Everyone wants to know the secret to unlocking more money out of their property.
The most important thing to understand is that it’s not all about the price you get, it’s about how much money you get once it’s all settled.
Here are a few considerations that don’t always come immediately to mind:
- Tax : The tax implications of selling your property. CGT is something to consider and anyone selling a property should consult their accountant to discuss how much, if any, tax they will need to pay when they sell.
- Agent Fees : A low fee agent is usually cheaper for a reason. That’s just how the world works. It brings to mind the old expression, “If you think a professional is expensive, wait until you use an amatuer”. Being able to negotiate is one of the most important skills an agent must possess to get a seller the highest price. If their strategy at the start is ‘discount’ it gives you an insight into what their strategy will be in regards to your home.
- Presentation. A property is a sensory experience, and it begins even before the property is inspected. Where it’s advertised and how it’s advertised matters too. The photos on-line and the quality of the publication it is advertised in are examples of ways buyers perceive value. If the property is advertised everywhere, buyers accept they’ll have to compete with the market. If the photos are bad and it’s on page 10 of the internet, buyers think they might get a bargain.
- The property itself also must present well. How it looks, how it smells and even how it sounds all matter. Ensure the property is styled well, it smells nice, play some music and have those ‘creaks’ in the stairs fixed so the place feels solid. It all plays a role.
- Time on market: The longer a property sits for sale, the more likely the price goes down. The property begins to psychologically depreciate in the minds of the buyers. Think about it, when you hear a property has been on the market for 2 weeks and compare it with a property that has been on the market for 2 months, you think the second one must have an issue. Set a strategy with your agent around timing.
- Pricing Strategy: Don’t set a maximum price. We have seen many properties sell for more than an owner and agent think it is worth. Similarly, we have seen them sell for less. You should engage in a strategy that allows buyers to make an offer openly. This allows for a faster sell time, a strong negotiation that will likely get you a higher price and ultimately, a better outcome.
If you would like more information on how you can sell for more, please click HERE