Key takeaways
Choose the right agent. Look for proven sales results, strong local knowledge and good communication skills.
Use the right sales method. Auction, private sale or another approach should suit the property, likely buyers and current market conditions.
Set a realistic selling price. Research comparable sales and consider an independent valuation rather than relying on expectations.
Market to the right buyers. Tailor your campaign to the demographic most likely to value and compete for your property.
Focus on strategy over presentation tricks. Styling can help, but the agent, pricing, sales method and marketing will have a much greater impact on your result.
Freshly baked cookies on the kitchen bench, a bowl of lemons and limes carefully positioned on the dining table, or even a bottle of champagne on the balcony to suggest a more luxurious lifestyle.
These are just some of the techniques sellers and their agents use to present a property in its best possible light.
While presentation certainly matters, a lovely fragrance and a carefully arranged fruit bowl won’t compensate for getting the fundamentals wrong.
If you want to sell your property successfully and achieve the best possible price, there are four important areas that deserve your attention.
1. Choose your agent wisely
The real estate agent you choose can have a significant impact on both your selling experience and the final price you achieve.
Unfortunately, many sellers assume agents are much the same, so they simply appoint the person who offers the highest appraisal or the lowest commission.
That can be an expensive mistake.
Take the time to meet several agents before deciding, and look beyond their sales pitch.
Review their recent results with properties similar to yours, their knowledge of the local market, their references and client testimonials.
You should also pay close attention to how they communicate. After all, if you don’t feel comfortable speaking with an agent, prospective buyers may feel the same way.
A good agent should be able to explain their proposed strategy clearly, support their price assessment with recent comparable sales and demonstrate how they intend to negotiate on your behalf.
Tip: Remember that the cheapest agent is the one who gets you the best price, even if their commission is higher.
2. Choose the most appropriate method of sale
There is more than one way to sell a property, and the right method depends on the home, its likely buyers, and the prevailing market conditions.
Your options may include auction, private sale, expressions of interest, sale by negotiation, tender or an off-market campaign.
Auctions can create competition and urgency when several buyers are interested, while a private sale may provide more time and flexibility for negotiations.
An off-market campaign could suit a seller who values privacy, although it may limit the number of buyers who see the property.
The best approach will also depend on the property’s price point, its location and the type of buyer most likely to purchase it.
This is another reason your choice of agent matters. An experienced local agent should be able to explain why a particular sales method suits your property, rather than automatically recommending the same approach for every listing.
3. Set the right asking price
Price is one of the most important parts of any sales campaign.
If you set your expectations too low, you could leave money on the table. If you aim too high, buyers may overlook your property, leaving it to sit on the market and become stale.
Begin by researching recent sales of genuinely comparable properties in your area.
- Also read:How much do buyer’s agents charge in Australia
- Also read:What laws do real estate agents have to abide by?
- Also read:The offer and acceptance process when buying a property
- Also read:Caveats: The hidden red flags smart property investors never ignore
- Also read:What property sellers have to disclose
Focus on homes with a similar location, land size, condition, accommodation and overall appeal, because the asking prices of unsold properties tell you very little about what buyers are prepared to pay.
It is also important to remain objective. Sellers naturally attach emotional value to their homes, particularly when they have lived there for many years, but buyers will assess the property against the alternatives available at the time.
Your agent should support their appraisal with evidence rather than simply tell you what they think you want to hear.
You may also consider obtaining an independent valuation if you want another professional opinion.
When calculating the result you hope to achieve, remember to allow for the agent’s commission, marketing expenses, conveyancing costs and any work required before the property goes on the market.
4. Market your property effectively
Even the best property will struggle to achieve its full potential if the right buyers don’t know it is for sale.
An effective marketing campaign should highlight the property’s strongest features and reach the audience most likely to value them.
That audience could include first-home buyers, families, downsizers, investors or people looking to upgrade within the same neighbourhood.
Each group has different priorities, so your advertising should show buyers how the property could suit their lifestyle.
Professional photography, a well-written description, a clear floor plan and strong placement on the major property portals can all help attract attention.
Presentation also plays an important role.
Small repairs, a thorough clean, decluttering and appropriate styling can make the home feel more inviting and help buyers understand how each room can be used.
However, marketing should do more than generate online views. It needs to encourage inspections, create genuine interest and give your agent opportunities to negotiate with qualified buyers.
Ask your agent how enquiries are being handled, what feedback buyers are providing and whether the campaign needs to be adjusted.
The bottom line
Selling a property involves far more than placing an advertisement online and waiting for an offer.
Your choice of agent, method of sale, pricing strategy and marketing campaign will all influence the result.
When these elements work together, you give yourself a much better chance of attracting serious buyers, creating competition and achieving a successful sale.
If your campaign isn’t producing the interest or offers you expected, speak openly with your agent about what needs to change.
And if you have lost confidence in their strategy or ability to negotiate, it may be time to seek advice from another experienced local professional or use Metropole Vendor’s Advocacy Service which is a special no-extra-cost service to property sellers, shielding you from many of the “hassles” of your sale.
We are independent and work for you. We tell you the truth. Are you ready to find the best price for your property? If so click here and let's have a chat.
