Tips for Home Sellers

Looking to sell your Property on the Central Coast NSW?

Here are some of our useful tips for anyone who is considering Selling their Home or Investment Property on the Central Coast.

1. Insist On A Written Quote
When an agent quotes you a likely selling price, get the quote in writing with a clear condition that if your home sells below the price quoted by the agent, you do not have to pay the agent.
Sure, if the market price genuinely falls and ‘you’ believe the agent has made an honest mistake, ‘you’ can decide whether or not ‘you’ wish to pay a commission.
What’s the difference?
The painter gives you a written quote and has to honour it.
The Real Estate Agent gives you a written quote and does not have to honour it.
You would ask two questions of a professional service provider – first, what are you going to do for me (the price)?
And second, what are you going to charge?

2. Maximum 90 days
If you sign up with an agent, put a limit on the time that you are ‘tied’ to that agent.
The longest time should be 90 days. Generally the shorter the period the safer it is for sellers.
You do not want to be stuck with an agent you don’t like. If you like the agent, you can always extend the agent’s time when the period expires.
Putting a time limit on a selling agreement gives you control over the agent, not the other way around.

3. Focus On Todays Price
Yesterday’s price is gone.
Sure, the price you can get today may be less than you could have got yesterday.
However, tomorrow the price could be lower than the price you can get today.
Too many sellers today are costing themselves a lot of money because they are holding out for a price that is no longer achievable.
The longer you wait, the lower your price can become.

4. Accept The Best Offer
When you are selling a property, you need the best price available in today’s market.
Do not confuse the price you want with the best price available.
Unless you are willing to take the BEST offer in today’s market, don’t even place your property for sale.

5. Don’t Pay Or Sign Anything
No matter how tempted you may be or how much pressure is placed upon you, never pay any money to any agent for any reason until your home is sold and you are satisfied.
Be careful that the agent’s selling agreement does not have a fine print clause which requires you to pay advertising expenses if your property is not sold or if you change agents.
Finally, Do NOT sign any contracts to sell your property until you speak with your own personally chosen legal adviser or Land Conveyancer.

7. Not Trusting The Agent
If you don’t trust the agent – don’t hire the agent!
We understand that TRUST is the Major ingredient in any relationship – be it personal or business.
Ask yourself this question: “Do I feel comfortable with this person handling the sale of my family home?”
You need to trust your agent and give him the confidence to make the decisions and get on the job of finding the right buyer.
Try not to interfere!
Remember if you lose your trust and the agent has signed the guarantee then you can dismiss the agent.

8. Advertising Costs
Most real estate advertising is a waste of money.
Question: “Does advertising promote the agent or sell the house?” Who pays?”
Very few homes are sold because of advertising.
Sadly our industry is addicted to advertising, bigger ads, colour, competing in the market place to look “The best”.

9. Advertising Will Rarely Sell Your Home
We have found that buyers visit your area before they buy.
The area attracts them more than the advertising.
It can be such a waste of time, money and energy to place advertisements in the wrong media which will reach thousands of people who won’t buy in your area.
This is why we keep our office AVAILABLE 7 DAYS and target our advertising locally.

10. Choosing A High Quoting Agent
Commonly known as “Buying your Business”.
Some agents inflate the price to win the business
OR
Others are unskilled at pricing
OR
Don’t wish to offend you and so won’t challenge your opinions
Insist that your agent give you their estimate in writing and charge you nothing if they sell less than the price estimated.
This will help identify agents who are giving you false quotes.

11. Selecting A Cheap Agent
Selecting a cheap agent may get a cheap price!
Please be careful in choosing an agent based purely on fees.
If agents are prepared to give their own money away imagine what they’ll do with yours.
Better to pay an extra 1% on your selling fees than lose 10% off your asking price.
Hint: Good negotiators rarely give big discounts on their fees.

