Your home may be your biggest asset, so when you’re selling it you want to get the best price possible.
And when you’re selling your home the best tool you have for maximizing your sale price is your real estate agent. They are able to provide you with plenty of information and expertise that can assist you with making decisions with your sale.
So here are five critical questions to ask your agent before your home is on the market:
1. Should I consider renovations or improvements before selling my home?
Not every property needs major works before going on the market, but your agent is best placed to advise you about what, if any, improvements would maximize your sale price versus what would be overcapitalizing. Renovations may affect your timing and budget, so should be discussed upfront.
2. Is there strong demand for this type of home in the current local market?
Understanding how strong the local market is for the type of home you have is crucial. This will not only help you determine what price you may be willing to accept, but also how long your home will be on the market and how flexible to negotiations you may want to be.
3. Which type of buyer will be interested in my home?
It’s important to have a clear idea of the key target markets who may be interested in your property. If it’s first home buyers or investors they’ll be looking for different things from downsizers or upsizers. What are they looking for? What appeals to them and why? And how is your property a good match for them?
4. Is auction or private treaty the best way to get a result?
In certain areas auctions may be more common, while in others homes may sell by private treaty. Likewise, some sellers love the short, sharp approach of an auction campaign, while others are fearful of them. Each home has different attributes, and not all homes benefit from the same sales method. Ask your agent how the type of sale they recommend will get you the best result for your property. If it’s auction, you may want to attend a few auctions to prepare for the emotion of it; while if it’s sale by private treaty, you may want to discuss the agent’s preferred negotiation tactics.
5. Can you tell me about any comparable properties that have recently sold or are on the market?
Comparable properties will be yours and the agent’s best guide for how much your property may sell for. It’s important to look beyond the property’s characteristics at how they were presented and why they achieved the price they did. It can be hard to tell from listings alone what is truly comparable. And by knowing what has recently sold or is currently on the market you will also be ahead of the game in preparing yourself for the competition that your home will be up against when attracting buyers.