8 simple steps to marketing your property

8 Simple Steps To Marketing Your Property

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simple steps TO MARKETING YOUR PROPERTY

8 Simple Steps To Marketing Your Property

Our promise to you Since 1988 we have strived to provide the very best real estate service in Sydney to the many property buyers, sellers, investors and tenants who call on us for help and advice each week.

This booklet and the advice it contains is part of that promise. We hope you enjoy the content and profit from the experience.

Remember, our offices are open 7 days a week to help you with any real estate matter so be sure to call us if you think we can help.

You'll find contact details for your nearest Prudential Real Estate office on the back page of this booklet.

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8 Simple Steps To Marketing Your Property

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simple steps TO MARKETING YOUR PROPERTY There are a lot of questions when you decide to sell your property. How do you choose the right/best agent?

How can you reach potential buyers? What price is the right price? How do you market your property?

When do you accept an offer or make a counter offer?

This guide to marketing your property has the answers to your questions about the selling process. And it outlines the steps that will help you get the best results when you decide to sell.

8 Simple Steps To Marketing Your Property

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SELECTING A SUCCESSFUL SELLING TEAM . . .

When it's time to find a professional to help you sell your property, service, experience and company support are paramount. Ask a lot of questions, check references, unique services and what action the sales representative will take to market your property.

What guarantees of service are offered, if any? And what are your obligations to the sales representative if the property doesn't sell? A clear understanding of the market is essential.

What resources can your sales representative access to help you select an asking price for a faster sale and a better return? And how can you be sure your property will get maximum exposure? It's important to note your sales representative receives a fee that will be charged to you based on a percentage of the selling price.

The fee represents the value of the services you will receive for that payment and covers personal consultation, marketing expertise, sales literature and materials, advertising and promotion, open house(s), FOR SALE and SOLD signs, listing and description in the agents listing programmes, (including newspapers and web sites) showings to prospective buyers and assistance in negotiating offers.

Their service can also include after-sale follow-up including attending pest, building and council inspections, lender valuations and liaising with both your and your buyers solicitor or conveyancer.

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AGREE ON A MARKETING PLAN . . .

Your property is not something you sell every day. In fact, for many people it is their largest asset. A property is very complex to market and the process needs to be well organised. To do the job properly a plan is needed.

Your Prudential Real Estate representative will prepare a personalised plan on how your property is to be marketed to the public. This will include when and where the property is to be advertised, dates of open houses (where agreed) and any special promotions.

At Prudential Real Estate, your property will be aggressively promoted through daily computer matching with buyers, display advertisements and mailings to potential buyers in your area, as well as to our huge database of property investors.

8 Simple Steps To Marketing Your Property

WHY DO MORE PEOPLE SELECT PRUDENTIAL REAL ESTATE?

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AGREE ON A MARKETING PLAN . . .

Very simple - we have the best negotiators, the best trained people, the best products and services working together to get you the best results, and the highest price for your property THE BEST TRAINED PEOPLE Prudential Real Estate sales representatives: Ÿ Are full-time trained real estate professionals of the highest standard Ÿ Undertake daily training to ensure their negotiation skills are maintained, to obtain the best price possible for their client’s properties Ÿ A re experienced, knowledgeable, thorough, dedicated, reliable and hard working Ÿ Are a team of people working together to obtain the best results for you THE BEST PRODUCTS AND SERVICES Ÿ Our customised home marketing action plan develop the best way to market your property Ÿ Our area market surveys and comparative market analyses provide market information that will help you determine the best asking price Ÿ Your property is immediately placed on numerous websites Ÿ Our skilful negotiators will put more dollars in your pocket Ÿ Our staff match your property features with interested buyers listed on the exclusive Prudential Real Estate database everyday until your property is sold! Ÿ And our Prudential Real Estate team ensure nothing is over looked in the management of your listing THE BEST RESULTS At Prudential Real Estate, we have the best people and the best products and services working together to get you the best results!

A faster sale at a better price. And we get the job done right the first time.

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DETERMINE AN ASKING PRICE . . .

Probably the single most important decision you can make with your sales representative is to establish the right price for your property. That is the best price that we can negotiate that you are willing to accept. The Prudential Real Estate database will provide your sales representative with descriptions and list prices of properties in your neighbourhood that have recently sold, are currently for sale, and those that were listed but did not sell.

That information will then be compared with your property using our comparative market analysis.

In addition, your representative may use an area market survey, which provides an overview of current market conditions. These documents will help establish a price that will attract potential buyers and close a sale more quickly.

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UNDERSTANDING MARKET CONDITIONS The real estate market is always changing. It helps to understand how the market conditions can affect your position as a seller.

SELLER'S MARKET Number of buyers exceeds supply of properties.

CHARACTERISTICS Lower availability of properties. Many buyers.

Properties usually sell quickly. Prices often increase. Multiple offers are common.

DETERMINE AN ASKING PRICE . . .

IMPLICATIONS You may be able to set a higher listing price.

You may be able to reject conditional offers.

You may have more time to decide whether to accept an offer.

BUYER'S MARKET Supply of properties exceeds the number of buyers. Higher number of properties for sale.

Few buyers compared to availability.

Properties usually take longer to sell. Prices will stabilise or perhaps drop slightly. Buyers may take more time looking before making an offer. You may have less negotiating power.

Buyers may make lower offers.

BALANCED MARKET Number of properties on the market is roughly equal to the number of buyers. The demand for properties equals the supply.

Buyers make reasonable offers. Properties sell within reasonable time periods.

More relaxed buying/selling atmosphere.

Reasonable number of buyers to see your home.

