Taking Property To Market (GULP)
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What are the crucial steps to take before selling your home?
it's the real estate podcast brought to you by ray white the largest real estate and property group in australasia and welcome to another episode of the real estate podcast we are going to be looking at that all-important step stage moment whatever you want to call it in fact it's probably the moment of truth when you've decided to take your property to market Of course, one thing that we know about property ownership, and that is that we want the best possible price when selling. Not the closest price to the number that you have in your head, but the best price that you've got in your head. And to get anywhere close to that expectation that you have, there has to be some really important steps that you've got to take to ensure that you have your property prepped and
and ready to go. And to help us on this subject, we are talking to Tom Greve from Ray White in Carnegie in Melbourne. G'day, Tom. Good to have you on the Real Estate Podcast. G'day, Craig. Pleasure to be here.
How can vendors prepare their property for the market?
Thank you very much. Carnegie, that's the spot for the Asian cuisine, I'm told. Fantastic eating. It is, absolutely. We've had a lot of different places pop up here over the last few years, and it's been incredible. Some of the smells we get coming out of Kroonang Road are absolutely fantastic. And you've got the university just down the road, which also makes it a bit of a popular destination. Yeah, absolutely. Monash University in Caulfield. It's probably been one of the reasons, I think, why Carnegie and some of the surrounding suburbs have been targeted so much by developers for apartments and I guess all of that sort of entry level accommodation that really appeals to students as well.
What common mistakes do sellers make when preparing their homes?
Well, let's have a look at launching a property online for any vendor. It's both a scary proposition and also an exhilarating process. And Tom, what are some of the things that vendors should be thinking about prior to launching? Yeah, look, it really depends the type of property we're selling, whether it's a house or an apartment. Some of the things that we need to pay attention to can be completely different, particularly with apartments, for instance. We like to have the Section 32 ready. We like to have as much information there as we can. And just understanding if there's things like outstanding building notices, cladding notices or things like that on the property, because A lot of the time if you've got some of these things on your property that the way we market them is altogether different and it's best to sort of understand some of these things prior to having the properties ready rather than sort of trying to catch the curveballs as they get thrown at you throughout the course of the campaign.
And so looking at somebody who's not prepared when taking to market, now, like I said, given that vendors want the best possible price, what can be a negative impact of somebody that is just not paying attention and is dropping the ball and is being underprepared?
How does being unprepared affect the selling price?
Well, I think in a marketplace where it's always growing in terms of the amount of properties available, there's always new development happening. The reality is, as a vendor, there's more and more competition that you're competing with week in, week out. So if you're not ready, if you find that buyer in week one or two and you don't have a contract to sale or you don't have a section 32 contract, it's very easy for buyers to go on the path of least resistance. And if another agent is more prepared, it's not uncommon for them to sort of get caught up and make an offer on something else and you potentially lose a buyer. Now, you know, if that happens two or three times over the course of the campaign, well,
You know, losing two or three bidders at auction day can have a monumental impact on the outcome of the auction. You know, it's not uncommon for us to see an auction where maybe you've got a bidder at a million, a bidder at 990, and then the third highest bidder could be at 880,000 or something like that. So the impact of losing that second highest bidder might not just be a $5,000 or $10,000 difference.
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Chapters
7 chapters
1
What are the crucial steps to take before selling your home?
0:02–1:04
2
How can vendors prepare their property for the market?
1:04–1:43
3
What common mistakes do sellers make when preparing their homes?
1:43–2:54
4
How does being unprepared affect the selling price?
2:54–3:55
5
What are the impacts of competition on the selling process?
3:55–4:51
6
What should vendors know about cladding notices and their significance?
4:51–5:51
7
How can proper preparation lead to better sale outcomes?
5:51–8:26
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