When you’re in the midst of selling your home, you want to keep the largest pool of possible buyers in mind while ensuring you secure the best price and the most favourable sale terms.
The key to preparing, marketing, and selling your home successfully is understanding who's represented among the potential buyers – and how you can appeal to them. With that in mind, here are the most important steps to take before handing over your keys.
1. Get an online property valuation
Knowing what your property is worth is the first step to scoping out your potential buyer base. Start by applying for an online property valuation to get an estimated value range for your property, similar to what you’d get from a bank or financial institution valuation. At Upside, our initial property valuations are generally conservative and may not represent your property’s current market value, but will give you a rough idea of what your property is worth. You can also use this report to look at recent sale prices of similar houses in your local area to get a better idea of the ballpark value of your property.
With this information, you can start thinking about the needs of potential buyers in your demographic. For example, younger first home buyers might be more concerned with location and connectivity, while families might want more yard space for kids to play outside.
2. Spruce up your property before going to market
While an online property valuation is a great way to get a quick estimate, it doesn't take into account your property's key features nor any recent renovations you may have completed.
Before diving into a full appraisal, consider minor repairs or even bigger renovations that could improve the value of the property. It’s estimated that a well-planned and executed renovation can add up to 10% to the value of your home, so make sure your home is in its best condition to increase your chances of attracting top buyers.
3. Choose the right property agent
One of the most important things you can do to ensure your home is sold to the right buyer is to choose the right agent. An experienced property agent will manage buyer interest and inspections on your behalf to help you sell on terms that suit you. They’ll also know what questions to ask prospective buyers to gauge their suitability. There’s no one-size-fits-all solution for vendors, so do your research to make sure you’re confident that your agent will help find you the ideal buyer.
At Upside, for example, speaking with potential buyers and managing open homes is included as part of our flat fee. Our agents know the right questions to ask buyers when selling a house and are paid bonuses on the basis of providing good service (rather than trying to sell as quickly as possible to secure a commission and move on to the next house).
4. Put your property in front of local buyers
In a fast-paced property market, home sales are a dime a dozen – so it pays to be competitive and put your property in front of as many potential buyers as possible. Upside Buyer Advantage is our online service for buyers and sellers that gives you access to an extensive database of local buyers, putting you in a prime position to sell to the right buyer and secure a favourable sale price. It also alerts subscribers about properties before they hit the market, which means you can get in first with buyers in your area.
5. Weigh up buyers’ offers
Obviously, the amount being offered by potential buyers is going to be a big deciding factor, but it’s not the only factor to consider. To help you decide on the right buyer, make a shortlist of the best offers and consider the following:
Chain position – Many buyers need to sell their home before they can buy a new one, which creates a ‘property chain’ of buyers and sellers who are dependent on each other. The longer the chain, the more complicated the sale becomes, increasing the risk that something could go wrong. Ideally, you want the sale of your property to be as free from contingencies as possible.
Settlement timing - Aim for a buyer who can settle as close to your own moving date as possible. If they're not ready to settle until a few weeks after you need to, you may need to take out a bridging loan to cover the cost of your new home.
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Thinking of selling? Get an online estimate value of your home in less than 30 seconds.