Despite most areas in Australia experiencing a decline in property values over the past year, the Brisbane property market has remained somewhat stable, and even expericncing reasonable price growth in a number of suburbs.
Property values for both houses and units are likely to grow in 2019 with new construction in decline, population growth and decreasing unemployment.
Hence, if you own a property in Brisbane, you might be considering how to successfully and easily sell it.
1. Finish the repairs
Though it may not seem like it, completing those small, tedious jobs can make a big difference.
The walls might need a fresh coat of paint, the tiles regrouted or the termites exterminated.
You also need to consider the safety devices required by law in Queensland.
For instance, older homes might need a safety switch or smoke alarms installed.
New laws require smoke alarms in every bedroom, hallways that connect bedrooms and on each level of the home.
2. Renovate to add value to your home
Renovating can be a tricky task, especially since not all renovations will pay for itself in the sale.
Fortunately, there are a few key areas where a renovation will help increase the value of your property:
- With kitchens being the room where people spend a large majority of time, a renovation is capable of adding up to $100,000 to the property value. If you can keep the process inexpensive, you can potentially make a profit at sale.
- Bathroom renovations can be expensive but making small replacements can be enough to guarantee a return.
- Another thing to consider is the curb appeal of the garden. Having a well landscaped but low maintenance garden can add up to $50,000 to the value of your property.
3. Clean and declutter
Making sure your property is clean and decluttered may seem like an obvious step, however, it’s significance is often overlooked. It’s important to create a space that potential buyers can see themselves living in.
This means creating a clean home with no dishes in the sink, unmade beds or full laundry baskets. It’s also crucial to remove any personal items from the property such as shoes in the hallway, family photos and pet toys.
4. Find the right real estate agent
With over 8,909 real estate agents in Brisbane, finding the best one for your needs might seem impossible.
A great real estate agent should have local knowledge, relevant experience, current credentials and a proven track record of sales.
It’s a good idea to try and get an appraisal from more than one agent and attempt to get an honest estimate on your property value.
Using a real estate agent comparison tool can provide you with a completely personalised list of suitable real estate agents based on your requirements.
5. Assess marketing proposals, sales methods and listing agreements
After you’ve given your property a facelift and found the right agent, most of the legwork is out of the way.
After this, it’s down to evaluating all your different options.
- In terms of marketing, you need to consider the cost of the plan and which channels you’ll be using, e.g. real estate websites, social media, magazines etc.
- In Brisbane, the most common methods of selling your home that need to be considered are Expression of Interest, Auction and Private Sale.
- Finally, you need to discuss with your agent the types of listing agreements available. You can generally choose from an open listing/general authority, exclusive right to sell, and exclusive/sole agency.
After this, your property is ready for open home inspections and negotiations!
Selling your property can definitely be confusing and challenging.
However, doing the relevant research and making sure all things are taken into consideration are the perfect first steps on your journey.
As a seller, it’s important to be confident in your understanding of costs, legalities and the ways to maximise your property’s selling price.
Guest author: James Pointon is a Commercial Manager at OpenAgent.com.au, an online agent comparison website helping Australians to sell, buy and own property.