Selling Tips

Deciding to Sell

Deciding to sell any property whether it be an investment or your family home is a big decision. There are many factors to consider and many crucial decisions to be made during the sale process so spend some time on this first step. There are many reasons why you may wish to sell or why you may need to sell. Evaluate your reasons for selling and what you hope to achieve by selling. Being able to clearly communicate what you wish to achieve will assist your agent in giving you the best advice for your individual situation.

1. Evaluate your reason for selling.

For Example:

2. Evaluate what you need to achieve.

For Example:

These are only simplified examples of the many reasons why you may be considering selling your property. We suggest that you and your partner/family take the time to consider all the options available to you, so that you can clearly communicate your needs to your agent when and if you decide to sell.

Choosing a Real Estate Agent

Choosing the best agent for you will be crucial to the successful sale of your home. This is the most important decision you will make. In choosing the right agent you will be able to access a wealth of information, experience and expertise. Choosing the wrong agent could seriously handicap the sale of your home.

Here's the three main Don'ts. If you can avoid these then you're half way there.

The Three Don'ts

  1. Don't choose an agent only because they give you the highest market estimate on your property. Ultimately, it is not the agent who sets the market value. The market, the group of potential buyers, sets the market value.
  2. Don't choose an agent only because they seem to really appreciate your property, when they view it. Yes, you want an agent who appreciates all the great things about your property and who is enthusiastic about selling it. But remember, an appreciation of your home does not necessarily indicate an ability to market it effectively.
  3. Don't choose an agent only because they offer the lowest cost alternative. Incurring higher sale costs is justified if you’re going to achieve a higher price for your property as a result. When an agent negotiates his costs, he's placing a value on the level of his expertise, experience and service. An agent who undervalues his expertise to attract vendors, will undervalue the worth of your property to attract potential buyers.

The Selection Process

We suggest that you contact a select number of agents to appraise your home and present a marketing proposal to you. Here's a check list of things to consider and questions to ask. You might like to print a check list for each agent, and answer the questions either during or after your consultation with them.

Download our Agent Checklist (size: 653kb)

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Methods of Sale

The two most common methods of selling Real Estate are Private Treaty and Auction.

Private Treaty

When a property is offered for sale by Private Treaty, a price is set on the property and the property is then marketed by your agent at that price. Potential buyers make offers on the property and the vendor has the ability to accept, reject or negotiate on these offers. Private treaty is the most common method of sale in Wagga Wagga.

There are many advantages to selling your property by Private Treaty:

Auction

When a property is offered for sale by Auction, it will go through an intensive marketing campaign over a short period of time, usually 4 weeks. The vendor has the right to set the reserve price, below which the auctioneer is not permitted to sell. On the day of the Auction, if the highest bidder reaches or exceeds the reserve price the property is sold and the auctioneer will conclude a binding contract between buyer and seller. Fitzpatrick’s has three qualified and licensed Auctioneers to carry out all Auctions, so that we can control the entire process. Properties most likely to benefit from the Auction process are usually properties where demand is greater than supply; unique properties, particularly if located in Central Wagga or Turvey Park; or where a quick and definite outcome is required, for example, an inherited estate.

There are many benefits to selling your home by Auction

Quick Tip:
Information brochures on methods of sale are provided to our Vendors, and are included in your Vendor Information Pack. Our agent will be able to advise you on the best Sale Method for your property.

Pricing your Home

There are four areas you need to consider when pricing your home. These are:

1. What features does my property have?

For example:

By identifying all the features of your home you will be able to enhance the attractive ones and improve any limitations. Our agent will assist you in this process commencing your marketing programme.

2. What comparable properties are currently for sale?

Our agent will supply you with the details of other properties currently for sale with similar features to your own property. This will indicate both the level and quality of the activity in the current Wagga market. This list is comprehensive, recent and accurate and will help you to place your property competitively in the market place.

3. What comparable properties have recently sold?

Our agent will supply you with the details of other properties recently sold. This will indicate the market range for successful sales.

4. What is the current market doing and how will this affect me/us?

Our agent will provide you with a synopsis of the current market trends. It will cover the important features of your home, current properties for sale, recent sales of comparable properties and the effect of other forces on the sale price of your home such as government policy or regional developments. The synopsis may also include a recommended price range.

Remember, it is not the agent who sets the value of your home, the market sets the price. However, an experienced agent can assist you in promoting your home in the right way to the right people to maximise the success of your sale.

Quick Tip
Information videos and brochures on pricing your property are available to all our vendors, and are included in your Vendor Information Pack.

Presenting your Home for Sale

As a general guide consider some of the following things.

The Garden

If the garden is neat, tidy and well kept, it makes a great first impression - and a prospective buyer's first impressions are very important.

The Outside

If it's possible, give the outside of your home a good "Spring Clean". Clean the windows, clear the gutters, wash the paint work, hose down the porch. It all helps create the right image.

The Inside

Keep the house light and airy. When purchasers inspect, draw the curtains, open the windows and let the sun shine in! If it's a dull day or raining, turn on a few lights, as they arrive. Keep the temperature comfortable- cosy in winter, cool in summer. If the buyers are comfortable they'll stay longer and give your home more attention.

Pets, Children & Noise

While we love our children, our pets and our radio all these things can interfere with the buyers inspection of your property. It is important to remove, restrain or turn off anything that could distract the buyer during their inspection.

Quick Tip
Information videos and brochures on presenting your home for sale are available to all our vendors and are included in your Vendor Information Pack.

