First-time home selling: Expert support makes all the difference.
Category Advice
As one of the largest assets a person will typically own, it is important to get the sale of a home right. For first-time sellers, this process can be overwhelming, but it need not be when you have a reliable real estate professional to assist.
Before listing the home, it is suggested that the first-time seller takes the time to prepare for the various upfront costs that are involved in selling the home, including things like the rates clearance certificate and the cost of acquiring the required compliance certificates (e.g. electric, plumbing, gas, beetle, electric fence).
These amounts can add up to be a significant amount, so it is better to start saving for these expenses long before you accept an offer to purchase.
Speaking to a real estate professional can help sellers get an idea of what costs should be budgeted for when putting a home on market. You can then also have an honest conversation with your chosen real estate professional to find out how much you can expect to sell the home for.
Rather than meeting with a real estate professional first, that many sellers often decide upon an asking price first and lose the new-to-market appeal by pricing the home incorrectly to start. In a market like today's where affordability remains a top concern, setting a fair asking price is key to concluding a timeous sale. A real estate professional can prepare a competitive market analysis and use accurate sales data to arrive at a realistic and achievable asking price.
The next step in the sales process is to get the home prepared for the listing photoshoot. Modern buyers begin their house hunting online, which makes it so important to photograph the home in its best possible light. Most real estate professionals will arrange for a professional photographer to take the listing photos. Before the photographer arrives, it is advisable to see to any visible maintenance issues and to clean and stage the home.
1. Prepare the home
It should be clean and tidy. Don't leave clothes or dirty dishes lying around and make the beds.
2. Avoid taking pictures of the toilet
Buyers know that your house has toilets, and they don't need to see them as proof. If the toilet has to be visible for some reason, make sure the lid is down.
3. Take photos during the day
Take pictures during the day when you can count on natural light and always open the blinds and curtains. Dark and gloomy pictures make the home look depressing.
4. Create a spotless setting
Make sure the windows, mirrors and carpets are clean.
5. Use a camera
You don't need an expensive camera with state-of-the-art equipment to take good pictures, but a cell phone usually won't do unless it takes high quality pics. Borrow a camera if you need to.
6. Avoid photobombs
No people or flashlights should be reflected in windows or mirrors - it looks very unprofessional.
7. Capture the space, not the stuff
Try and showcase the room as best you can by not zooming in or focusing on specific objects. Prospective buyers are not interested in what's inside your home, they are interested in the home itself.
8. Don't capture marketing material
Don't photograph the exterior of a home with many agents' boards in front of it. It could be that they are old or that they belong to the neighbours, but this creates the perception that no one wants to buy your house.
9. Brighten up the space
Take pictures during the day when you can count on natural light and always open the blinds and curtains. Dark and gloomy pictures make the home look depressing. Add a splash of colour like flowers to brighten pictures up.
10. Depersonalise pictures
Try not to take photographs where pictures of your family or your pets are visible. Prospective buyers want to visualise themselves in the home and your personal items could make this harder for them to do.
11. Don't rush
Take your time taking pictures and make sure you have enough to choose from.
12. Keep it real
Don't distort images by taking pictures with fisheye lenses or using black and white or sepia lenses. The objective is not to produce an artistic image, the objective is to create a realistic version of your home in order to sell it.
It is also important to keep the home in good condition so that it is viewer-ready whenever a buyer makes an enquiry. It is often better to leave the home when buyers pop over with the agent for a viewing, as this will allow them the freedom to explore and imagine themselves living in the home.
One of the most exciting steps in the process is receiving your first offer to purchase (OTP). It is important to understand that this is a legally binding document, so if you are unsure of any of the clauses in the OTP, ask your agent for clarity. It can be a very costly mistake if you agree to something you don't fully understand.
The final piece of the puzzle is when the offer is accepted and the OTP is signed by both the seller and the buyer, which then starts the transfer process. The transferring attorney is usually selected by the seller, but your agent can share recommendations if you aren't sure who you would prefer to work through. The transferring attorney then typically takes over and will be in touch to guide you through the lengthy administrative process of transferring the home into the new buyer's name.
While there are many moving parts to coordinate when selling your home, the process can be simplified when you work through a reliable real estate professional. This is why the real estate profession exists. Apart from matching a buyer to a seller, real estate professionals offer expert guidance and assistance throughout every step of the transaction.
Market-related listing is critical across all real estate segments from industrial to residential. It stands to reason that the higher the value of the asset, the more important it becomes to understand the pricing sweet spot if you want to liquidate funds for reinvestment.
Correctly pricing your high-value fixed asset isn't only a financial decision but also a strategic one that can significantly impact the duration and outcome of a sale.
In an ideal world those would be the only two determining factors in pricing property, but as with just about everything else, reality is more complicated because it involves people.
About 70 years of research confirms what all property professionals know; emotion plays a massive role in real-estate investment decisions.
Put plainly, people aren't as rational about buying and selling homes as they are about other, less emotive, investments like comparing the performance of pension funds. Homes are aspirational life choices that merge financial and emotional expectations.
The danger for sellers lies in emotional decision-making, with a narrative that reads: 'My home is special, and the right buyer will see it'. If that is the starting point, it's almost inevitable that sellers will price themselves out of the market before they're even out of the blocks."
Pitfalls of Over-Pricing
Residential sellers overwhelmingly want to deliver their properties to people who'll love the space as much as they do.
But setting a price point to attract only 'serious buyers' rather than a market-related price is thinking with your heart, not your head, and could scupper any chance of a sale.
Sellers who over-price properties will face the following:
Fewer Prospects: In today's competitive real estate market, buyers are well-informed and have access to extensive property data. Prospective buyers therefore know when properties are priced above market value, and they don't like being taken for fools.
Lengthy Time on the Market: Online property portals allow buyers to compare local market stock quickly and efficiently. The longer a property sits unsold, the more potential buyers browsing for new listings will question its desirability or condition.
Discounting Negatives: If reality strikes when homes don't sell quickly and asking prices go down, owners risk creating an impression that they're desperate or lack confidence in their properties. Prospective buyers are likely to suspect there are any number of issues from structural to problem neighbours - perceptions that can be challenging to overcome even at more attractive prices.
Over-Exposure: Serious buyers frequently browse real estate websites for new listings, so a listing they've seen 20 times will be ignored. The longer an over-priced property remains on the market, the more stagnant it becomes. If your house has been on sale for ages without a nibble, take a step back and try to review the asking price from a financial and strategic perspective only. When you've revised the price, insist that your broker also completely revises the online listing with new visuals and a fresh property description that will bring previous browsers back to reconsider your sale.
Extract From Property 24
Author: Extract from Property 24
