So you have decided to sell your Mosman property. Congratulations! This is a big step and whether you are upsizing, downsizing or relocating, there’s no doubt exciting times lie ahead.
However, there are quite a few steps to go through before you can sit back and say “We did it!”.
The first thing you need is have an idea of how you want things to play out. Will you buy before you sell or sell first? What are your goals after you sell and how much money do you need to achieve them? How soon do you need to move and where do you plan to end up? These questions should be considered so you don’t end up with a sold property and no idea of what to do next.
Here’s a rundown of what you need to do to price, prepare and pitch your home to the market, and how to ensure a smoother process.
Step one: Mosman property valuation / appraisal
Before you sell, you need to have an estimate of what your property is worth. You may have a figure in mind based on what the house down the road sold for, but the reality is there are several factors that influence the value of your home.
Location, size, features and aspect all come into play. In addition, the condition of your home, the number of rooms and the layout will influence what a buyer will be willing to offer. Then there’s the market; if you really want to sell, your home is only worth what the top bidder is willing to pay for it in the current climate.
Invite at least three real estate agents to your home to see what they believe your home will sell for. Don’t be afraid to quiz them on how they came to the conclusion. A great agent will have up-to-date data to share with you.
Step two: Recruit an agent
Before you choose your agent, get to know them and talk in-depth about how they will represent the sale of your property. Ask about marketing, open homes and their overseas buyer database. This professional should have detailed local knowledge, plenty of experience and great feedback from past clients. If necessary, ask if you can phone one of their recent customers to hear first-hand how their experience played out.
Don’t make your decision on commission alone, or the price the agent values your home at. You need to feel comfortable with the person and trust that they will communicate with you regularly and pull out all stops to get the best result possible.
Your agent is likely to request an exclusivity contract. This will give them a set period of time to sell and you will agree not to work with any other agents. Review the contract closely before you sign.
Step three: Paperwork and deciding how to sell
Your agent will gather information such as land titles, your vendor statement and contracts for signing. At this time, you may also wish to arrange a building and pest inspection to ensure your home has no hidden flaws.
In general, auction is the best way to sell a Mosman property. The high levels of demand for the area mean there is ample competition from bidders, who will push the price up. However, speak with your agent about the method you prefer.
Step four: Prepare your home
You may decide to get your home ready for sale ahead of confirming your selling representative but it is best to make changes and upgrades with an agent’s advice none-the-less.
Preparing your home can mean doing a deep clean, decluttering and pressure-washing your facade and driveway. Some repairs or cosmetic upgrades could also be required to present the property at its best.
A stylist is also recommended. For a small investment, this expert will add or remove furniture (temporarily) so each space looks as impressive and functional as possible.
Step five: Marketing and open home
Your Mosman property agent will spread the word far and wide, including across social media and to their database of interested buyers. They will discuss video content, photography and featured advertisements to increase exposure.
On open home day, work with your selling team to ensure your home is spotless. Depending on the level of interest, you may need to schedule more than one open home and allow for private buyer viewings.
A marketing campaign can last anywhere from four to six weeks but may be longer or shorter depending on levels of interest.
Step six: Time to sell
The marketing campaign of your property may generate an early offer that is too good to refuse. Otherwise, it’s a nervous wait until auction day but you can rely on your professional team to make sure every motivated buyer is present and excited to bid.
Mosman is a hot property market and buyer numbers have stayed strong in 2019 so if you have the right agent on your side and set a realistic reserve, you should be thrilled with the result. Once the hammer has fallen, the sale is all-but final.
If the property is passed in at auction, there will likely be some frenzied back and forth on your agent’s behalf as they speak to interested parties. Again, your agent’s talents are integral here as they negotiate post-auction offers.
Step seven: Contracts and waiting for settlement
After any necessary cooling off periods, it’s time to arrange contracts. If you don’t have a solicitor, ask your agent to recommend someone.
Now it’s time to get packing. Unless negotiated otherwise, settlement is around 30 days. If you’re like most property owners, you will need this time as you realise how many belongings you have accumulated over the years.
From here, it’s onwards and upwards as you take the next steps of your property journey. Thank your agent, and don’t forget to leave them a review. They will be sure to keep in touch so reach out for advice on purchasing your next home.