Fac­tors to con­sider when plan­ning to sell your home

Pilbara News - - Property - Hay­den Groves Hay­den Groves is the pres­i­dent of the Real Es­tate In­dus­try of West­ern Auis­tralia.

One of the im­por­tant things to con­sider be­fore go­ing to mar­ket is dif­fer­ent sell­ing meth­ods.

Pri­vate treaty is the most com­mon way to sell a home in WA.

This is where you ad­ver­tise the prop­erty at an ask­ing price and then ne­go­ti­ate with buy­ers through a real es­tate agent.

When an agree­ment on price and con­di­tions is reached, the sale pro­ceeds to set­tle­ment.

A vari­a­tion to this method is an in­vi­ta­tion for of­fers to be sub­mit­ted by a set date. Sim­i­lar to a sale by ten­der, this process is re­ferred to as ex­pres­sions of in­ter­est, set-date sale or end-date sale.

A mar­ket­ing pe­riod of be­tween four and six weeks is com­mon with in­ter­ested buy­ers in­vited to sub­mit an of­fer for the ven­dor’s con­sid­er­a­tion.

Auc­tions are a great way to buy and sell prop­erty and are more trans­par­ent.

The auc­tion­eer is un­able to sell the prop­erty at the fall of the ham­mer un­less a bid is at or be­yond the re­serve price — the cash fig­ure the ven­dor will ac­cept.

A sale at auc­tion is nor­mally un­con­di­tional.

Af­ter you’ve de­cided how you want to sell, the next step is how to pro­mote.

A solid mar­ket­ing plan is es­sen­tial. In choos­ing an agent make sure you ask how they plan to mar­ket and pro­mote your prop­erty, the costs of do­ing so and how their plan will have the best chance of sell­ing your prop­erty for the high­est price in the short­est time. Your cho­sen agent should pro­vide a thor­ough and pre­cisely costed mar­ket­ing plan.

Pic­ture: Getty Images

There are dif­fer­ent ways to sell your home and hav­ing a mar­ket­ing plan is im­por­tant.

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