10 Steps To Selling Your Property During The Coronavirus
If you are considering selling your property during the Coronavirus period, you understandably may have a number of questions. Questions about how the process will work during this time and in particular, how the government regulations may have changed the selling process.
We are here to help.
Outlined below are 10 key steps to selling a property during COVID-19. For a more in-depth look at the general selling process and for our 11 FAQ’s about Selling during the Coronavirus, download our Selling a Property Guide.
Step 1 Research the local real estate market
During these unprecedented times it a good starting point is to talk to your local McGrath Agent as they are living and breathing your current local market. They are in constant contact with their active buyer database and have a good perspective on local demand during this period.
Step 2 Get a property appraisal from your local McGrath real estate agent
The next step is to understand how much you could sell your property for in the current market.
At the moment, we can still come to your home and conduct the appraisal.
If you are more comfortable with this occurring virtually, we can help here too. We would ask you to walk through your home on Facebook or Instagram Live, Facetime or a similar virtual process.
Either way your local agent will review:
- Its key selling features
- Its location
- Local buyer demand
- Their active buyer database
- Relevant market data
- Wider market trends
- Properties currently on the market
They will summarise their findings and provide you with a comprehensive report on the local market, along with a suggested price guide for your property which is appropriate during this coronavirus period.
Step 3 Choose a method of sale
There are three main ways to sell a property in Australia - private sale, auction or expression of interest. Each of these methods suit different properties and different markets.
During COVID-19, McGrath is still currently offering all methods of sale. All our auctions are now being hosted online. This easy to use platform offers buyers the opportunity to watch, register, bid, buy and exchange on live property auctions. This service will ensure bidders can still participate and bid at an auction remotely.
For private sale and expression of interest, our agents will negotiate with buyers using normal methods such as phone, email and digital meeting platforms, to achieve the best possible result for you and your property.
Your real estate agent is the best person to help guide you here. They will consider the following elements before recommending the best method of sale for your property during the current climate.
- Current local market demand
- Number of active buyers on their database
- Property type
- Property Location
- Timing - how quickly you want to sell
- Personal preferences
Step 4 Prepare your property for sale
Normally, we would suggest hiring a stylist to help with this step.
As this is not currently possible, there are many simple ways you can style your property to sell without employing a stylist or having anyone come into your home. Download our Preparing your Home for Sale Checklist here to get you started.
Step 5 Engage and hire a property lawyer or conveyancer
Selling a property is a legal process and while you are not required to have a conveyancer or lawyer manage the settlement process, 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. Having a team of experts to support you can be invaluable.
Step 6 Promotion of your property commences
Your McGrath Agent would work with you to create a customised marketing strategy within the boundaries of the current regulations.
As a starting point, your marketing plan would include promotion on mcgrath.com.au, via social media, directly to our buyer database and via phone calls to our active buyers.
If you are looking for a more comprehensive marketing plan, we would combine the methods detailed above with professional photographs, floor plans, virtual tours and a promotion across all the key real estate portals.
Importantly talk to your agent about structuring the best marketing campaign for your property and your local market during this time.
Step 7 Property goes to auction or offers received
If you are selling via auction in ACT, QLD or VIC, your property will be auctioned using our online auction platform and will be conducted from your property or within the relevant McGrath office. Buyers will bid, buy and exchange on live property auctions remotely.
If you are selling via auction in NSW, as of Saturday 9 May 2020, the NSW Government has relaxed the restrictions previously in place for agents and vendors who are now able to hold on-site auctions. All auctions will continue to be hosted on our online auction platform, however buyers in NSW can choose to attend the auction and bid in person, or to bid, buy and exchange remotely. More information on this announcement can be found here.
If you are selling by private sale, interested buyers will make an offer to your agent via email 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 you are selling via expression of interest, buyers will submit their best offers via email 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 The contracts are signed and shared electronically, and deposit paid
Once the buyer and seller have agreed to sell the property or it has been sold by online 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. Given social distancing regulations, this maybe done electronically.
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 The 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 the sale of your property
In the current climate perhaps jump on a group chat with family and friends and celebrate the good news.
For a more in-depth look at everything you need to know when selling and how to maximise your sale price download our Selling a Property Guide.
A final note
Everyone at McGrath hope you and your loved ones remain safe and healthy. We also want to assure you that we are operating under what we call ‘Business as Unusual’ conditions, although importantly it is still business and we are here to help.
This information is provided subject to our Terms and Conditions.