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Everything you need to know to sell privately...

Seller’sGuide

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Contents

Introduction.............................................................3

Planning and Budgeting......................................4

Pricing.......................................................................5

Legal Documentation...........................................6

E�ective Listing Tips.............................................8

Preparing Your Property......................................9

Taking Photos.........................................................11

Promoting Your Property...................................13

Inspections.............................................................14

Negotiations..........................................................15

The Deposit............................................................18

Settlement..............................................................19

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Introduction Selling your property yourself will be rewarding, but perhaps

challenging. So, to ensure the best outcome with as little stress as possible, we have provided some tips to help you.

Remember...

• Take control of the situation by being prepared

• Consider o�ers carefully and don't feel you need to rush to a decision

• Know what your minimum price is and that you do not have to accept anything less

• Selling privately is about you having control

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Planning & BudgetingA well thought out plan will save you a lot of time, money

and stress.

Think about the di�erent stages of the selling process:

• Preparing your home

• Advertising

• Inspections

• Negotiations

• Settlement & Moving

What will be needed, who should take responsibility and how much will it cost?

Not sure how to plan or budget?

Call us now1300 850 855

One of our expert consultants can help!

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Determining your price You need to determine what the Asking Price will be for

your property and what your Minimum Price is.

Asking Price is what you display on your ad and can include:

• An exact price: $500,000

• A price range: $500,000-$550,000 (must be within 10%)

• O�ers Over: O�ers Over $500,000 (not allowed in VIC & NSW)

• Hidden Price: Price on Application, Contact Agent, etc.

There are several ways to find a fair asking price. Research the local real estate market for what similar properties sold for, get a free property appraisal from No Agent Property

(just call us!) or get a professional valuation.

After you have researched local prices, you need to confirm that your Minimum Price will meet your financial obligations.

The Minimum Price is the lowest you are willing to accept, and negotiations will be easier if you know it in advance.

Since 1999, we’ve helped sell over 12,000 properties.

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Legal DocumentationIt is highly recommended you engage a solicitor or conveyancer to handle the legal documentation required, to give you peace of mind that everything has been covered correctly.

In all states, there are two key legal documents required in selling a property:1) The Vendor Statement and2) The Contract of Sale.

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Legal DocumentationThe Vendor Statement contains information relevant to the property and must be provided to the buyer before the contract is signed.In particular, information such as:

• Vendor Details• Title Details• Information regarding building permits issued in the past

7 years• Owner-builder information (if applicable)• Details of any mortgages or other debts or charges over

the land• Information regarding covenants, easements and any

other restrictions on title (whether or not they appear on the title)

• Planning information, particularly where zoning restricts land use

• Information regarding outgoings payable by the owner of the property

• Disclosure of any notices or orders issued by authorities, regarding fencing, road-widening, sewerage etc.

• If there is access to the property by road

• Information on services connected to the property

Clearly, there are lots of things to consider! So, it is highly recommended that you leave this to a solicitor/conveyancer to help prepare this document, along with the contract of sale. If anything, it will make things much easier for you!

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E�ective Listing TipsNow that you have done your planning and your homework

on prices, you are ready to list your property.

Remember, you will be reaching a potential audience of thousands, as well as competing with other similar

properties listed for sale. So, to give your listing the best chance of attracting the right buyers, here are a few tips...

Some key aspects of a property listing include:

Description: Include specifics such as land/building dimensions and features. Choosing to advertise the property yourself means you can add a personal touch to your description. Give the buyer a sense for what living in or owning the property is really like! Just remember to keep your descriptions precise and be honest. Provide some information on the local area such as parks, shools, shops, public transport, etc. Consider the things you like about the area that will appeal to prospective buyers.

Photographs: Take shots of the property’s best features and angles. See Taking Photos for tips on how best to present your property, and consider hiring a professional. Remember a picture is worth a thousand words. Select the best few and add them to your listing. Most ads allow up to to 20 photos, with No Agent Property o�ering up to 35. But, sometimes less is more - the goal is to create interest so buyers will contact you - don’t give everything away straight away!

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Preparing your PropertyFirst impressions count, so when prospective buyers visit your property, what they see first will leave a lasting impression. Below is a checklist for preparing your property.

Outside:1. First impressions through the gate should be welcoming.

2. Clear away all clutter, rubbish, children's toys, garden hoses, etc. that may be visible.

3. Make sure rubbish bins are empty and clean, and there

are no bad smells.

4. Lawns, gardens, trees, and shrubs should be trimmed and

tidy.

5. Gates, fences, taps, etc. should be in good order. No dripping taps, squeaky hinges, or loose palings and bricks.

6. Guttering and down-pipes should all be clear and in good repair. It may be raining on the day of an inspection!

7. Clean or paint the outside if needed. This seemingly large cost will actually pay dividends with potential buyers.

8. Every window should sparkle!

9. Remember the garage. Clean, tidy garages look bigger.

10. Tie up the dog.

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Preparing your PropertyInside:1. Pleasant smells evoke positive emotions, so ensure that

your home has the aroma of warmth - try brewed co�ee, fresh flowers, or open windows letting fresh air in.

2. Clear any clutter from benches, tabletops, bookcases, etc. Put away remote controls, cables, etc. Go through each room and ensure there are no clothes on the floor, rubbish in bins, or anything that gives the appearance of clutter. Put away clocks, books, etc. on bedside tables, desks, or benches. Tidy up cupboards, shelves, etc.

