that comes with bidding - which may suit you if you find auctions daunting.
- Can be slightly less stressful because it does not build up to a deadline like auction day.
- Enables you to negotiate on terms and conditions (such as long settlement), as well as the price.
- May have a lower profile campaign if so desired.
Many purchasers like the fact that a price is defined, and would therefore prefer to buy through private sale. However, the seller of the property must commit to a price when the property goes onto the market, therefore it is critical that you set the price correctly.
'For Sale by Negotiation'
This method of sale is similar to selling by the Private Sale method in that the property is offered to the market and buyers with an interest in your property are encouraged to make an offer and negotiate. When a buyer expresses interest in the property, an Antonas Realty consultant negotiates with the buyer to maximize the price. Rather than offering your property at a 'set price' as in the traditional Private Sale method, this method uses a 'price range' or price guide. Thus, in the buyers' minds there appears to be room for negotiation.
You can benefit by using the 'For Sale by Negotiation' method because it:
- Can have less marketing costs associated with it - this of course depends on how long it takes to achieve a satisfactory sale.
- Removes the open competition that comes with bidding - which may suit you if you find auctions daunting.
- Can be slightly less stressful because it does not build up to a deadline like auction day.
- Enables you to negotiate on terms and conditions, as well as the price.
- May have a lower profile campaign if so desired
Public Auction Vs Private Sale
While many sellers view the Private Sale method as less stressful than an auction, others prefer the defined time frame and intensive marketing of an auction.
Some people prefer to keep their exposure to the market to a concentrated time frame and create a situation where buyers are forced to compete with the market for their property. If this is your preference, a Public Auction is usually the most appropriate method to adopt.
If, however, you have concerns regarding the perceived pressure that such a concentrated campaign could place on you, you may prefer to opt for a Private Sale campaign instead.
Whichever method you choose, the focus of the ANTONAS REALTY team will be to achieve the very best possible result on your behalf.
Timing
Traditionally, the best selling months of the year were in Spring, when flowers were blooming and generally the warmer weather was more conducive to the real estate market than the cold winter months.
However, that is now in the past. Now buyers are active all year round so that they can buy in the Sydney sought after market. With the introduction of the worldwide web, purchasers are able to browse freely in the comfort of their own home without physically battling the elements. Once a property is found to be suitable, inspections are arranged.
Therefore, nowadays timing relates to when the property is presented at its best, and more importantly when the vendor is ready.
The only exclusion to this is of course the Christmas and New Year holiday period between the 20th December and the 10th January.
Presentation of Property
Firstly, we would advise that you don't spend a cent until you talk to your Antonas Realty Consultant. While you may think you are adding to the value of your property, buyers may not necessarily share your view. Be guided by your consultant as to what is likely to be cost effective and what is not.
Try to see your property through someone else's eyes. The fact that you live in your home makes it that much harder to be objective, so its worthwhile asking a friend (who is prepared to be frank), or your consultant, to tell you honestly what needs doing. The things you don't even notice any more are often things a buyer will observe;
- Your garden is the first thing a buyer sees. Are all the paths cleared and safe to walk on, the garden edges neat and any pruning attended to? Don't underestimate the impact of such an impact of an added splash of colour in the garden.
- A fresh coat of paint is often one of the best ways to add value to your property.
- Even if a paint job may not be needed, a good wash down of the walls and windows, both inside and out, can make quite a difference.
- Ensure you gutters are cleared of protruding leaves
- Little things make a big difference, so minor repairs are worth doing. Sticky doors and windows, loose door knobs, broken fly screens, dripping taps or chips in the hallway plaster can affect the speed and price of your sale.
- Do your carpets need a steam clean? You may be quite used to that mysterious stain in the corner of the living room, but buyers won't be.
- Neat, well ordered cupboards, wardrobes and pantry emphasise that there is ample space in a home.
- Remove any clutter and watch your house expand in size. If you can't make use of a friends garage or spare room, your Antonas Realty consultant can arrange discounted storage for you.
Open Houses vs. Private Inspections
It is an advantageous to make Open House as part of your marketing strategy. The benefits to you as a seller are undeniable.
Open Houses can:
- Maximise the impact on buyers during these pre-planned times when your home is specially prepared to entice buyers.
- Reduce the need for private inspections that may be requested at times which are inconvenient to you and disruptive to your family.
- Allow you to plan your life while the home is still on the market.
- Emphasise to buyers that there are other buyers who are interested in the property too, thus building an expectation of competition.
Importantly, Open Houses are popular with buyers. They allow buyers to:
- Plan their schedule in advance.
- Save time by not having to make and adjust appointments with agents.
- Spend more time at a property then they might otherwise be able to, if they had other appointments to keep.
- Be more relaxed and be able to wander through at their leisure rather than be consciously aware they have disrupted someone's routine.
You may be apprehensive about conducting an Open House. But as long as you take some precautions - for example, ensure that small personal items and valuables are put away out of sight - there is normally nothing to worry about.
The Antonas Realty team will, of course, record the name and contact details of each visitor who enters your home.
