Tips for Sellers

09 Feb 2012 - Carolyn Boyd from http://news.domain.com.au/

 Despite all the headlines about the risk of a depression and warnings of European economies imploding, there is an odd, slightly more positive feeling in the air this side of Christmas.

Perhaps it’s due to last year's interest rate cuts – which should be cause for concern because they indicated the economy wasn’t growing fast enough.

It certainly can’t be thanks to announcements of job cuts in the finance, retail or manufacturing sectors.

Will 2012 be the time that things rebound on the back of rate cuts? Will it be the year of the unit as people seek out the most affordable housing option? Or is everyone simply jumping at shadows thinking prices are back on their way up after a couple of scraps of data showing the slightest of increases?

The weekend clearance rates have been trumpeted as a good start to the auction year. 72 per cent in Sydney for Saturday. 58 per cent in Melbourne over the entire weekend.

But it is so early in the year, and we’re talking about such low auction numbers, they can’t really be trusted as an indicator yet. Let’s wait another month or so and see how the numbers are stacking up then.

Where does this leave buyers and sellers?

There's one certainty. Regardless of market ups and downs, we all still need somewhere to live, and sales will continue regardless.

Despite talk of the market picking up on the back of a miniscule jump in prices in some spots, buyers are still well and truly in the negotiation seat.

Sure, interest rate cuts might give some buyers a bit more confidence. However, if we look at how consumers have generally been treating their cash – keeping it in their pockets, paying off their loans, or stashing it in savings – that would indicate people remain very cautious regardless.

And when you’re feeling very cautious you’re hardly likely to run out and take on big housing debts.

On the flip side, for sellers, there’s no room for complacency.

If you want to sell, you need to make sure everything is up to scratch. That won’t guarantee a sale of course, but when you’re trading one of the most expensive assets you’re ever likely to own, you do need to put your best foot forward – in this market more so than in hotter times.

 

Seven tips to get the sale away

1. Get the marketing right

So talked about that it seems like old news. Which is why it’s hard to believe there’s still plenty of properties out there that just don’t get it right.

Think the three Ps -  presentation, pictures and prose.

P1: Unless you want to market the home as a renovators’ delight, it all starts with fixing up little niggles that could catch buyers' eyes and stop them from falling in love with your home.

P2: When it comes to the pictures, always get a professional photographer to take them. There is a world of difference.

P3: Lastly the wording – you want to highlight the best points of the property but not offer so much information as to overwhelm. Save that for the brochures, or the property’s own website, which increasingly, we are seeing these days.

Videos are also being used but make sure they look professional. Badly done they’ll have the wrong effect.

 

2. If there’s a problem address it

Does your home have a tree close to the property, a steep driveway or a problem with strong westerly sun? Think about ways of addressing this before it becomes a problem for potential buyers.

You might not be able to change the driveway, but you can make sure the agent is well versed at parking on it, so they can confidently show potential buyers how it is done.

Or that gum tree close to the home, find out the process for removing it, and get some quotes on doing so. You don’t actually have to rip it out, but have the information on hand for home hunters who would prefer you did.

 

3. Pick the right agent

Don’t just go with someone you know, or who sold the neighbour’s house. Meet the agent, talk with them, attend some of their open homes and assess the way they do business.

Make sure you see at least three different agents to give you a good feel.

You want someone who will work hard at following up contacts and has a good manner with people while at the same time being a good negotiator who will also give you practical advice on what to do with your property in terms of its presentation.

 

4. Be sensible on price

It goes without saying you need to meet the market. Find out where the market is by looking at recent sales. And be honest about the state and attributes of your own property when trying to compare apples with apples.

Because many properties don’t sell for their advertised price, you’ll need to find out what they actually traded for. Your agent should be able to help you out with this.

 

5. Prepare for viewings at any time

Thanks to the variety of hours people work these days, you might get requests for viewing in the evening or outside of normal times. Within reason, you should try to have your home ready to show at a moment’s notice. That person who turns up at 7pm might just be the one who falls in love with your place.

 

6. Get all your documentation in place

The last thing you want is for a sale to fall through because you don’t have all the paperwork in place. Spend the time before you put the home on the market making sure you’ve got any required certification from the local council and any other relevant bodies.

 

7. Be flexible with your settlement times

This is not always possible but if you don’t have to move in a hurry – or indeed can get out a bit faster than usual – it is worth being flexible on settlement times. Buyers might want time to sell their house before moving into yours, or might be in desperate need of moving NOW.