Are you thinking about selling?
The new financial year is in full swing. While the housing market typically runs cool in Canberra during winter, much like the seasons, it heats up towards the end of the year. Meaning if you’re considering putting your home on the market, now is the time to get things in motion.
Civium Residential agents Cassandra, Josh and Lance recently got together to share their thoughts on things you should keep in mind before you put your home on the market.
1. Presentation
First impressions count. The exterior of your home is the first thing potential buyers will see, whether they drive by or view it online. Ensuring your home looks appealing from the outside is crucial. This includes things like maintaining the garden, applying fresh paint, cleaning up the yard, and pressure washing the driveway.
The interior presentation is just as important. As soon as a potential buyer steps inside, they should feel welcomed and impressed. Consider giving your home a fresh coat of paint, updating carpets, and hiring a professional stylist. These simple and cost-effective changes can significantly increase your home’s value, potentially turning a small investment into tens of thousands of dollars in return.
2. General Repairs and Maintenance
Beyond the surface level of general presentation, consider any repairs or general works that need to be done to the property. This can be a range of things like cracks in the walls, leaking taps, electrical faults, even asbestos; all should be addressed. For these kinds of works, it’s best to call in the tradies. Businesses such as Ochre Trade Services can help.
Taking into consideration you’ll have to get a building report for the sale, it’s best to get these works completed before going to market. As with general presentation, how you address these works will have a significant impact on your bottom line, especially if they’re easy to fix.
3. Think about your target market
Beyond the physical preparation, it’s crucial to think about how you would market your home and who you market to. Consider who your buyers may be and how to target them effectively and efficiently for your greatest return on investment. This involves deciding between various marketing avenues like traditional print, digital, social media, or a combination.
Understanding your target demographic is essential, and the path to reach them may not be so direct. For example, sometimes the best way to market your property to first home buyers is actually by reaching their parents.
Tailor your marketing approach to match the preferences of your potential buyers to maximise your home’s appeal.
4. If applicable – your tenants
This won’t apply to everyone reading, but considering over 25% of Canberran properties are rented it’s important to note, nonetheless. Being open and transparent with your tenants before and during this process is not only the right thing to do, but it will also be beneficial in the long term.
Consider discussing with your tenants the possibility of hiring a professional cleaner or providing storage solutions to help declutter the property. Ensuring they understand the selling process and how they can assist is often just a matter of open communication.
Tenants often have concerns about their lease, access requirements and how the sale affects their tenancy. It’s important to clarify that unless otherwise negotiated existing leases remain in effect when a property changes ownership. As a property owner, working with your property manager to communicate this information can alleviate tenant worries and result in a smoother selling process.
Whether you’re looking to sell in the next month or the next year, Civium’s Residential team can help you get things in motion. From advice on presentation, organising maintenance, creating an effective marketing strategy, even working with tenants through our Property Management team, all it takes is an initial consultation.
