How To Sell Your Property – The Right Way

How To Sell Your Property – The Right Way

Read time: 4 minutes, 04 seconds.

Selling a piece of property is a big decision. Whether it’s your primary home or an investment property, you want to take the time to make sure you’re in good standing to sell. 

Nothing worse than going into a sale unprepared. Selling a property is already a very long process. Besides seeming completely unprofessional and causing stress to everyone involved, being unprepared could cost you the sale. In that case, you will want to make it happen with as little hassle as possible.

So what steps can you take to make sure you sell your property the right way?

1. Make sure everything is in good condition to sell

To some, this might go without saying. But check the property to make sure nothing needs repairing or replacing. If your property is in great condition, you can ask for more for it. If the new owner will need to do their own repairs after the sale, then they’ll try and drive down your price.

Before selling a property, a lot of people even try to do renovations or improvements in the hope to increase property value. For example, an updated kitchen can increase the value of your home. Experts recommend that your kitchen should be 5% of the entire house value.

“$80,000 is still a lot of money, but as far as renovations go it’s a fairly modest budget.”- Neale Whitaker

2. get an agent

Getting an agent will take a lot of the work off your hands. Most people take recommendations for what agents to use from family and friends. You can also call on MLS Finance as we have partnered with many agents Australia wide. 

Your other option is to keep checking online and visiting offices or go to any house viewings or open houses you hear about. This way, you can meet agents and see them in action. It is also a great opportunity to assess their sales strategy.

3. Decide on a sales method and set your price

So how do you want to sell your property? You can either go with a private treaty or at an auction. The sales method you choose here will affect your price. It’s why having an agent working in your corner to help guide you is the better option and will certainly help you get the best price.

A private treaty gives a lot of freedom. You get longer sales campaign times. Plus, it gives you the benefit of a longer deliberation time on any offers that you get.

When it comes to an auction, however, it’s a different ball game. Auctions are risky and come with a very high competitive energy. The more bids you get, the more it drives up your price.

4. complete the intial paperwork

This includes the agreement that you are entering into with your agent. Go over the paperwork and make sure everything matches up with what you discussed. Now is the time to suggest any changes to the agreement. Or you can get legal advice if something isn’t clear.

5. Your sales campaign

The duration of your sales campaign is something that would have been covered in the agreement you signed with your agent. By this point, your property should be in good shape to sell right away. So any renovations should have been completed by this point.

In general, sales campaigns can last as little as 4 weeks and can go for as long as 6 weeks. Your agent will take care of things like the photoshoot and setting and managing the campaign until a sale is secured.

6. Getting a sale and settling

Once you have accepted an offer, then you are near the end of the process. You and the buyer will sign the required documents and the buyer will pay the deposit. Settlements have actually gone up since the pandemic.

“We saw 60,508 property sale settlements across the nation in February 2021, up approximately 28% year-on-year. This trend follows a strong January and a remarkable post COVID-19 recovery.” – Mike Gill, Senior Research Manager, PEXA

If you go with a private treaty, there will be a cooling off period. In this period, either party is within their rights to withdraw from the sale if they so desire.

In the case of the auction, though, there’s no cooling-off period. The sale is final and the buyer must pay the deposit right away. Let’s say, for instance, you don’t get your minimum asking price at the auction. You can choose to still refuse the offer of the highest bidder.

Settling the same can take up to 6 weeks. However, you can discharge your mortgage to make this process easier.

If you need assistance with your finances across this process, feel free to reach out to our MLS Finance team today.

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