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Selling your home is a big deal. There are so many aspects to consider when you're preparing to sell your home, from deciding whether or not the timing is right and choosing a sale method, to picking out a real estate agent and getting the property valued.
Most people decide to sell their property due to changes in their lifestyle. This could mean moving to a different area, purchasing a smaller home or requiring a larger property due to a growing family. Regardless of your reason for selling, it can be difficult to figure out when the right time to sell is, especially if it's the first time you're selling a property. And you may need to buy a new place as well.
But don't worry: we'll guide you through everything you need to know to make sure you get the best price for your house.
There’s a lot more involved in selling a property than putting up a ‘for sale’ sign and hoping buyers will show up to purchase your property. Below is a quick look at the different steps you have to go through to sell your home.
The first step is to assess what’s going on with the economy and property market to determine whether or not it is the best time to sell. You also have to take into account your own circumstances and if you need to sell right away or not, even if the market conditions aren’t suitable. You should consider whether you should first sell your current home and then purchase a new one or vice versa.
Picking an agent is one of the most critical steps in ensuring your property sells successfully since they will be carrying most of the load. An agent has to handle all the difficult aspects of the sale, including listing and marketing the property, negotiating the contract and dealing with legal matters, which are all essential to a successful sale.
Be careful when choosing your agent. You want someone professional, who knows what they are doing and who will listen to what you want rather than forcing their requirements on you.
The next step is deciding how to sell. There are a few different types of sales, including auctions, set date sales and private treaties, and in conjunction with your agent, you can decide which option is best. You will also have to work with your agent to come up with a plan to list the property as well as showing it.
The next step is to work out the price you want to sell for and any property inclusions. The value of your property will be influenced its location, size, date of construction and other features. Other property sales in the immediate vicinity may also give an indication of a price range. Additionally, the general property market and the trends in the area will also play a role in determining the price you can get for your property.
Once the price has been set, you will have sign a contract with the agent, which will cover things like the agent’s commission, the estimated price of sale, how long the agreement is in place for, advertising expenses, process and more.
Now it’s time for you to put together the Vendor’s Statement or Section 32 for the property you are selling. Likewise, the Contract of Sale must be prepared via your conveyancer or solicitor. These documents will cover all the information a potential buyer might require.
To attract potential buyers, you are going to have to market your property, which includes advertising and showing off your home. Generally, this means getting some good photos of your home, creating online ads and drawing up the floor plan.
Potential buyers will get in touch with your real estate agent to set up an appointment to see your home, or they might opt to attend one of your open homes instead.
Your real estate agent will be in charge of auctioning your property or mediating between you and a potential buyer to make sure a mutually satisfactory price is agreed upon. The person buying the property will then have to put down a deposit.
The final details of the sale will be worked out by the lawyers and banks of both parties to ensure everything is in legal and financial order.
If everything proceeds without a hitch, you will hand over the legal rights and keys of your property to the new owner, who in return will pay the balance, either directly or via their bank. At this point it’s time to sit back and relax because you’ve successfully sold your property.
Understanding property contracts
That's the basic process of selling a house. Now let's dig into a few aspects in greater detail.
The most popular methods of selling a property include auctions, private sales and set date sales. The method you choose will come down to your strategy and preference.
An auction is quite a popular method for the purchase and sale of properties. Auctions can sometimes lead to higher prices on a property because of the competition between the prospective buyers and the sense of urgency that is created.
Private treaties mean you set an asking price for your property and then entertain offers from buyers. A private sale can be more attractive to a buyer, but it’s usually a lengthier process than an auction or set date sale because it doesn't create the same sense of urgency.
Set date sales tend to be popular in slower markets. You decide a price range for your home with your real estate agent before posting ads and showing it. The agent then invites potential buyers to make a formal offer on the property, which has to be submitted by a certain date. After the date in question, the agent will gather all the offers and present them to you. You can pick the highest offer, start negotiating with the highest bidder or list the property again if the bids are under the price you are looking for.
Learn more about property sales methods
The value of your property is determined by a number of factors, including:
In the end, the market will determine how much your property will sell for, but you also need a realistic idea of what to expect. A good way to get a realistic price is by talking to an experienced local real estate agent, as they’re constantly aware of the state of the property market. It’s also a good idea to get opinions from two or three agents.
If you get completely different prices from each different agent and you aren’t sure which one is more accurate, you always have the option of commissioning a licensed real estate valuer who can objectively and independently evaluate how much your home is worth.
Some things you should look for in an agent include:
Finding and researching an agent is a matter of using the internet and your social networks. There are many sites that will allow you to see what agents are working in your area. Once you have the list, you need to research them by checking out their sites, blogs, discussion forums and any comments made by clients.
Before meeting an agent, make sure to prepare a list of questions you want to ask in advance as it will make your life easier. And don’t worry if the agent requests to meet at your home.
This allows them to see and evaluate the property and get a good idea of how they can help you. This is something the agent should do for free and is in no way a commitment on your part to engage their services.
After your meetings, you can decide which agent was the best fit and then it’s time to draw up the agreement, which will cover an estimation of how much you will pay in fees, charges as well as other expenses you might have to cover once the property is sold.
How to find a good real estate agent
Alternatively, you can skip the real estate agent commissions and sell on your own.
Marketing your property is essential because it’s the only way to get it in front of buyers. A good marketing plan doesn’t have to cost a fortune, but a little investment is required to ensure you get the best possible results. Let’s take a look at some of the ways a property can be marketed.
There are many channels you can use to advertise your property and getting the right combination is critical. However, it’s also worth keeping in mind that 86% of people use the internet when looking for a property to purchase, which makes online advertising extremely important.
The largest online site for selling real estate within Australia is considered to be www.realestate.com.au. Most real estate agents will list homes for sale on this site. Others may also choose to list the property on other sites such as www.domain.com.au or www.homehound.com.au, as well as on their own internal company website. This is done in an effort to increase exposure and maximise the number of people who will potentially see the property.
To make sure that your property gets the maximum amount of exposure possible without you going over budget, you need to create an advertising schedule that’s in line with your needs. You should also consider other factors such as the number of days your property has been on the market, what other properties are up for sale in your area and how much your property is worth.
Using video to sell your property is a great way to attract even more prospects and is a great way for you to stand out. Some large real estate sites allow you to post the video right on the site. However, for those that don’t offer this feature, you can always post a video on YouTube and link to it.
A video will allow buyers to get a better view of your property. It’s a great way to engage your target market, which can really help with selling your property.
Your property has to be presented in the best light from the second you put it on the market. So, keep the following tips in mind for a successful presentation:
While you might be anxious come auction day, if you understand the process, you’ll be able to relax. So, this is how things will go on the day.
There are multiple costs that come with selling a property. It's important you understand these before you sell.
It's hard to line up the sale of your old home with the purchase of your new one. If you need temporary finance to cover your new property purchase while waiting to complete the sale on your home you could take out a bridging loan. You can compare bridging finance options in the table below and read more about bridging loans on this page.
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