When it comes to selling your biggest asset, you must invest a certain amount of money into ensuring you get the best price for your property, the most important thing is not to over-capitalise. So, there’s five areas you need to consider when investing, renovations, repairing, the legals, marketing and the agent’s fees.
The first thing to decide is whether it’s worth updating your property. A renovation can put your property in a different price bracket and for the money you put in, you can possibly double or even triple your investment. Though you need to run your numbers and make sure that the money you put in you’re going to profit. Price is dependent on a couple of things, the duration you have owned your property and the current state of the market. If you’re thinking of renovating to sell, make sure you call an agent in first to get a pre-appraisal and pick their brain on whether you should go ahead or not.
Outside of a renovation, making repairs around your property will make a difference. Real estate is all about the one percenters, so making sure that your property is up to speed in the eyes of the buyers will take you one step closer to sealing the deal of your life. Prospective buyers truly appreciate a property that has been taken care of and the less objection they have, the greater the chance they will be interested in your property.
Once you’ve decided to sell and the clock starts ticking, make sure you organise your Section 32 (Vendor’s Statement) and your Contract of Sale. By appointing a conveyancer to organise your paperwork early, means you will be able to take early offers. In a lot of cases, the early offers can be some of the best offers you’ll get, though if you’re not able to solidify the deal, there’s a very high chance that the buyer could start backtracking quickly and your amazing offer may diminish in the matter of days. The most important thing to remember is that if you own a property that is governed by an Owners Corporation (OC), you will need to start a little earlier. It generally takes up to ten working days to receive the OC certificates for your Section 32 which can hinder many early offers in a campaign. You can pay extra to receive them within forty-eight hours, though you can easily save money by being ahead of the game.
Getting the right marketing mix together is essential. Your agent should be able to provide you with a custom marketing strategy that will put you in front of most of your potential buyers. A mixture of digital, print and social should cover your bases. Remember that if you were to pull even one bidder from each medium, the investment should surely pay off at every bid. The greater the competition, the greater the price. Don’t leave anything to chance, the right public exposure of your property may change your life when the final bid falls under the hammer.
In the end, you must pay your agent. Fees range from agent to agent. Always remember that the fees are negotiable at the time of signing up and ensure that when you and your agent come to a decision, that it was negotiated. This is the time for an agent to show what they’ve got as a negotiator. If your agent dropped their pants from the beginning, well, a cheap agent is a cheap agent, expect the same level of skill put into the negotiation of your property. I’m not saying the most you pay is going to get you the best, but I am saying, the agent who defends their earnings and proves to you their worth, is the one to consider.
You must invest money when selling your property. It’ s such a big sale and will change the course of your life. By trying to save money when you should invest, you stand the chance of leaving enormous amounts of money on the table, life changing amounts. Cover your bases, choose your agent well and get the best price you can for your biggest asset.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.