Five Tips for Sellers in 2016
The Australian property market has recently seen a shift in performance with auction clearance rates dropping and concerns that prices may fall. That being said, experts predict a strong year ahead, so don’t let recent commentary deter you from selling property. Here are five tips to help you along your property selling journey.
1) Do your research
As with any major purchase or sale, it’s always wise to do your research. Analysing property trends, comparing listing prices and engaging with key people within the community, namely real estate agents and financial advisors, will help determine a way to achieve your sales goals. Understanding the marketplace will ultimately help sell your property at the right time and at the right price.
2) Pay attention to presentation
When a buyer attends an inspection, they want to envision themselves living or interacting within the property. Making the property as generic as possible, without losing character, will assist in unlocking this visualisation process.
Experts advise stripping features of the property which may not appeal to everybody’s taste, such as feature walls or robust furniture. Furthermore, giving the property a fresh coat of neutral paint, fixing cracked ceilings, mending fences or oiling the creaky doors and jammed windows will allow a buyer not to become distracted with necessary immediate fixes.
Decluttering will make the space feel larger, and furnishing will help give the room depth and space perception. Lastly, removing personalised items such as certificates or pictures of the family around the home will ensure the buyer won’t lose sight of themselves in the property.
3) Undergo renovations
People often say “kitchens and bathrooms sell homes”, so ensuring your property’s features are modern, clean and move-in-ready is a huge plus for buyers. They key is to seek advice from professionals to ensure you don’t run the risk of over capitalising in the area. You want to generate return on investment (ROI), which means not overspending. Engaging with a reputable real estate agent will provide you access to median property prices in the area, as well as insight into the selling capabilities of a renovated property. From here, you can determine how much to invest in the upgrades.
4) Set accessible property inspection times
Be smart about the times you and your agent set for your property inspections. Think about all external factors that happen around the area which may impact buyer perception of the actual property. This includes garbage day, school pick up or drop off times, peak traffic periods and so on. Similarly, consider times of the day that showcase your property’s finest assets. For instance, have a showing at sunset if you have a gorgeous view, or lunchtime if you have a pool or deck area. Don’t be afraid to bring these spaces to life by leaving minimal props around to amplify the buyer’s imagination; set the table in the entertaining area, or simply add fresh flowers in the living room.
5) Be realistic
Being realistic about potential prices and therefore your investment return is critical. It’s important to understand and stay mindful of the market in which you’re selling which will help determine your expectations.
Contact CPS Property today to discuss your investment opportunities.
