How to get top dollars for your house

SPRING is selling season for real estate and, despite warnings that this year will be worse than last year, there are still things people can do to get the best price.

Brock Harcourts Henley Beach director Sam Hosking says people could lose tens of thousands of dollars if they fail to make their home stand out from the crowd.

"There are many reality-TV shows about the property market that demonstrate the benefits of time and effort spent on presentation prior to sale,'' he said. "A poorly presented home is unlikely to generate emotional appeal and attract buyers.''

Mr Hosking said it was important to discuss presentation with your real estate agent, who might call in a specialist to help.

"Take the time to tidy up the garden and consider cosmetic improvements such as a fresh coat of paint, because it is not just a case of a quick tidy-up the night before the inspection,'' he said.

Timing is also important.

"The process of selling a home can take three to four months from start to finish, so make sure you allow enough time,'' he said.

"This includes appointing an agent, preparing the property for inspection and finalising marketing and advertising material. Once on the market, the time it takes to sell a property that has been accurately priced is generally between four and six weeks. If you're selling your home by public auction, the marketing schedule will run for about four weeks.''

The method of selling a property is usually either by private treaty or public auction, although some prestige homes may sell by registration of interest or tender.

Mr Hosking said it was important to discuss this with your agent.

"If a property is likely to attract more than one potential buyer, auction allows competitive bidding to increase the final sale price,'' he said.

"However, deciding the method of sale should be an objective decision based on market conditions, the location of the home, the type or style of home and whether it has a multitude of uses.''

Mr Hosking said in some states new laws had been introduced to combat under-quoting.

"Both agent and vendor are required to record their expected price. Advertisements must use the higher amount, known as the prescribed minimum marketing price, and can range 10 per cent above if desired,'' he said.

"Auction practices have also changed, with people not allowed to bid unless they have registered with the agent.''

Checklist
* Start early - the process of selling a home can take three or four months.
* Appoint an agent you trust.
* Confirm selling costs with your agent.
* Present your home in the best shape possible.

Source: news.com.au
Date: 15/09/2008