C&G’s Guide: Selling FAQs

Tips & Advice

Selling your home can be a rewarding process, especially if you are using the funds to expand your portfolio or upgrade your lifestyle. It’s no surprise that vendors have plenty of questions they need answered, and the friendly team at Chisholm and Gamon are only too happy to help! Our latest blog highlights the most frequently asked questions when it comes to selling property.

How do I choose an agent?

Your property is (generally) your most important and valuable asset. Naturally, you want to achieve the best outcome for your investment and a professional, local-expert real estate agent will help you achieve just that. What are the hallmarks of an expert? One who fully understands your suburb’s demographics, current demand and market trends. They will determine a competitive market price and advise you on impressing your potential buyers with an innovative marketing campaign.

Private sale or auction?

Your agent will also provide advice on which method of sale will most likely yield the best results for your asset. There are several factors your agent will consider such as your property type and the current market conditions with the main deciding factor being supply and demand.

An auction you will be able to set a reserve price, but your final auction outcome will be determined by market forces. Successful auction campaigns rely on competition from 2 or more bidders competing for the property.

A private sale has the potential to remove pressure from a seller. You can weigh each offer as it comes in and negotiate. Private sales often have more flexibility around terms and conditions as arranged between the vendor and buyer. It’s important to remember that private sale campaigns have a built-in cooling off period to protect purchasers.

Work with your appointed local agent to decide which method of sale will suit you and your circumstances.

What price should be advertised?

 The advertised price may be a flat asking price, or a price guide (in particular if it’s an auction). There is strict legislation around the advertised price of real estate, designed to avoid deception or confusion for buyers. Prices have to be reasonable and based off 3 comparable properties to the one being sold. Agents cannot advertise a price lower than the intended asking price or reserve amount.

What costs are involved in selling?

There are a range of costs involved in selling, and all depend on your property and circumstances. Some of the most common expenses include a well-planned marketing campaign, agent commission, conveyancing fees, and property staging costs if you choose to do so professionally.

Have more questions? Not a problem! The expert team at Chisholm and Gamon have been servicing the Bayside area for generations, helping our clients achieve rewarding returns on their investment. Speak to us about your property needs today.