Considerations for a sudden property sale.
Life is unpredictable. One moment, everything is perfect, then the next, you may be facing a major upheaval that requires you to sell your property.
Whether there has been a death in the family, or you are dealing with ill health, separation, or need access to funds quickly, here are some considerations and tips for a sudden property sale.
Set a fair price
The key to a quick sale is not overpricing. Research the history of neighbouring properties to understand local demand. Look at what has sold and when it was sold and compare the state of play to establish the actual market value of your property.
After doing your own local market research, have an agent appraise your property to get a professional opinion on its current market value. Buyers will often disregard an overpriced property even if you drop the price later, while properties priced realistically are more likely to generate multiple offers. And once the offers roll in, so too does buyer emotion, which can often drive the price up.
Choose the right sale type
Sale type is one of the most important aspects of a fast property transfer. Options vary from tender to auctions to private sales, but the goal remains the same: to get the right price at the right time.
On average, it took 30 days to sell a property in Australia in 2021. Auction campaigns generally last 4–6 weeks. Private treaties can take anywhere from a weekend to a few months to find the right buyer. While expressions of interest and off-market methods can be more unpredictable when it comes to timing.
Market, market, market
The more eyes on your property, the more buyer interest will be generated. If you want the best buyer and the best price, you must cover all your bases and make sure you have a complete marketing strategy to reach as many buyers as possible.
Your agent can recommend the best marketing strategy for your property, which may include a mix of advertising and promotion using social media, the web, online property portals, newspapers and signage.
Selling fast requires a lot of commitment. As the seller, you should be ready at any time: a Wednesday afternoon inspection, a Sunday morning call, a late-night private showing. The key is to be available and ensure the property is always kept in a presentable state.
Consider providing property inspection reports
Property inspection reports are usually carried out before a property sale is finalised or contracts are exchanged. To help speed things up you could consider investing in building, pest or strata pre-purchase inspection reports by licensed professionals, thereby avoiding the need for buyers to spend additional time organising their own inspections.
Bear in mind, however, that some buyers may want to organise their own independent inspections instead of relying on those supplied by a vendor.
Consider all offers
While lowball offers may be considered offensive, they should not be instantly dismissed. Buyers may try their luck with a low offer but have the means to go much higher. Instead of ignoring these offers, respond with a reasonable counter-offer.
Remember, there’s more to property transactions than simply getting the right price, and even where an offer may not seem ideal it may have more desirable terms that facilitate a quicker settlement.
Prioritise cash-only buyers
Loan approvals can slow down the buying and selling process, as they are typically subject to conditions, such as formal valuations and confirmation of employment income details. As a result, sometimes everything can come unstuck.
A cash offer means that the buyer has the cash to purchase the property outright without needing approval for a loan, therefore making cash-only offers very appealing for a quick sale.
Stipulate a short settlement period
Property settlement is a legal process in which ownership passes from the seller to the buyer, and the buyer pays the balance of the sale price. As a general rule, property settlement periods can be anywhere from 30 to 90 days, but they can be longer or shorter depending on vendor and buyer requirements. It’s a good idea to stipulate your ideal settlement period in the contract for sale, while also being prepared to negotiate if necessary.
Get professional support
Selling a property can be a complicated and drawn-out process. But it doesn’t have to be. If you’re thinking about putting your property on the market in hopes of a quick sale, the best strategy you can put in place is to enlist a seasoned real estate professional.
A good agent will have an array of marketing tools in their belt, an up-to-date understanding of current market conditions, and a network of contacts to help get as many eyes on your property as soon as possible. What’s more, they will keep a level head and be by your side throughout the negotiation process.
Our agents are skilled negotiators with thorough knowledge of the local markets where they work and live, and committed to achieving the best outcome for you at every step of the journey.
Secure the right price at the right time, find a Belle Property agent near you.