When someone decides to sell their property, their sights are often set on one goal: getting the best price. This may seem like a straightforward aim, however, there are lots of smaller moving parts to achieving this.
Read on to discover how to get the best price for your home, as well as tips to boost the end result even when your home is already on the market.
How to get the best price for your home
There are a few key strategies to get the best sale price for your home. Before setting out to get a certain figure, keep in mind that it must be realistic. Sometimes, a certain price is just not achievable due to the features of your property. Get the opinions of a few property experts and compare their estimates to figure out the rough price of your home.
The first step for setting a realistic price goal is to understand your local market. Speak to your agent and discuss the median price in your suburb and recent sales of properties similar to yours. This will give you a strong indication of the potential of your property. After you have used the local market to benchmark your goal price, use these market conditions to your advantage. Learn what people in the area look for, know which new buyers are coming into the area and then plan to gear your property campaign towards them.
The next step is to choose the right time to sell. Local markets fluctuate in their activity due to calendar events that are important to the buyers in the area. For example, Chinese national buyers looking to enter the New Zealand market often find Chinese New Year to be a good time to buy, as they can take their time off to look at the properties they have their eyes on. That said, there is no blanket season or date that is the best time for anyone to sell, it is rather nuanced times for each area.
Finally, understand what it costs to sell a home. It is no cheap task running a property campaign, particularly if you are looking for premium marketing strategies, such as print media and videography. Get a quote from your sales agent on how much your integrated marketing campaign will cost, and also, what they recommend is essential marketing and what is ‘nice to have’.
Once you have already gone to the effort of listing your home, there are a few things that will boost your sale price during the campaign.
Tips for boosting the sale price
- Renovate without over-capitalising
First and foremost, is renovating, as small upgrades can make a huge overall impression to the property.
However, it is crucial that you do not over-capitalise on renovations, as you may risk not seeing a return on your investment in the final sale price. Ask your real estate agent where it is best to invest according to the buyers in your area. - Market your property strategically
The next important factor is the marketing and strategies your agent suggests behind your campaign. Your marketing should be actively working for you out in the market and be reaching the exact niche of buyers you are seeking.
For example, if you are selling a starter property that might appeal to young people, advertise on social media platforms. If you are hoping to attract a high net worth buyer, get your agent to sift through their database and find buyers. Your marketing should shine and stand out to your potential buyers. - Take the best offer for you
The final tip is that you should access the best offers, which will not necessarily be the highest. Sometimes, two or more comparable offers might come in and inexperienced vendors decide to take the highest one.
However, sometimes higher offers may have incredibly long settlement times, or can even include clauses asking for you to renovate parts of the property before they move in. So work with your agent and conveyancing solicitor to look closely at the terms and conditions of the sale contract, and determine which offer works the best for your situation.
Rely on the experts to do the hard work
Real estate agents are experts in their core property market and can help substantially on your sale campaign. They can guide and advise, but also drive the campaign forward and ensure buyers are found. Talk to your local LJ Hooker agent when looking for an area expert, as it will help you get the most profitable sale.
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