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2024 Selling Success: Key Strategies to Prepare Your Property Now

As the end of the year approaches, 2024 looms just around the corner. This rapid passage of time heralds new opportunities and decisions, especially for those considering selling their property. Whether you’re addressing an underperforming investment or planning to upsize or downsize, thorough preparation is key. This guide will help you navigate the process effectively from the outset:

1. Assessing Your Property’s Current Value

The first step is understanding your property’s market value. This requires more than a simple online estimate; it necessitates a thorough analysis considering recent local sales, your property’s unique features, and the latest market trends. We recommend consulting a real estate expert for a more accurate evaluation.

We discuss the differences between online property estimates, real estate agent appraisals, and property valuations in this article: LINK


2. Tenant Lease Considerations

If you’re renting out your property, be mindful of when the tenant’s lease expires. Selling a tenanted property adds complexity, as you must balance tenant rights with your selling strategy. From our experience in selling both tenanted and vacant properties, we generally recommend launching your selling campaign when the property is vacant, with few exceptions.

Required notice periods to provide your tenant are as follows:

For a fixed lease: 30 days’ notice to vacate at the end of the lease.

For a periodic lease: 90 days’ notice to vacate.

Please be aware that if a tenant on a periodic lease is given a 90-day notice to terminate the lease, they have the right to vacate the property at any point within those 90 days without providing any further notice to the owner.

For more information on notice periods, please consult Fair Trading guidelines.

3. Preparing Your Property for Sale

Prior to listing your property, ensure it’s in optimal condition. This could involve minor repairs, a fresh coat of paint, or more extensive renovations. The aim is to appeal to a broad range of buyers, potentially enhancing your property’s value.

Now is a good time to seek quotes for any necessary work.

4. Planning the Sale Timeline

The property selling process encompasses preparation, listing, showing, and closing. Each stage varies in length, depending on market conditions and personal circumstances. Creating a realistic timeline is crucial for managing expectations and coordinating tasks.

A typical campaign in Sydney goes between 4-8 weeks.

5. Accounting for Selling Costs

It’s important to account for the costs associated with selling a property. These include agent commissions, marketing expenses, legal fees, and potential taxes. Planning for these costs helps in budgeting and avoids unexpected expenses.

Costs to consider include:

Agent commissions in Sydney typically range from 1.8% to 2.5%.

Professional home staging in NSW may cost between $2,000 and $8,000.

Auctioneer fees in Sydney and NSW vary from $700 to $1,000.

Conveyancing and legal costs in Sydney and NSW generally range from $1,000 to $1,300.

Marketing costs can range from $3,000 to $8,000.

Remember, there’s a significant difference between basic marketing and effective MARKETING. Online portals in Sydney are highly competitive and costly. The distinction between a standard ad and a Premiere ad on Realestate.com.au, or between a standard and Platinum ad on Domain.com.au, can be substantial, both in terms of exposure and cost. Some agencies might offer cheaper marketing packages by listing all properties with standard ads, but this can limit exposure and effectiveness. It’s often better to fully invest in high-quality marketing.

In conclusion, selling a property in 2024 requires careful planning and attention to various factors. By staying informed and preparing adequately, you can smoothly navigate the process and achieve your real estate objectives in the upcoming year.

Experience the difference that a professional appraisal can make, completely on us. Reach out to our sales team today for a complimentary, no-obligation valuation of your property.

AUTHOR

Joseph Fairchild

An award-winning agent with a vision of growth, Joseph Fairchild has over 25 years of experience within the Real Estate space. Since its inception in 2009, Joseph has grown Metro Realty from an idea to No.1 Agency in Sydney with multiple award-winning agents.

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