1. Selling tips
At Dowling Real Estate Mayfield we have what we consider to be the best available mix of marketing options for property sellers in the Lake Macquarie region, ranging from high quality digital photography, press adds, signboards, flyers, brochures and our website are the best available!
Our marketing aim is to expose the property to the greatest number of prospective purchasers who are in a position to proceed without delay. Our constant research into the source of our purchaser enquiry means we can focus our marketing to achieve the most effective results.
A benefit to you in selecting Dowling Mayfield as your preferred Real Estate agency is constant communication and feedback. We have systems in place to guarantee that you will be kept fully informed during the sale of your property. We have repeat clients who have bought and sold with us numerous times. They say they come back because the level of feedback provided by our agency. In the words of one client ‘rose above all expectations in their desire to achieve the best price for us, with genuine effort on our behalf – at each stage we were kept informed of the progress’.
As we aren’t the largest firm in town, you wont get lost in the crowd and treated like another sausage in the shop. Your business is important to us and we deliver a first class personalised service.
Buyers for a property can be found all year round however it’s not often that a purchaser for your home is out there, just waiting for you to put your home on the market. Timing, presentation and advertising are all required to bring buyers and sellers together for the best result. Spring is often considered to be the best time to sell. It’s a time of optimism and with the weather clearing, more potential buyers will be out and about. It is also a time when more sellers will put their homes on the market so there will be more competition. Winter usually presents fewer buyers, but the buyers are usually more focussed on purchasing and traditionally there will be fewer homes on the market to choose from. Prior to placing your home on the market, allow an additional two weeks to prepare both the property and the marketing material.
A tidy home says “Welcome”. Your home should be kept neat and tidy during the period of inspections. It should not necessarily be a “show place” but appear a comfortable home in which to live. Fresh flowers or indoor plants always brighten up a home. While you’re cleaning, think about each room and what furniture really needs to be in it. Rooms look smaller when they are crowded. Clear out anything that’s not needed to create a feeling of spaciousness. Make sure that all minor repairs are completed. Sticking doors and windows, loose door knobs, faulty plumbing, or peeling paint may affect your sale. Let plenty of light into your home. Nothing improves atmosphere more than brightness. On a dull day switch on some lights prior to arrival of prospective purchasers. A warm comfortable heated home on cold days adds a feeling of cosiness, on a hot day don’t forget to turn on any air conditioning or fans (or simply let the breeze flow through).
4. Method of sale
The two most popular ways of selling a home are by private treaty sale or auction. The better selling option for you will be influenced by the type of property and location, your available time frame and your personal preference.
PRIVATE TREATY SALE
In a private treaty sale (also known as a ‘private treaty’) the property is advertised at a set price or within a price range. Offers are invited from prospective buyers. The sale is negotiated between the buyer and seller, with the help of an agent.
An auction is a public sale, usually where a real estate agent is the auctioneer. The auction is set for a certain price, date and time. Prospective buyers bid and the property is sold to the highest bidder, providing you, as the seller accept the bid. There is no cooling off period and a 10% deposit is paid and contracts exchanged unconditionally at the auction .. The sale is completed!
5. Determining the selling price of a residential property
The current market value of your property is the amount that potential purchasers are likely to pay for your property given the current conditions in your local market and having regard to both the positives and negatives of your property.
Knowing the current market value of your property will provide many benefits. They include:
• Preventing you from under-pricing or selling your property for less than it is really worth. This is particularly relevant for absentee owners who may not be familiar with conditions in the local market.
• AVOID OVER PRICING YOUR PROPERTY! Properties with an asking price well above market value frequently remain for sale for long periods of time and don’t attract genuine interest from purchasers. Often such properties become a ‘stale’ listing and are more difficult to sell even if the asking price is reduced.
• Enable you to set an appropriate reserve price if you intend to sell your property by auction.
6. Considering the marketing campaign
The aim of the marketing campaign is to reach prospective buyers and encourage them to inspect your property. The most popular ways of doing this are described below
At Dowling Mayfield we have a list of likely buyers who can be notified when suitable properties come onto the market. These are people who have either contacted the agent asking to be notified or have left their personal details with us at an open house inspection.
This is the main way of attracting people to look at your property. The method of advertising depends on the type and location of the property and the amount of money you are willing to spend on advertising. These ads inform possible buyers that the home is for sale and lists the inspection date and times. It also includes the names and contact details of the agent who are handling the sale.
At Dowling Mayfield we advertise in local publications. Depending on the location of your property we also have contacts with external publications. We also can apply for your property to have an editorial display.
At our office location we have brochure window displays where your property will be placed for passers by to stop and look at. As we are located in a central area, we also have large LED screens in the shop window where your property will be shown on an hourly basis.
This is a popular way potential buyers find properties for sale. A lot of agencies have their own websites, and there are several large property websites that are used by many real estate agents and majority of prospective buyers. Using the internet for advertising will enable interstate and overseas buyers to view your property.
We advertise on 6 major property websites including Domain.com.au and Realestate.com.au as well as our Dowling Website.
Including professional photography of your property and a floor plan, open house brochures are created and given to every prospective purchaser that enquires or may be interested on your property via email or on printed glossy paper.
150 ‘Just Listed’ brochures are also distributed in the area in the first week of your property being on the market, with information on the property, photos and contact details if they wish to enquire further. With follow up phone calls being made to inform people of open for inspection times.
7. Inspecting your property
Advertising lets prospective buyers know the dates and times your home is open for inspection. The inspection should last 30 minutes once or twice a week. Buyers may also request alternative inspection appointments through the agent.
Anyone who enters an open house is usually asked to leave a contact name and telephone number with the agent.
You should present your home in its best possible condition at an open house so potential buyers can get excited.
8. Now the selling begins
PREPARING YOUR CONTRACT FOR THE SALE OF RESIDENTIAL PROPERTY
You must prepare a contract for the sale of residential property, before the property is offered for sale. This is usually done by your solicitor. This draft contract must be available for buyers to consider before they make an offer to purchase. This contract can be amended to include particular clauses and special conditions.
EXCHANGING CONTRACTS FOR THE SALE OF RESIDENTIAL PROPERTY
When you receive an offer that you intend to accept, you will be required to exchange contracts for the sale of residential property with the prospective buyer who made the offer.
A legally binding contract does not exist until a contract signed by you and a contract signed by the buyer are exchanged. A deposit is payable at this time.
Settlement is the date on which the remainder of the purchasers price is paid to you and the title of the property is handed to the buyer.
WHEN IS IT SOLD?
While the signing of the contract for the sale of residential property is legally binding, the sale is only finalised at the settlement when all checks have been made, the title and transfer documents exchanged and the balance of the purchase price has been paid.
Dowling Property Group welcomes your call to discuss the value of your property. Contact us.