Sales of new properties in Australia had risen by nearly 4% in September 2020 although there has been a slight downturn, due to restrictions in place because of the global pandemic.
As if life wasn’t uncertain enough at the moment, selling any property can be one of the most stressful things that an owner undertakes.
This includes commercial properties as well as residential. Some of the worries and uncertainties can be alleviated if you consider the following five points prior to selling.
Source Professional Help
Having the right company support you through this process that understands and connects with you on a professional level is key.
If you are handling commercial property, look for local agents who have experience in commercial conveyancing and who have experience in selling properties or dealing with commercial leases on a property similar to yours.
Experienced conveyancing firms are also able to assist in dealing with real estate agents and can signpost you to those agents who are best placed to deal with your property.
When you have chosen a real estate agent, request copes of sales reports and have a list of key questions to establish they can handle your business and maximize the sale. You want to know:
- What they see as any downside to your property
- What experience they have selling in your area
- What strategy they employ for marketing the property both short and long term
- What guide price they recommend and the reasons for setting that price
Get them to take you through the process step-by-step, so that you understand what information and documentation you will need to ensure the sale proceeds smoothly.
Clarify the fees they will charge so you can set out your financial costings and don’t get any nasty surprises which bring us on to the second thing to consider.
Understand the Costs
As well as agent’s fees, there are costs involved in advertising the property, including listings and brochures so ensure that you understand these and that there are no “hidden” extras.
If you are buying another property then factor in the cost of stamp duty, or other linked costs, e.g. mortgage discharge fees.
Your conveyancer in Melbourne can complete the required Section 32 or vendor statement and also will be able to highlight other areas in conjunction with your accountant that you need to take into consideration such as land tax or capital gains.
They will also be able to remind you of other costs such as search fees, registration costs, and surveyors fees that you might not have taken into consideration.
Work with your accountant to set out all the outgoings associated with the sale so that you have a realistic idea of any net profit or gain.
Consider the Curbside Appeal
What is the first impression of your property for a potential buyer? Whether commercial, retail, or residential, taking an objective look at the surrounding garden area or outside surroundings is important.
Ensure that all garden areas are weed-free and landscaping is kept looking neat and tidy.
Clear out gutters and clean down drives and walkways, ensure that paintwork is not cracked or faded, and check that exterior lighting works.
For the interior, make sure the property is clean and not cluttered, that light fittings work and there are no holes or cracks in the walls and ceilings.
Ask a friend or work colleague to walk around the outside of the property to give their first impression and do the same inside so that you can see what a potential buyer is going to see.
Preparation of Legal Documentation
You cannot afford to make a mistake when it comes to contractual and legal obligations when selling a property and there are a number of decisions you will need to be making.
Your conveyancer in Melbourne will be able to prepare and complete the required legal documentation so can advise you on what paperwork will be required.
They will save you a lot of time, worry, and effort to ensure that you contact them as soon as you consider putting the property up for sale.
If you are selling commercial property, seek commercial conveyancing advice first. A commercial conveyancer will help in the preparation of the sale by putting together a contract of sale.
They will also ensure you fulfill all legal obligations and help protect your rights and interests until the sale goes through.
If there are any easements or restrictions placed on the property your conveyancer can advise you of this before you decide to sell.
Factor in Some Down Time
Be prepared for the time and energy you need to put into selling a property – it is not completely stress-free and there will be delays along the way.
Make sure you take time to take care of yourself by choosing the right professionals to work with, who can support you and ensure everything goes to plan.
By keeping these tips in mind and hiring a professional conveyancing team to provide you with direction, guidance, and most importantly, results, selling your property will be a rewarding and enjoyable journey.
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