Selling your property should be a positive process maximising your financial outcome and minimising unnecessary stress.
Teaming up with the right real estate agent and agency is an important step in achieving the best possible sales outcome for you. Our agents can guide you on what is happening in the market, timings, how the process works and act as support people helping you navigate your course towards a successful sale.
Choosing your agent
Choosing a good agent early in your selling process can be very beneficial, helping you to get outside advice about the best way to prepare your residence for sale. They can draw on their experience to recommend if there are manageable changes you can make to significantly increase your sales price or whether improvements you’re thinking of making before listing are necessary. They’ll work with you to decide what marketing and advertising will best suit your sales campaign, organising expert third party assistance from everyone from photographers and printers.
Ray White Parnell is home to some of Ray White’s most elite sales agents and serves thousands of clients. Our philosophy of continually investing in their training and arming them with the best tools ensures they can provide clients with the best possible service and results.
There are timing decisions to be made. Many people choose to sell their existing property before they buy another to minimise the risk of ending up owning two properties simultaneously and perhaps having to take bridging finance.
Planning what sort of timing you need can also affect your choice of sales process. Deadline-related methods such as auctions, deadline sales or tenders may lead to a prompter sale than offering your property without a timeframe.
If you plan to sell a property which is tenanted you should be fully aware of the responsibilities you have to current tenants and Ray White Parnell can also advise you on this. As tenants are paying to enjoy the property, they can set reasonable limits on access to the property for viewings etc and can refuse to have their personal property appear in photography.
Tenancy Services lay out rights and responsibilities here: www.tenancy.govt.nz/ending-a-tenancy/change-of-landlord-or-tenant/selling-a-rental-property/
Evaluating your property’s worth
Having a good idea of what your property is worth may affect your decision on whether to sell at all.
CVs or RVs which local councils’ issue and use as the basis of the amount of rates to charge, can provide some guidance. But it is foolhardy to rely on them slavishly as they are only a rough tool related to rates collection, becoming out-of-date in rapidly moving markets and not reflecting all differences between properties.
Several property websites, some free and some involving charges, provide an estimate of the value of an address, but as those are not based on inspection of your home they may not factor in recent renovations, unique features and upcoming infrastructure changes in your area. So, it is always important to ‘sense check’ these tools and remember the figures or ranges provided are estimates.
Our team go through the process of familiarising themselves with your home, to understand its current condition, key aspects including any renovations that might have an impact on value. They also take into consideration the latest data on what other similar local properties have sold for and use their expertise provide a robust appraisal of its likely worth in the current market.
You can also pay a registered valuer to evaluate the value of your home.
Costs involved in selling
Having a good idea up front of what costs will be involved will make everything easier. Budget for marketing costs, the cost of any reports you’ll supply buyers, any pre-selling renovations or staging costs, lawyers’ fees and moving costs. You’ll also want to be aware of any break fees if you’re going to be breaking a fixed rate loan early and any tax implications of selling your property.
Preparing your property for sale
As well as making any worthwhile pre-sale updates to your property you should declutter and thoroughly clean it. You should consider removing overly personal items from display to make it easier for potential buyers to envisage living at the property.
Having a home fully or partially staged is at the seller’s discretion but your agent may recommend it, especially if items such as furniture are tired or have dimensions which don’t particularly suit the spaces and optimise its layout.
Methods of sale
Auction, tender, deadline sale and negotiation are the typical ways property is sold.
Auctions are a transparent way of creating competition amongst potential buyers in the public domain and generally deliver the true market value for the property at that point in time.
Buyers should register their interest in the property and ask to be notified if an offer has been made pre-auction and if the auction date is being brought forward. The agent will give you the legal documents which set out the auction’s terms and conditions and its wise to get your lawyer to review anything you don’t understand.
When a property is being sold by negotiation there is no set date for buyers to make offers by. It may be advertised with a price or sometimes with an indication of price range.
Tenders require interested potential buyers to give confidential written offers to the agent before a set end date, although they may also say ‘unless sold prior’ allowing acceptance of a satisfactory offer prior to that date. As with auctions, registering interest with the agent enables buyers to be informed about other offers or changes to the tender process.
Prospective buyers can add conditions to their offer and typically provide a deposit with it. As a seller usually you have up to five working days to evaluate offers and you may seek the buyer to change the price or conditions.
In a deadline sale buyers can make an offer at any time up until the set date the buyer has specified. Buyers and sellers can add terms and conditions to the sale and a deadline sale does have the potential to become a multi-offer process if there is more than one offer.