Download our Home Presentation Checklist (size: 241kb)

You need Acrobat Reader to view this download. Click here for a free download.

Marketing Methods

As a Fitzpatrick's Real Estate client you will benefit from a variety of different marketing strategies. We provide a customised range of promotional tools to ensure that your property receives maximum exposure to the right people.

1. Front Window Display

Our office is located in the central shopping district of Wagga Wagga. Approximately 30,000 people pass along this section of Baylis Street and our Front Window Display each week. The display is regularly updated, and properties rotated. Automatic night lights make the display visible to potential buyers 7 days a week, 24 hours a day. The Internet Property Number for each property is displayed as part of each properties details, ensuring maximum access.

2. Internet

The popularity of the internet as a shopping tool is growing at a tremendous rate. More and more people are discovering how convenient it is to shop from home or the office. Our research shows that the number of people using the internet to look at Real Estate and to communicate with our firm is growing consistently and rapidly. This means your property is accessible to thousands of people all day every day. We have ensured the maximum exposure of our internet site by linking it to the national search engine realestate.com, the most popular property information website in Australia.

3. The Daily Advertiser and Open House Sessions

This form of promotion still remains the strongest method of attracting potential buyers to your home. Our research shows that over 30% of purchasers first access the property of their choice through an open house session advertised in the newspaper. Open Houses are usually conducted on Saturday’s from 10:00am onwards, and run for approximately 30 minutes each. Properties to be opened are advertised each Friday and Saturday in the Open House Guide in the Daily Advertiser and also feature in our full colour advertisement placed in the Riverina Homes section of The Daily Advertiser, and in our Weekly Bulletin Board accessible from our home page.

4. Networking

Most professional agents maintain a list of potential buyers and sellers. At Fitzpatrick’s Real Estate we have implemented a fully computerised database system, custom designed to match potential purchasers against properties for sale. Our consultants update this information daily and follow up purchasers weekly. This system has proven very successful in matching buyers with properties, and has enabled Fitzpatrick's Real Estate to offer a better quality real estate service to both our vendors and buyers.

5. Other Promotional Methods

As part of our customised service we offer a variety of promotional methods on an individual basis. Some of these include:

Negotiating

Real Estate Terms

Quick Tip
A more detailed explanation of this process is contained in your Pre-Consultation Pack and your Vendor Information Pack.

Making an Offer

This refers to the process where by a puchaser makes an offer to purchase the property under certain conditions. As an example an offer may be to purchase the property at a lower price than the advertised price, or at the advertised price with an extended settlement period. However most commonly a purchaser will offer to purchase the home at a price somewhat less than the advertised price in order to begin negotiations towards a sale.

Exchanging Contracts

When a sale price has been agreed upon with a purchaser we will arrange for the contracts to be signed by you and the purchaser. We will collect the agreed deposit from the purchaser.

We will then arrange for the copy of the Contract containing the Purchasers signature to be delivered to your solicitor and the original contract containing your signature to be delivered to the purchasers' solicitor. This is called the Exchange of Contracts.

Deposit

At the time that the contracts are signed we will collect a deposit from the purchaser which will be lodged in our trust account. This deposit is usually 10% of the purchase price, and is held in trust by us until settlement occurs.

Cooling Off Rights/The Cooling Off Period

Under legislation, most purchasers of residential property are entitled to a cooling off period. This cooling off period will not apply if the property is sold at Auction. Cooling Off Rights allow the purchaser to withdraw from the sale of the property within the Cooling Off Period. This period commences on the day of Exchange of Contracts and expires at 5:00 pm on the fifth working day after the Exchange of Contracts. If the purchaser chooses to exercise their Cooling Off Rights and withdraw from the sale they forfeit 0.25% of the purchase price as a penalty.

Settlement

Once the exchange has occurred the purchaser’s solicitor will conduct a number of searches and inquiries to verify that all is in order with the legal title of the property. This process will usually take in the order of four to six weeks. At settlement, certain adjustments are made, any outstanding mortgages are attended to and the balance of the purchase price is paid by the purchaser. The purchaser becomes the legal owner of the property.

Moving Out and Moving In

Congratulations on the sale of your home! Here are some suggestions to help make the move a little easier.

Preparing to Move

When planning the date of your move we suggest you allow a few days between the proposed settlement date of your new home and the date of your removal from your old home. This time will allow you to arrange any final details in your new home prior to moving in. It also means that if there is a hold up with the settlement process and the final settlement day is postponed you won’t have to reschedule your plans. You will find that allowing this extra time can help to make the moving experience more relaxed and organised.

Keys to Your Old Home

Arrange to hand over the keys to your old home before settlement takes place. Decide if the keys will be left with your solicitor or our office for collection by the purchaser and inform us of your decision.

Some Things You Can Pre-Arrange

There are some things which you may wish to have done prior to moving in. These could be:
If purchasing through our office, arrange to collect the keys to your new home after settlement has taken place. Find out if the keys will be available from your solicitor or from our office. Please note that if we are holding the keys, we will not be able to release the keys to you until we have written authorisation from the vendors solicitor, so we suggest you ring ahead to ensure that this authorisation has been received by us.

On the Day

It's a good idea to have put together a moving survival pack to get you through the actual day of the move and your first night in your new home.

This pack should contain things like:

This is the perfect opportunity to give the whole house a thorough spring clean before arranging furniture and unpacking boxes. Last of all, allow yourself to sit back, relax and soak in the atmosphere of your new home.