10 steps to selling a property
We believe that selling your property can be stress free and exciting when you have the right knowledge and insights. A good starting point is to understand what is involved in the selling process, so you are prepared for each stage.
Outlined below are the 10 key steps to selling a property. For a more in-depth look download our Selling a Property Guide which is filled with information on everything you need to know about selling you property and importantly how to maximise your sale price.
Step 1 Research your local market
The first step to successfully selling a property is to understand what is happening in the wider national economy, what stage of the property cycle your State or Territory is in, and specifically what is happening in your suburb. Knowing this information can help you make smarter selling decisions.
Step 2 Have your property appraised by your local McGrath Sales Agent
Knowing how much your property could sell for in the current market is another key step when selling. Your local McGrath Sales Agent can provide you with an obligation free property appraisal for your property. They will review the local market and look at similar properties that have sold in the last 90 days. They will review properties that are currently on the market, wider market trends and specific features of your individual property to provide you with a comprehensive appraisal report. Find out more about what is involved in the property appraisal process here.
Step 3 Choose a method of sale
There are three main ways to sell a property in Australia; private treaty/private sale, auction, tender/expression of interest. Each of these methods suit different properties and different markets and your real estate agent is the best person to help guide you. They will consider the following elements before recommending the best method of sale:
- Property type
- Property location
- Market condition
- Timing - how quickly you want to sell
- Personal preferences
Step 4 Prepare your property for sale
Styling and preparing your property for sale can add between 5% -10% to the final sale price. It helps attract more people and has a direct impact on how quickly the property sells. To find out what you should do to prepare each room and space of your property download our Preparing your Property for Sale Checklist.
Step 5 Engage a conveyancer or lawyer to draw up the Contract of Sale
Selling a property is a legal process and while you are not required to have a conveyancer or lawyer manage the settlement, managing the documentation and settlement of your property’s sale can be complicated. Having a team of experts familiar with the legal documents and legislation within your State or Territory, can provide you peace of mind and ensure the process runs smoothly.
Step 6 Marketing of your property commences
A key factor of a successful sales campaign is the marketing plan. A strong marketing campaign should be focused on reaching all possible local and active buyers, as well as pinpointing potential passive and out of area buyers. A strong marketing plan should include a mix of print, digital, local area marketing and database marketing.
Step 7 Offers received or the property goes to auction
If you are selling by private treaty/private sale, interested buyers will make an offer to your agent who will in-turn present them to you for consideration. The agent will then negotiate on your behalf until you are happy with the price.
If selling by auction your property will be presented for public sale and if the hammer falls and the price is on or over the reserve, the property will be sold to the highest bidder.
If you are selling via expression of interest/tender, buyers will submit their best offers by a particular time and date and your agent will negotiate with them to achieve an outcome both of you are happy with.
Step 8 Contract signed and deposit paid
Once the buyer and seller have agreed to sell the property or it has been sold by auction, the first step to legalise the sale is to sign and exchange the Contract of Sale.
There will be two copies of the Contract of Sale, one for you and one for the buyer. You each sign one copy before they are swapped or as it’s called in some states ‘exchanged’.
This process can be facilitated by your real estate agent, your solicitor or conveyancer. At the time of the exchange, the buyer will be required to pay a deposit, which is normally 10% of the purchase price, and this will be held in trust by the real estate agent or your conveyancer.
Step 9 Property settles
As settlement day approaches, your conveyancer or lawyer will work with the buyer’s settlement team to ensure all the legal obligations of the contract have been fulfilled. They will make all payments and lodge the correct documents with the relevant land registration office. Assuming all goes to plan, final payment will be made to you and the keys will be handed over to the new buyer.
Step 10 Celebrate a great result
We are pretty sure you will know how to celebrate the successful sale without us telling you.
For an in-depth look at everything you need to know when selling and how to maximise your sale price download our Selling a Property Guide.
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