Adrian Reed - Australia's Fastest Growing Real Estate Agent

If you want to achieve the maximum price for your property you need to invest in marketing, whether you’re selling by auction or by private treaty. At a minimum, you need professional photography, a signboard and internet advertising. These are the no-brainers of real estate marketing and will cost you anything from $800 to $2,000, depending on the photography and internet package that you use.

If you have a greater budget, it’s definitely worth considering spending a bit more. The broader your marketing campaign, the more buyers you are likely to attract. Stronger buyer competition means stronger sale prices but it all starts with the marketing.

In my experience, properties receive the most attention in the first 14 to 21 days of a campaign, so spend your marketing dollars early to make a big initial impact and create competitiveness amongst buyers.

Generally, an investment of around one per cent of the value of your home should do the trick. Everyone has a budget but whatever you do, don’t skimp on quality. Your marketing materials are designed not only to alert buyers that your property is for sale but to also prompt them to take action. The presentation of your home, the layout of the advertising and the quality of the photography and copywriting are all vitally important.

Today, the internet rules. Active buyers will find your home on the major real estate portals (realestate.com.au or domain.com.au) or your agency’s website. But it’s important to remember that not all potential buyers are online. It’s very common to hear stories of buyers who were ‘in no rush to move’ and were ‘waiting for the right property to come along’. These buyers are not scouring the internet – they only act when inspired by well-presented ads in local or metropolitan newspapers and real estate magazines, letterbox cards and signboards.

In my experience, around 60 per cent of the buyers for your property will come from the local area – within 10km. A signboard, local newspaper ads, the internet and letterbox cards will reach them. But what about the 40 per cent of buyers currently living outside the local area?

Consider the impact on your sale price if you ignore 40 per cent of buyers. This is where ads in metropolitan newspapers such as The Sydney Morning Herald, The West Australian, The Age and The Courier-Mail can help because they have a broader distribution.

It’s also important to factor in specific social trends relating to your area. For example, in Sydney, many young couples living in the Inner West move to the North Shore when they need more space. This has prompted many North Shore agents to begin advertising their listings in the Inner West local papers to reach this important pool of buyers.

Today’s buyers are looking for a lifestyle and they’re far more flexible about where they’ll buy than ever before. I’ve heard of so many sales where the buyers had never even heard of the suburb before seeing the ad for the property. Often, these buyers spot their new homes in a real estate magazine while sipping a latte at their local café.

And what about a brochure? Brochures are critical documents that buyers take away with them after an inspection. Brochures keep buyers excited. They show them to their partners, family and friends. They’re a highly effective tool in your marketing campaign if they’re done well – professionally printed colour brochures with a floor plan are best.

Now, you may be seeing nothing but dollar signs as I write about all this. But as with most investments, you need to spend money to make money. Good quality marketing can make thousands of dollars difference to the price. It’s an investment in your property and it’s definitely worth it.

The preparation you put into getting your property ready for sale can be the difference between getting a standard price and getting a great price. And, the best part is, it’s not hard, time consuming or expensive.

The process, or indeed art, of presenting your property for sale is an important one to master. For most, the sale of a property comes around every 5-7 years. For others it has become a more regular event, choosing to capitalise on the opportunity of upgrading the family home and make substantial tax free gains in the process.

Whatever your motive for selling, the process can either be stress free and lucrative or tense and disappointing. The good news is that you have the ability to choose.

Timing
Buyers can be found all year round. With the marketing process having become far more sophisticated than in previous times, the issue of timing is less critical today than in the past. However, there are some important points you may wish to consider.

If your property is located in one of Sydney’s beachside suburbs our research indicates that the Spring and Summer months produce superior results, particularly October and February. In major centres avoid the Christmas holiday period between 20 December and 10 January. In tourist destinations however, this same period can be the best time for the sale of property.

The time required to sell property that is accurately priced will typically vary between two and six weeks. Prior to placing your property on the market, allow an additional two weeks to prepare both the property and the marketing material.

Presentation
Presentation of your property is a critical factor in achieving the highest possible price. This is similar to detailing a car before you sell it. The emotional appeal required to stir the spirit of the buyers is unlikely to be generated by a poorly presented property. And a neglected building sends out ‘warning signals’ to prospective buyers.

So it is important to do whatever is possible to have your property looking its absolute best on inspection day. Some of the turn offs for buyers include:

• Animal odours in the house
• Evidence of damp or moisture in the walls
• Cigarette or strong food odours
• Doors, windows or gates that stick
• Cracked glass
• Too much furniture or personal belongings cluttering the space
• Stained carpet

To improve the presentation, seek an outside opinion, as many of these problems can be fixed over a weekend for little expense. We believe the process is so important that we offer our clients the services of our in-house Property Stylist to help in preparing the property.

For vacant properties, we would also recommend the use of decorator furniture for the period of the sale. Advice on the best type of furniture can also be offered by our stylist. The average cost to furnish a typical three bedroom house for six weeks is likely to be in the range of $4,000-$6,000 – in our experience an excellent investment in maximising the sale price of your property.

Method of Sale
When it comes to selling your property, there are three popular methods to choose from:

• Private Treaty (Sale)
• Public Auction
• Public Tender

Each has its own advantages and it is advisable to speak to your agent about the benefits of each method.

Our company has successfully utilised all three methods, however we have found sale by Public Auction to be the most effective method for properties located in the top 50 suburbs. Auction is effective in the event of there being difficulty in clearly determining the value of a property whereby a value range may be more practical.

Also, where a property is likely to attract more than one qualified buyer in the marketplace, auction allows competitive bidding to increase the final sale price. In the event that you choose to submit your property for sale by auction, research the success of each company’s auctioneers, as a skilled auctioneer can add significantly to your end result. Most auction marketing periods run for about four weeks.

Sale Preparation Checklist
1. Get the property detailed thoroughly
2. A few hundred dollars spent sprucing up the property will increase the saleability and more than likely increase the sale price.
3. A property stylist can improve the appeal of your property by enhancing its appearance. This helps in obtaining a higher sale price.
4. Obtain a building and pest inspection report. – This allows you to have necessary repair work done prior to sale. A 100% clear report can be used as a selling feature for buyers.
5. The Contract for Sale should be prepared by your solicitor or conveyancer with all the essential terms and conditions. In NSW the law requires that a contract be available for inspection prior to the property being offered for sale.
6. A certificate of compliance should be obtained from the Local Council if you have recently undertaken major building works.
7. It is advisable to have a survey of the land and buildings available if required when selling a property.
8. If there is a current lease, check the expiry date and termination requirements and advise your solicitor.
9. Make a note of all the inclusions. That is, everything that will be included in the purchase price and remaining at the property after completion. Standard items include light fittings, floor coverings, curtains and blinds. These can also be excluded if you prefer but it should be noted in the contract for sale.