A good understanding of the value of your property and the state of the market
Information sources are property ads for properties being marketed in your area, as well as websites for auction and sales results, and lists of recent sales from agents. You could also opt to pay for a report or hire an independent registered valuer to provide you with a professional estimation of the value of your property. Get out and visit properties for sale in your area to get an idea of how your property compares to the market.
An agent that you trust and in whom you have confidence
Make sure that the agent is licensed in your state – you can contact your relevant state government department to check whether an agent is licensed.
Interview more than one agent – three should enable you to make the right choice.
Consider the market appraisals provided by the agents that you are considering, against the research that you have conducted. Going with an agent that provides an estimated selling price above or below the norm for your area could be a mistake.
Consider the prospective agents’ personalities, experience, sales record (evidence of success in your area) and professionalism.
Ask the agents to outline their proposed marketing plan – this will give you a good idea of their approach to achieving your sale and the likelihood of early success.
Discuss with the agents your requirement to have regular updates and reports on progress.
Discuss and agree the commissions payable – all commissions and fees are negotiable. You should expect to pay a fee commensurate with the service that you receive.
The right agency agreement to suit your requirements
There are three main types of agency agreement:
• Open listing or general authority. You will be able to list with more than one agency, only paying commission to the agent that sells the property. While you may get more market coverage than with a sole agency, the sale of your property may not be as high a priority for the agents. There's also a risk that you won't achieve the best price if various agents are competing for a quick sale.
• Exclusive authority/agency. The agent gets paid upon sale, even if the sale ends up being by a different agent or by the vendor themselves. One trap is to sign up for a lengthy contract – you could try one month first, and extend the agreement if you're satisfied.
Sole agency. Similar to exclusive agency, except the agent may not be entitled to commission if you sell the property yourself. Don't feel pressured to sign up after your first meeting.
It is advisable to have any contract agreement presented by an agent checked by a lawyer and changed if necessary.
A clear approach – private sale or auction
The advantages of an auction for sellers include
• No price limit – good for properties that are unique, in short supply
• The property will be sold if the reserve price is reached
• The property will be sold on a specific date – potential buyers have to reach a decision and act quickly
• Suitable buyer(s) can be identified to negotiate with if a sale is not achieved at auction
The advantages of a private sale for sellers include
• Time to consider offers
• Advertising expenses can be less that for an auction
• No auctioneering fees
Your home presented in the best light possible
Remove any clutter in your home (family photos, memorabilia, books and DVDs, animal bedding, toys etc) – this will allow prospective buyers to more easily get a feel for the size of the rooms and will make the rooms feel larger, more airy and appear to have more light. Outside the home check for and tidy away garden hoses, rubbish bins, bicycles and washing. Make sure that the garden is neat and tidy.
Clean your property thoroughly – both inside as well as outside. Ensure that there are no pet smells in the home – this can deter would-be buyers unnecessarily.
Ensure that your garden is tidy and well-trimmed with weed-free, well turned beds. Planting a few seasonal bedding plants can make all the difference to the kerb appeal of your home. If you have a courtyard or patio – a few well-placed potplants which are green, healthy and well watered will enhance the appeal of this area of your home.
Attend to basic maintenance – go round your home and identify all of those basic maintenance jobs that need to be done. Leaking toilets, taps, grubby walls needing a coat of paint, loose handles on doors or cupboards and so on. Attend to worn/marked carpets and refresh any dirty grout in tiled areas.
Market your home
In addition to the online and printed media marketing that your agent will manage on your behalf, remember to spread the news that your home is on the market – you never know who your buyer could be – it could be your next door neighbour or it could be a colleague at work, or an acquaintance that you only meet occasionally. The more people that know that your home is for sale the wider you are casting your net into the waters of potential buyers.