3. Storage areas - take this opportunity to clear away unwanted items. Stack and tidy any remaining items.

4. Make sure all taps work (and don't drip), the toilet flushes and stops, the lights work, all the lamps are working, etc.

5. Pay particular attention to the kitchen, as it is one of the most important aspects of the home.

6. It is recommended that you have your carpet, drapes and furnishings steamed cleaned by a professional.

7. Your house is a home and should feel welcoming to prospective buyers.

Having your property spotless and tidy will allow potential buyers to focus on the positives and not be distracted by things that may well reduce the value.

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Taking PhotosYou do not necessarily have to wait to take photos until after you have prepared your property, but you should definitely make sure that any view within the photos you wish to take has been thoroughly prepared for the shoot.

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Taking PhotosOutside: Move any cars, children's toys, etc. from the drive-way or front of the house. Make sure the gardens and lawn areas in the photo are trimmed and tidy.

Inside: Turn on lights and open curtains and drapes to allow as much light as possible for the indoor photos.

Kitchen: Remove any cords and unnecessary items from bench tops. Bench tops should be spotless and clutter-free.

Bathroom: Remove toothbrushes, soaps, etc. from view. Hang towels neatly, make sure mirrors, tiles and windows shine.

Dining room: Set the table with your best settings. Place a centrepiece to provide some colour or contrast to the photo. Ensure all benches are clean and clutter free.

Bedrooms: Remove items from bedside tables, etc.

Contrast your photos by taking some during the day as well as some after dark with the lights on. This can make a stunning contrast to the look and feel of your property.

Take as many photos as you can and select the best 12-20 to add to your listing (depending on the size of your property).

Properties with professionally shot images tend to attract more attention, so consider the option to employ a professional photographer.

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Promoting your PropertyNow that you have finished your ad, it will be posted online for thousands of people to see on the internet.

You should also consider erecting a For Sale sign, and choosing the size and type you’d like for this. Other options include Directional Signs pointing to your property (useful at intersections nearby), and Open Inspection signs to show when your property is available for viewing. If someone on your street is also selling, then it is imperative you have a sign too, as you can catch their foot tra�c. Signs will also help people find your property on the street if they viewed it online. You may also consider having brochures printed for inspections and to distribute locally, because, after all, a large percentage of people move within a 7km radius of where they currently live.

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Prepare for InspectionThere are two ways for people to inspect your property:

Open Inspections: Where you provide public times for all to come and inspect, or

Inspection by Appointment: Where buyers will enquire to arrange a time.

Either way, here are a few tips on managing inspections to optimise safety and security, whilst ensuring genuine prospective buyers are provided with the information they need:

• Get details of people wishing to inspect the property, such as: name, contact number, drivers licence number. Genuine buyers will understand the need for this and will be happy to o�er it.

• Telephone the contact number provided to ensure it is legitimate and to confirm the appointment.

• Always have a friend/s or family member/s at the property during the inspection.

If in doubt, do not rush into an inspection or a sale.

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Get Ready for NegotiationsBe PreparedNegotiations are typically a series of o�ers and counter o�ers, and being prepared well before negotiations start will help ensure you get the outcome you want.

Below are 4 principles to help you through the negotiation process:

1. Maintain clarity

2. Set your objectives - Have a clear idea of what you want to achieve

3. Know your limits - Are you certain your lowest asking price is su�cient to meet your financial needs?

4. Plan your questions - What information from the buyer will help you move forward?

Listen carefully to what buyers are saying. Often you will gain valuable information on what they need relative to what you are o�ering. Have they given an indication of their price

range or other reasons for wanting this property?

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Get Ready for NegotiationsSimplicityKeep it simple. Think about issues likely to arise through the negotiations and have an answer. A good test is, can you explain it and have a 10 year old understand?

For instance, what if you are asked why you are selling, or why you are asking for a particular price?

Being able to provide a succinct answer to these types of questions will give the buyer confidence and remove any confusion. This will help move the process along.

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Get Ready for NegotiationsObjectivityDon't get emotional. Stand back and consider the issues objectively. Don't rush into agreements. It is ok to say you will get back with an answer. Only accept o�ers in writing.

What will you do if you get more than one genuine buyer interested in the property, or you get your asking price almost immediately? Conversely, what will you do if a buyer is slow in responding and you are getting close to your deadline?

FlexibilityThink about your options. Negotiation is about getting an outcome that is better than other alternatives open to you.

Do you have room to move on non-price related things, such as settlement period, deposit, additional fixtures and fittings?

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The DepositTypically a deposit of 10% is required, however, this is negotiable. The Vendor's legal representative usually holds the deposit in trust until settlement.

NOTE: It is government law that a vendor cannot bank/cash a deposit for a property into their own account unless it is in trust (a trust fund). Your solicitor, conveyancer or settlement agent should have their own account setup for this.

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The SettlementPrior to the settlement, the buyer may wish to inspect the condition of the property at any reasonable time before the settlement date. Make appropriate arrangements for this to happen as it is a way of confirming that the property is in the same condition as it was when the contract was signed. This is usually a condition of sale.

On the day of settlement, the balance of the purchase price is paid in exchange for the title to the property. And, unless otherwise agreed, the buyer will take possession of the property on the day of settlement.

For those with a mortgage: The banks will handle the transfer of title and co-ordinate with your solicitor or conveyancer.

Now, relax and celebrate that your property has been sold!

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Got a question or two?

Call us now1300 850 855

Everything you need to know to sell privately...

Seller’sGuide

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