Selling Byron Bay Real Estate
So you’ve made the decision to sell your property and now there are few questions you need to ask. Am I selling at the right time? What method of sale should I use? How much should I put it on the market for? What agent should I choose?
At Ed Silk Byron Bay we have 20+ years of expertise in real estate and especially in the Byron area. We know the property market and employ cutting edge online social media marketing techniques along with more traditional advertising such as print media, press releases and roadside signage.
We are a boutique firm who limits our listing portfolio to 30, high quality properties, which enables us to ensure they receive the active and personalized attention to detail they deserve.
We can discuss your options fully, advise on the appropriate method of sale and inform you on the market at the current time and how to obtain the best possible price for your property.
Method of Sale
There are two main ways of selling a residential property, by private treaty and by auction.
When you sell your home by private treaty, you set a price and the property is listed for sale at that price. In general, the price is negotiable with the seller often asking a higher amount than they expect to sell the property for, and the buyer making an initial offer much lower than the asking price.
- The process of a sale by private treaty offers the following benefits:
- Greater control over the sale
- Time to consider offers by potential purchasers
- The ability to extend the time for which your home is for sale indefinitely
- Potential purchasers must make offers for your property ‘blind’, without knowing what other buyers think it is worth.
Selling privately is often just as tense as a public auction, and you will be faced with important decisions when you are presented with offers that are lower than your asking price.
There are risks with selling by private treaty which, also should be considered:
- If the price you set is too high, your property may not sell
- If the price you set is too low, you may miss out on maximising the selling price
You should also be aware that when a property is sold by private treaty, the buyer has a five-day cooling-off period during which they may withdraw from the sale.
To sell through an auction process, the amount you want for the property is generally not revealed to potential buyers who are encouraged to attend the auction and bid for the property against other potential buyers.
Auctions have become an increasingly popular way to sell or buy residential property, but before you decide to go down that path, do your homework and familiarise yourself with the process and what it involves.
Setting a reserve price
The reserve price is the lowest amount you are willing to accept for your property. Before bidding begins, advise your agent what you nominate as the reserve price. This is usually not told to the prospective buyers.
If the highest bid is below the reserve price, the property will be ‘passed in’. You will then either try and negotiate a price with interested bidders or put the property back on the market.
If the bidding continues beyond the reserve price, the property is sold at the fall of the auctioneer’s hammer.
The successful bidder must sign the sale contract and pay you a deposit on the spot (usually 10%). There is no cooling-off period for anyone who buys a property at auction. If the property is passed in at auction but contracts are exchanged on that same day, the cooling-off period still does not apply.
How your property presents
It is important to make sure your property looks at its best from the moment it goes on the market. So it is important to do whatever is possible to have your property looking at its absolute best on inspection day.
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, it doesn’t have to be hard, time consuming or expensive.
Here are our top tips for presenting your property:
Pavement appeal: Make sure the front of your property looks appealing and inviting with a weed-free garden and some attractive pot plants.
Clean and bright: Make sure the property is clean and tidy before every viewing. Give it a once over, ensuring that the windows are clean inside and out – it is surprising how much difference it makes to the light.
Cut the clutter: You want the prospective buyer to be able to imagine their own belongings in the property, so de-clutter to keep things tidy. Less clutter will also help make rooms appear larger.
Set the scene: You may want to hire furniture to create the look you desire. This is a great way to transform your home and give it extra appeal.
Fix it: Make sure minor repairs are taken care of. A lick of paint will freshen up scuff marks and gives a clean crisp feel. Basic maintenance work will help to ensure buyers don’t find any faults.
Freshen up: Get rid of smoke or pet odours. Open the windows, brew some fresh coffee and brighten the place up with fresh flowers.
Lighten up: Increase the sense of space with mirrors and lights and leave all internal doors open.
Pets: Always clean and tidy up after your pets and take them out of the property during open times.
Warmth: Create warmth by preparing your home to suit the temperature of the day. If it’s cold, light fires; turn on patio heaters and heating. If it’s hot, turn on fans and cooling systems.