1. Making the Decision to Sell

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There are many reasons that may prompt the need or desire to sell a property, whether it be personal circumstances, financial hardship or to upsize/downsize. In the Melbourne property market there is not necessarily any right time to sell, as there are often pro’s and con’s for any season during the year. When you first make the decision to sell, this is the right time to engage with an experienced vendor advocate. A vendor advocate can help you prepare your property for sale, research and determine the best real estate agent and indeed help navigate the entire sales process.

2. Preparing your Property for Sale

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Spring is a fantastic time to tidy up the garden, declutter the interior of the property and do a major clean of all spaces. Hiring a tradesperson to undertake any small maintenance jobs is also worth the investment. The key here is to refresh the property so it’s looking it’s best, without overcapitalising. A vendor advocate can help advise on what maintenance or renovation is worth undertaking prior to sale.

3. Deciding on the Best Real Estate Agent

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This is a critical decision, and can make a significant impact on your ultimate sale price. Through an indepth analysis a vendor advocate can cut through the marketing hype and compile a detailed report of recent sales of similar properties in the area. This pinpoints the best performing individual agent for you to make the final decision on. Reputable vendor advocates are strictly independent – with no alliances to any estate agents or agencies.

4. Method of Sale

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With public in-person auctions not allowed under current government restrictions, the main methods available for selling a property are private sale, online auction and expression of interest. As restrictions ease, however, we do expect that public auctions will be permitted in the near future. The other decision for the sale involves when and how private inspections will take place.
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5. Determining Sales Price

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Your real estate agent (and vendor advocate if you have one) can help advise on an appropriate selling price or price range, depending on the location and features of the property compared with similar recent sales in your area. The correct choice is essential to obtain competition from existing pools of buyers. This is what sets you in good stead to maximise the sale price ultimately achieved for your home.

6. Sales Documentation

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Your conveyancer or solicitor will prepare the Section 32 - Vendor Statement for the sale. You may also request they prepare a Contract of Sale on your behalf. These documents together contain information about the property required to be disclosed by law and the special conditions of sale.

7. Marketing Campaign

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This may involve online ads on prime real estate sites together with newsprint, brochures and sales boards. Photographers and copywriters may be engaged at this point, as well as a property stylist if required.  In recent months, some online campaigns have included ‘virtual furniture’ to show how a property would look fully furnished. Your agent will create a marketing schedule that clearly lays out the marketing activities and options for the length of your campaign. A vendor advocate can closely peruse this and suggest alterations where appropriate.

8. Buyer Inspections

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Under current government guidelines, prospective buyers will contact your real estate agent to make an appointment to privately book an inspection of your property. Virtual tours may also be created for buyers who cannot inspect in person. Your agent and/or vendor advocate will keep you up-to-date with the levels of interest and potential buyers for your property.  

9. Sales Negotiation or Auction

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Your agent (and vendor advocate if applicable) will liaise between yourself and the buyer to settle on a mutually agreeable price for the property. A vendor advocate will ensure that all avenues are exhausted in an effort to obtain the best price and conditions. If the property is being sold by auction your advocate will attend the auction and be at your side to support you at all stages.

10. Post Property Sale

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Prior to final settlement, the parties legal advisors make arrangements to settle. Following this the keys are handed to the purchaser.

We hope you found this checklist useful.  If you are considering selling your property, please contact us.