Tip 1 - Prepare your sales contract.
Tip 1 - Prepare your sales contract.
In Victoria, before a property is sold, you must give the buyer a Section 32 vendor statement. This document is usually prepared by your legal practitioner or conveyancer.
The reason it is called a Section 32 statement is because the information it must contain is set out in section 32 of the Sale of Land Act 1962. The Section 32 statement contains information about the property’s title, including:
- mortgages
- covenants
- easements
- zoning
- outgoings (for example, rates)
- declaration if located in a bushfire-prone area.
As it is a legal document, it must be factually accurate and complete. If it contains incorrect or insufficient information, a buyer may be able to withdraw from the sale or take legal action against you.
Your agent (Theo) makes the document available to prospective buyers at open inspections, during corrospondence, before the sale or auction.
HOT TIP - If you are selling quickly, or are buying and selling in a short time period, discuss the preparation of a S.27 'Early Release of Deposit'. This enables sellers to access funds before the settlement date.
Tip 2 - Property 'refresh' to get sales ready!
Tip 2 - Property 'refresh' to get sales ready!
There are many things that you can do to increase the appeal of your home. We've noticed attractive homes sell quicker, and often for more.
Here's a checklist of enhancements to consider:
- de-clutter - let the buyer see themselves in the space
- complete any outstanding maintenance and repairs, or supply quotes or estimations so buyers have the full picture
- get gardening - you only have one chance to make a great impression
- Consider a professional stylist, or styled photography.
- Before starting any renovations talk to Theo. He will advise if they are necessary or, if you’re over-capitalising. Many buyers prefer be the decision-maker. This way significant changes are relevant to their needs and taste.
Tip 3 - Choose your sales method.
Tip 3 - Choose your sales method.
Theo will provide you with sales options (private sale, auction, online auction etc) that he believes will maximise the sale price of your property, based on research and analysis of the current market conditions, trends, competition and previous sales in the area.
Auction and private treaty sales are the most common methods.
Tender and expressions of interest sometimes used for extremely high-end sales.
Tip 4 - Marketing your property aka its hard to sell a secret.
Tip 4 - Marketing your property aka its hard to sell a secret.
We market your property in order to reach the broadest spectrum of potential buyers, looking for what you are selling.
Our marketing is targeted, relevant, cost-effective and showcases your property. We use professional photos, copy and design to tell the story of your home. We use different strategies to win the attention of potential buyers.
Tip 5 - Determine your selling price.
Tip 5 - Determine your selling price.
Your selling price is important information. It lets buyers know how much you are accepting for your home, and removes ambiguity.
In Victoria, all residential properties provide a 'Statement of Information' - it explains how the indicative selling price was determined, and is based on previous sales of similar properties in the area. It can be a single price, or a range.
If selling at a face-to-face auction your agent will advise buyers of a likely price range. The reserve price – i.e. the minimum price that you will accept for the property at auction – does not have to be divulged to bidders and can be set on the day, based on buyer interest.
Theo will provide insightful guidance on price however the ultimate decision rests with you, the vendor.