Tips For Vendors

So, it's time to move on, move out or move up. The decision has been made for various reasons but where do we start? What do we need to do?

Your specialist On-Site Manager/Salesperson should be consulted early on as he/she has plenty of experience in assisting unit owners prepare for the sale process.

It is also time to have an up to date Body Corporate Disclosure Statement prepared by your Body Corporate Manager. This document shows general information for your lot such as the amount of body corp levies, any levies outstanding, the balance of body corp sinking fund etc. It is required to accompany the contracts of all units sold in Qld and you would have received one when you bought.

Most importantly at the time of inspection you should present your unit in the best possible light - neat and tidy, maybe a coat of paint if needed, opened up for fresh air, lights on if needed etc.

How do I determine my asking price?

When selling your unit, the advertised (or asking) price is one of the most important considerations. A price that is set too high will put buyers off and in fact may not attract any attention at all, while a price that is set too low may leave the seller short changed. The trick is to set a price which will attract buyers and still achieve the best sale price possible, which means ignoring the following factors:

Forget your needs

You may need to clear a minimum of say $500,000 for the purchase of a new property but that is not the buyer's concern. So, don't add too much to your asking price because of what you need to walk away with.

Don't overprice improvements

You may love the $20,000 orange kitchen that you installed in your unit last year, but just because the kitchen is only a year old it doesn't necessarily mean a buyer will pay you an extra $20,000 for your unit. They may instead be calculating the cost of tearing it out and replacing it with something else, so don't overestimate the cost of improvements when setting an asking price.

Keep emotions under control

Be careful you don't ask too much for your unit because your daughter took her first steps in the lounge room. On the other hand, don't let the stress of wanting to move quickly lead you to underprice your unit. Selling you property is bound to be an emotional experience, but it can pay to keep those emotions in check.

So what does count when trying to set the perfect asking price for your property?

Only one thing. What matters is how your unit compares with others that are currently being offered for sale in your area and those that have recently sold. In this day and age of the internet, buyers are more informed than ever. They can easily do their homework and determine what a property is or isn't worth.

Why do I need a specialist On-Site Manager/Salesperson?

An experienced On-Site Manager/Salesperson can provide an accurate appraisal of your real estate value based on actual recent sales not just based on rumours of what so & so down the road reckons they can get. The unit sale is like any other sales process in that the supply & demand factor has a big bearing on settling the market price. More buyers than sellers = rising prices, and vice versa.

A specialist On-Site Manager/Salesperson has most likely been through the sales process in your building many times. They are intimately aware of the pressures and emotions involved in the negotiation process and are ever aware that their duty is to obtain the best available price for their vendor.

The agent's job does not stop at the signing of contracts, they will closely monitor the process & keep in touch with both sides and liaise with solicitors, financiers and bodies corporate right through to settlement. It is important to have this experienced conduit between seller and buyer as sales have been known to fall over when this is not the case and emotions over-ride business common sense.

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