What You Need to Know Before Selling Your Property

By John Anderson

Valuations Melbourne

Preparing to sell a property can be a daunting process and especially if it is your first time selling, you may not know exactly where you start. There are a few pieces of advice that will help make the entire sale process of your property smoother.

These tips will hold true regardless of your property type, from residential to commercial. Whatever you purpose or aims for selling, knowing what you need to remember during the sale process will help you achieve the best results in the quickest amount of time.

Selling your property is a big decision, and it can’t be taken lightly. There is plenty of preparation you need to do before you are ready to sell.

From conducting your own research to finding the right professionals to provide you with advice, there are many things to consider before selling your property. Taking the time to understand these will help you make the most out of your asset.

Here are some things to look out while preparing to sell your property:

Research

Spending time doing research is one of the first things you should do when planning to sell a property. You should look into the current market situation in the area where you are looking to sell. This will give you some initial idea of what the possibilities are in terms of the time it will take before selling your property, and a potential idea of the sale price.

In addition to this, you should research the professionals you wish to hire to guide you through the sale process. This includes real estate agents and property valuers. Ensure you choose a service that has a positive reputation and is backed by experience.

As your property is likely your largest asset, it is imperative to do the most you can to ensure the correct approach is taken to the sale. By selecting the right experts to help you, you will be one step ahead in this process.

Valuation

Before selling your property you will require a pre-sale valuation. This will give you an accurate current market value for your property. Knowing what your property is likely to sell for will help with making informed decisions throughout the sale process.

A pre-sale property valuation report provides you with a breakdown of factors that influenced the value, a comprehensive analysis of the current market condition, recent sales data, and risk factors involved with the property.

Real Estate Agent

Finding the perfect real estate agent can be a difficult process. Make sure you narrow down your choices to find a realtor who has extensive experience in your local area.

The more knowledge they have on your local area, the better they will be able to market and sell your property. In addition, if they have experience of successful sales for similar properties, you can rest assured you are in good hands.

Make sure to find a real estate agent that works within the property type you are looking to sell. Also, make sure you are clear about what you want from them throughout the sale process to ensure your expectations are able to be met.

Property Condition

When preparing to sell, take measure to also prepare your property. It should be in pristine condition, or as close to that as you can get.

If you are selling your home, it is good to get a fresh pair of eyes to look for issues within your home. It is common to overlook problems in your own home due to familiarity with them. By getting someone else to come over and inspect your property, you will find more things to repair or upgrade that you may not have noticed yourself.

Making sure your property is in the best condition it can be make involve making upgrades or improvements. Be carefully factor the costs in carefully into your budget as going overboard may not be advisable.

Finances

Before you begin the sale process, you must carefully consider your finances. The focus is often only on the profit you will make from the sale, and while this is exciting, there are also many expenses involved in the lead up to sale.

It is important to consider what your budget is when listing your property to sell. There are many fees involved, including those of your real estate agent, and the costs to advertise your property.

Decide on an amount you can spend during the lead up to sale, and try to stick with it. This will ensure you don’t overspend without improved results. There is a limit to what money can do to make the sale quicker and higher.

Decide on Sale Method

Before selling your property you will have to decide on the sale method that you will go for. This can include private sale, tender, or auction. Which method you take should depend on the market and speed in which you hope to sell.

Consult with your real estate agent to see which result should bring you your desired results. You should also do your own research when choosing the sale method, to make sure you understand the process involved and know what to expect prior to sale.

Set a Selling Price

The final step before selling your property is to set a selling price. A listing price that is too high may mean your property will be on the market for much longer, which means additional expenses for you. Of course, you also don’t want to list the selling price as lower than your property is worth as this will mean less profit for your main asset.

When deciding on a selling price, expert advice is recommended. An independent property valuation service such as Melbourne Property Valuers can provide you with an accurate, up to date market value.

If you require a pre-sale property valuation, reach out to our team today!