Yo u r P r u d e n t i a l R e a l E s t a t e S a l e s Representative can tell you what state the market is in at the time you are considering selling your property.

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AUTHORISE A LISTING AGREEMENT . . .

The first step in marketing your property is to enter into a listing agreement - a contract that commits a real estate company to actively market the property for a specified period of time. It commits you to a pre-established professional fee (-the commission ) which is payable on the completion of the sale.

Your sales representative may require the following documents: PLAN OF SURVEY An up-to-date survey of your property, which outlines the lot size, and location of buildings as well as details of any encroachments from neighbouring properties.

OTHER DOCUMENTS In some instances, it may help the sale of your property if you can provide prospective buyers with approved council plans showing any extensions to the property, installation of pools, pest reports, building reports etc.

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SHOW YOUR PROPERTY . . .

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First impressions are lasting impressions. You will want to make sure that buyers looking at your property are left with the best possible impression. There are many tips we can provide you with to prepare your property.

Some things to be considered will be: Presentation of your property exterior and interior, Ÿ Minor repairs, Ÿ Creating a welcoming atmosphere. Ÿ

Ask your Prudential Real Estate sales representative to provide you with our handy checklist called “73 QUICK & EASY FIX-UPS TO SELL YOUR HOME FASTER AND FOR MORE MONEY”.

Whether it is an open house or an individual buyer, all showing activity will take place at your convenience. Appointments for viewing will be arranged in advance through your sales representative.

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An offer can be firm or conditional. A firm offer means that there are no conditions placed on the purchase. A conditional offer means that the buyer has placed one or more conditions on the purchase, such as "subject to f i n a n c i n g " o r " s u b j e c t to co u n c i l inspection". The sale cannot be completed until all of the conditions have been met.

The offer will be formally presented to you by your sales representative or by the office manager.

RECEIVE & RESPOND TO OFFERS

After receiving the offer, you have three options: 1. You can accept the offer. If you accept the offer, you have sold your property (subject to contracts exchanging), 2. You can reject the offer, or: 3. You can make a counter-offer.

If the amount is not acceptable, rather than rejecting it outright, you can make a counteroffer based on price or on other elements such as the settlement date, financing or the ex t ra s i n c l u d e d w i t h yo u r p ro p e r t y.

Negotiating an offer can take a few hours or a few days. The experience and knowledge of your sales representative is critical to help you through this process.

They will be there to provide helpful advice, an objective point of view and assistance in getting the best value for your property.

When an offer is accepted in writing (contracts signed and exchanged), and the conditions (if any) are met, your home is considered sold.

Your sales representative will place a SOLD sticker on your sign once the cooling-off period has expired and the balance of deposit has been paid.

8 Simple Steps To Marketing Your Property

THE SIX MAJOR ELEMENTS IN AN OFFER

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RECEIVE & RESPOND TO OFFERS

1. PRICE The amount you are willing to accept from a qualified buyer.

2. DEPOSIT The deposit, which is required by law (or contract), shows the buyer's good faith and will be applied against the purchase of the property when the sale is completed. Your sales representative can advise you on the suitability of the amount of the deposit being offered.

3. TERMS Includes the total price the buyer is offering, confirmation of acceptance of contract terms, the length of the settlement period, tenancies being extended or the tenant vacating the property, etc.

4. CONDITIONS These might include "subject to a building report" or "subject to the buyer obtaining finance".

5. INCLUSIONS AND EXCLUSIONS These include items discussed at the time the property was put on the market.

For example: curtains, blinds and light fittings etc.

6. SETTLEMENT DATE Generally, the day the final payment is made and vacant possession is given to the buyer.

REMEMBER . . .

When negotiating we are on your side and not in the middle. It is our job to obtain for you the highest price possible from the Buyer and it only remains for you to say YES or NO.

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COMPLETE THE SALES TRANSACTION . . .

There is much to be done from acceptance of an offer until settlement day - and the new owners take possession. You are expected to maintain the property in the same physical condition as when the buyers viewed the property.

You will need to see your solicitor or conveyancer in order to sign the required transfer documents in order to facilitate the change in ownership. Prior to settlement the buyer will also sign documents to accept the change of ownership and on the day of settlement all funds are transferred from the buyer to your solicitor or conveyancer. We can then say the sale is complete.

As your agent our final task is to ensure proper hand over of the keys to your buyer.

It's a good idea to make sure we have your keys a day or two before settlement to ensure this part of the transaction goes smoothly.

When in doubt your sales representative can assist you with the exact procedure.

Then, within a day or two all funds paid by the buyer (less any costs and outstanding issues such as mortgages, rates and taxes are paid) will be transferred to you by your solicitor or conveyancer.

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PLAN YOUR MOVE . . .

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You will need to plan ahead in order to have your move go as smoothly as possible. There will be utility companies to contact, change of address notifications, banking etc.

Ask your Prudential Real Estate sales representative for our d e t a i l e d “ P l a n Yo u r M ove � checklist to help you in this process.

Prudential is an accredited Practice 8 Simple Steps Best To Marketing Your Property real estate agency and a member of the Leading Property Managers of Australia

Not all agents are the same which means greater certainty for our clients Find out more about our property services at

prudential.com.au

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PLEASE NOTE : 1.

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Recipients of this report are reminded that, although due care has been taken in the preparation of the within contained material, prospective property buyers, sellers and investors are always best served by making their own independent inquiries before entering into any real estate transaction.

This report has been prepared for the sole and exclusive use of Prudential Real Estate clients and customers. The whole of the contents and design are protected by copyright.

COPYRIGHT Š Michael O'Sullivan 2001-2015

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