12. No Buyer Records
The best agents keep detailed records of buyers.
As agents we receive a large amount of enquiry from buyers on a weekly basis yet each week agents continue to re-advertise heavily to the same buyers.
Why don’t they keep names, details and phone numbers? OR if they do why do they keep advertising … Self promotion! Often called “PROFILE” … at who’s cost?

At Goodsell real Estate we keep detailed records of buyers and keep in touch with them until they purchase or stop looking.
We often hear the comment that our company is the only company that keeps in touch with them as a buyer.
Insist on an agent who keeps detailed and accurate details of buyers as one of them may be your buyer!

13. Open Listing
In principal having a number of agents finding a buyer for you seems fine BUT the buyer will always go and talk to the agent they feel can help them buy the home at the lowest price – “How much will they take?” is a common question.
ALSO the agents will be in a hurry to sell your home before another agent sells it – the sales becomes important NOT the price.
Choose the agent you like and trust and that will sign the Home Sellers Protection Agreement.

14. Auction
Auctions rarely get you the highest price.
At Goodsell’s we found that many buyers who bought at auction openly admitted they would have paid more.
The auction process stops at the maximum price the runner-up buyer is prepared to pay.
The buyer maximum is never tested.
The reserve price is the lowest price that a seller will accept, don’t focus on the lowest you will accept focus on the highest.
DON’T START LOW – START HIGH! You will always get a higher price.

15. Open Inspections
Why would you open your home to strangers and people who won’t or can’t afford your home?
At Goodsell’s only allow “Qualified Buyers” wanting to live in your area view your home – these people have the money and are looking for a home similar to yours and are ready to purchase now.
WARNING most insurance policies do not cover for an “Open Inspection”.

16. For Sale
Sign No sign can mean no sale.
We have found that the buyers who are most likely to pay the highest price will specifically want your location.
Signs attract buyers – you will note that Goodsell’s have a large number of signs locally – the signs are a 24 hour salesperson!

17. Closed Agent
Closed agents lose buyers – this is why Goodsell real Estate is available 7 Days.
Weekends are especially important as buyers will visit an agent who is OPEN.
It is amazing how many real estate offices are closed on weekends – when this is when buyers have time to search for their new home.

18. Negotiation Skills
Poor negotiators will cost you a lot of money.
Negotiation skills are vital to getting the highest possible price.
Insist on an agent who is a skilled negotiator and ask them to prove it.

A good negotiator can easily create up to an extra 10% on your selling price.
Do you need a salesperson or a skilled negotiator?
At Goodsell Real Estate we have great systems and we train on a weekly basis.
This allows us to fully understand and implement all of the principles of real estate negotiation.

19. Revealing Your Dream
Your reason for selling is confidential.
At Goodsell Real Estate we guarantee NOT to disclose your reasons for selling.
This can harm your chance of obtaining the highest price – especially if you need to sell by a specific date.
Too often many agents will advertise “MUST SELL” – “OWNERS TRANSFERRING” – “OWNERS PURCHASED”.

20. Using A Bait Price
Never allow an agent to use a low false price to “bait” buyers.
If you use a price range or guide you are encouraging buyers to offer you less.
Your bait price will hook more buyers but it attracts the wrong buyers.
The lowest price they see will become the highest price they will want to pay.
At Goodsell Real Estate all of our properties have a fixed price and are available for sale today.

21. Over Capitalising
Please be careful with what you spend on major improvements to your home.
What suits you may not suit the buyer.
We feel that the main purpose of Home Improvements is to improve your enjoyment NOT your price.
Do not spend large sums on home improvements immediately prior to selling your home.

22. Sparkle Presentation
Dull homes get dull prices.
Do not confuse improvements with presentation.
Make your home sparkle and your price will shine!
Pay attention to the little things which create a big impression:
– The front garden
– Cleanliness
– Smell
– Uncluttered
– Brightness
Stand back and look at what buyers will see on arrival. A home that sparkles always sells for a higher price.

23. Ignoring Early Buyers
High prices often come early – low prices often come late!
Consider carefully the early offers you receive.
If the early price enables you to achieve your goals you should consider selling sooner rather than later.