Selling for a good price or in your ideal time frame involves a smart strategy – and sometimes a bit of luck.
Follow our tips to understand your likely buyer, and how to present your property in the best possible light.
Know your market
Think about who your buyer is likely to be at the outset.
Factors such as price, suburb profile and house type will draw one group of potential buyers more than another.
It also helps if you have a good gauge on the psychology of home buyers and the lifestyle they're after.
Consider how your home/location might suit a certain lifestyle, as well. Is it an apartment in a beachside location where buyers can enjoy an active lifestyle?
Is it a regional location more suited to winding down?
Or is it a townhouse near a busy arts precinct and medical centre, with the potential to attract down-sizers?
The population boom is having an impact on decreasing lot sizes, but many home-buyers still put a large garden on their wish list.
Remember: land appreciates and buildings depreciate.
The architectural style of your home can have an impact on its price.
Many people value features like open fireplaces, decorative cornice work, rosettes and high ceilings, all of which adds character to a home and are hard to replace, so keep as much of the older characteristics as you can.
Do your research
Set a realistic price. Check out property listings,recent selling prices in your street or suburb, head out to auctions, or get details, useful information with a free NAB Property Insights Report.
Watch your spend
Put a cap on your budget for repairs and renovations.
A general rule of thumb for cosmetic renovations is no more than 10% of the property value, and 40% for any structural renovations.
A kitchen or bathroom upgrade should be no more than 2%.
Grab the crowds
The buying market can ebb and flow with your house type.
If you have a beach house, for example, summer will attract a lot of holiday-makers as potential buyers.
Know your season
The changing seasons will influence how you present your home.
Consider what works best for each.
Pay attention to the outdoors in spring when flowers are in bloom.
Airy, breezy houses sell well in summer.
Remember to bring lots of natural light into your home in winter.
Invest in street appeal
First impressions count. Repair front fences, re-tile pavers leading to the entry porch, spruce up your front garden, and give your façade a fresh lick of paint.
Functional floor plans and physical living spaces – like an extra bedroom – can add the most value to a property.
The kitchen and bathroom can sell a home, but they can also tend to date quickly,
Keeping these areas up-to-date when selling can be quite costly, so make sure you target the right renovation style and materials for the buyer demographic in your area.
Replace floor coverings and tiles, or sand and polish the existing boards.
Change door faces rather than installing entirely new cabinetry.
Look at putting in new benches made from cost-effective materials such as composite stones.
New splashbacks and kitchen tiles also look good; tiles in neutral tones are often the way to go when selling to capture the biggest market.
Outsource repairs that are too difficult or require certifications to be done safely and properly, such as electrical, plumbing, re-plastering and landscaping.
Property stylists will showcase how spaces work to make your home appealing to a wide range of buyers.
It's all about making your home stand out from the crowd.
Home-stagers may charge for the initial consultation, then by the hour or room
Schedule open for inspections (OFIs)
These can be rostered OFIs with your agent – usually on weekends, or by appointment
If you don't have time on weekends, do your best to schedule one to two open houses during the week.
Maintain your home-staging
Once the home has been staged, get it professionally photographed for marketing.
Keep your presentation looking clean, neat and organised.
Consider moving out
If you have the option, move out while your home is on the market.
It'll make it a lot easier for agents to access and present during OFIs
Keep tabs on surrounding listings and sales
Until your home is sold, stay on top of any new listings that appear in your street that could present competition.
In particular, you should keep an eye on what homes in the area are selling for – and switch sales tactics if necessary.
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Marlene Liontis
Wednesday, 30 January 2019
