How to Sell
It’s the small decisions you make that contribute to a successful sale in the Sydney property market.
How Do I Sell My Property?
There are 3 main options when selling your Sydney property: by auction, tender or setting a fixed price. Each selling option has its own advantages and drawbacks. What are they?
Selling By Auction
- The property has an intense, finite marketing campaign
- The market sets the price, and you can gain a higher-than-expected price if bidding is competitive
- The property may be passed in on the day, although you may still sell in the weeks following
- Some buyers dislike auctions and avoid them
Selling By Tender
- The market sets the price for you
- Tenderers generally submit a 10% deposit with their offer, which can be retained by you if they withdraw their interest
- Tenderers won’t know what price others are offering
- Negotiations with interested parties can drag on if initial tenders are wide of the mark
Selling Property With A Fixed Price
- You know the price you’re going to get – if you sell successfully
- Buyers know if your property is within their budget
- Under this model, you’re running a marketing campaign and sales period with no fixed end date
- There’s a risk you could overprice or underprice your property – missing out on a sale, or a far better price
We invite you to call Niche Portfolio on 02 8005 0053 to discuss your property with us and how best to sell it. We’ll consider your situation and the current market, let you know what most Sydney vendors are doing right now, and discuss what will work best for your unique property.
How Do I Know What My Sydney Property Is Worth?
The sale value of your property is ultimately decided by what buyers are willing to pay for it.
But as a guide, ask yourself about:
- Trends – Are prices currently rising, falling or holding steady in the Sydney market?
- Your area – What have similar or comparable properties in the area sold for recently? Do some research on what else in the area is for sale at the same time as your residential or commercial property
- The condition – Is your property newly renovated, or can it be considered a “renovator’s delight”, with loads of potential for developers or young buyers to make their mark?
Preparing My Property For Sale
How does your property look?
How will it make buyers feel?
These emotional factors are important when you’re selling your property in Sydney’s competitive market.
Most people won’t have the visual imagination it takes to picture themselves living in your property if it’s messy or laid out poorly.
So make sure your property is beautifully furnished and decluttered, in mint “showroom” condition, so your buyers can project their dreams and visions within the walls of the home or office you’re selling.
Be sure to:
- Fix the niggling repair jobs you’ve been putting off. This doesn’t have to mean major renovations.
- Just make sure everything that should work, does work
- A fresh coat of paint wherever needed can make a huge difference to the appearance (and sale price) of your property
- Make sure the garden and grounds are spruced up: consider spending a bit of money on a landscape gardener
- Declutter and keep all rooms looking neat and tidy for the duration of the sales period
- Pare down your furniture to a minimum – clean is compelling, but a visually “busy” room is overwhelming
- Hire or borrow quality furniture that will give your property a new shine
- Put fresh flowers on display
- Consider hiring a property stylist to help you