Navigating the Selling Process: A Step-By-Step Guide from Listing to Closing

According to a recent Property Insights Report, roughly 670,000 properties were bought and sold in Australia throughout 2023. This means that on average, almost 2,000 properties are changing hands every single day.

Getting a great return on a property sale is something that every owner strives for. Unfortunately, dreams and reality don’t always go hand-in-hand. The good news is that there are strategies and steps that you can follow from listing all the way to closing the deal.

Today, we’re going to highlight the best ways to navigate the selling process. Hopefully, these tips will help you to achieve a great sale price and make the entire process smoother than ever. Let’s jump right into it!

What are Your Motivations to Sell?

Whether it’s a home, a commercial property or a piece of land, different owners often have their own personal motivations or reasons to sell. For example, the person who owns the title may be an investor, living/using the property, or recently inherited it from a deceased relative.

While some are simply motivated to get the property sold as soon as possible, others are looking for real market value or the highest price on offer. This is why it’s important to take a step back and assess your goals. 
Even if you’re unsure, arranging a property valuation is always a great place to start. Here, a seasoned real estate agent will visit the property and develop an estimate of its likely market value. This will give you a ballpark figure of the likely sale price, which then helps to inform your decision on whether to sell or hold off.

Our Step-by-Step Guide

Selling a property or a piece of land is a momentous decision that requires careful thought and the assistance of seasoned real estate professionals. This is why we’ve compiled a step-by-step guide that you can follow to make your next sale an overwhelming success.

Deciding to Sell

As we touched earlier, it doesn’t matter what your motivation to sell may be. The most critical part is actually deciding to go through with it. If a valuation has taken place and you (as well as any other vested parties) are confident, then you may take a major step and decide to sell.

The next step is to decide whether you’re going to sell privately or work with a licensed real estate agent. However, given everything that’s involved with the process, the vast majority of sellers in Australia choose to partner with a professional agent.

Finding a Real Estate Agent

Once you decide to sell, you’ll need to find a reliable real estate agent. Ideally, this will be someone with local sales experience who is familiar with the state of the property market in your area. 

For example, if you’re selling on the Sunshine Coast, search for real estate agents in Buderim, Mooloolaba, Palmwoods or wherever your property is located. Local knowledge, relationships and connections are all vital parts of a real estate agent’s skillset. This is why proximity is so important. 

What exactly can a local real estate agent do for you? In general, their main roles include:

• advising you on the price of your home
• finding buyers
• negotiating the sale

As noted by the State Government, “real estate agents must have a licence to work in Queensland.”

Appointing a Real Estate Agent

The first real estate agent you engage may not be the perfect fit, so it’s perfectly normal to conduct a search and explore different options. Whether you search for real estate agents online, look into recent sales in the area, or seek out referrals from family and friends, there are various avenues available.

To appoint a real estate agent, you need to complete either the Residential Agent Appointment or Reappointment (Form 6) or the Commercial Agent Appointment or Reappointment (Form 6A). Your real estate agent should provide you with the appropriate form. These forms outline the commission the agent will charge for their services, any additional costs they may incur on your behalf, such as advertising expenses, the payment schedule, and the specific services the agent will provide and how they will be carried out. 

We recommend that you read the form carefully and make sure you are satisfied with all terms and conditions before signing.

Renovations/Upkeep (Optional)

Sometimes, a property is either not quite ready to be listed, or there may be ways to improve its overall value. 

This could involve updating key areas such as the kitchen and bathrooms, as these are major selling points for many buyers. Additionally, a well-maintained property with fresh paint, clean carpets, and tidy outdoor spaces can significantly boost its attractiveness in the eyes of the buyers. 

Even small improvements like fixing leaky taps or replacing outdated light fixtures help to make a big difference. This is even more important in less competitive markets where the buyer demand may not be as high. Overall, renovations and upkeep allow your property to stand out and potentially increase the final sale price.

Property Styling (Optional)

Property styling, or home staging, is a strategy used to make a property more attractive to potential buyers. This process typically involves rearranging furniture, art, and accessories to highlight the property’s best features and make it easier for buyers to envision living there. 

Professional stylists can be hired to provide this service, as well as property management firms. Regardless of who you hire, the ultimate goal is to keep the property looking its best in photos and on the day of inspections. As they appeal more to the emotional side of buyers, well-styled properties often sell faster and at higher prices.

Setting a Price

The next step is critical: setting the right price for your property/piece of land. Overpricing has the potential to deter potential buyers, while underpricing can result in a loss of value. Here, you can work with real estate agents directly to determine an appropriate price, taking into account factors such as location, property size, and recent sales in the neighbourhood. Tools like a Comparative Market Analysis (CMA) are commonly used to help set a realistic and competitive price that aligns with market expectations.

A Comparative Market Analysis (CMA) is an essential tool for setting a property’s asking price. In the Australian context, a CMA involves analysing recent sales of similar properties in the same area to gauge market trends and pricing. This analysis includes looking at properties of similar size, age, condition, and features to the one being sold. Real estate agents typically prepare CMAs to provide sellers with a data-driven foundation for pricing their property.

Property Listings

Creating an effective property listing is incredibly important. Remember, this is the first impression that you’re giving to potential buyers, so you want to get it right. Partnering with real estate agents and property managers is a great way to make the listing stand out. Most agents will have specific knowledge, including which photos to use, how to write a compelling description and various elements.

This means crafting a compelling description that highlights the property’s best features, taking professional photographs that showcase the home in its best light, and using floor plans to give a clear sense of the space. These listings should be placed on popular real estate websites like Domain and realestate.com.au, as well as promoted through social media and local print media. 

High-quality listings can generate more interest and lead to more viewings, increasing the likelihood of a successful sale. Engaging a skilled real estate agent can also ensure that the property is marketed effectively to the right audience.

Choosing a Method of Sale

There are several methods of sale to consider, including private sales, auction, and tender. Each method has its own unique advantages and suitability depending on the property type and market conditions. 

Auctions can be a great way to drive up the price through competitive bidding, However, some sellers aren’t as comfortable with this method because there are no guarantees. Private sales involve setting a fixed price and negotiating directly with buyers. 

The tender process, while less common, involves inviting written offers from potential buyers by a specified date. Choosing the right method depends on your personal preference, market demand, and the property type.

Inspections/Viewings

Organising inspections or viewings is a vital part of the selling process in Australia. Open homes and private inspections allow potential buyers to see the property first-hand and assess its suitability. It’s important to ensure the property is clean, well-presented, and free from personal clutter during these times. 

In some cases, particularly in competitive markets, having a property stylist arrange furniture and decor can make the home more appealing. Inspections should be scheduled at convenient times to maximise attendance, and it’s beneficial to provide informative brochures and answer any questions buyers might have during these viewings.

Receiving and Negotiating Offers

At this point, the offers should start rolling in, and this is where the negotiation process begins. In Australia, this involves reviewing each other’s terms, including the price, settlement period, and any conditions. Sellers may receive multiple offers, especially in a strong market, which provides leverage in negotiations. 

Working with a real estate agent can be invaluable during this stage, as they can provide expert advice and handle communications with potential buyers. The goal is to negotiate the best possible terms while considering the practicalities and timelines of the sale. Being open and responsive to buyers’ inquiries can facilitate smoother negotiations and lead to a satisfactory outcome for both parties.

Accepting an Offer

When an offer meets the seller’s expectations, it can be formally accepted. This involves signing a contract of sale, which is a legally binding agreement between the buyer and seller. In Australia, this contract outlines the agreed price, settlement date, and any conditions that must be met. 

Once the contract is signed, the buyer typically pays a deposit, often around 10% of the purchase price. The sale then moves into the settlement phase, where the legal and financial aspects are finalised. It’s crucial to have legal representation during this stage to ensure all documents are correctly prepared and all legal obligations are met.

Preparing for Settlement

Preparing for settlement involves completing all necessary legal and financial tasks to finalise the sale. In Australia, this includes ensuring that all conditions of the sale contract are met, such as building inspections or finance approvals. 

The seller’s solicitor or conveyancer will coordinate with the buyer’s representative to arrange the transfer of property ownership. It’s also essential to organise the final inspection, where the buyer can verify that the property is in the agreed condition. 

On the day of the settlement, the balance of the purchase price is transferred, and the buyer officially takes possession of the property. Making sure that all utilities and services are transferred or disconnected is also part of the preparation process, ensuring a smooth transition for both parties.

Work with Leading Real Estate Agents on the Sunshine Coast

Need reliable real estate agents to sell a Sunshine Coast property? You’re in great hands with We Do Property. Based on the Sunshine Coast, we offer all-inclusive property management and real estate services across the local area. 

Our dedication to client success starts at the top of our organisation. We are led by Tanja Le Roux, a real estate expert with extensive experience in the residential property sector. 

Tanja is driven by client success and takes great pride in providing sales and property management services like no other. Call us today and let’s discuss your next big adventure.