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7 Essential Steps to Selling Your Property in Sydney for Top Dollar in This Market

Given the rising inflation, interest rate increases, and impending rule changes for investors, the Sydney real estate market in 2023 has become a sophisticated playground. Whether you are planning to upsize/downsize or divest your property and invest in a more favorable asset, here are seven indispensable steps to help you prepare your property for sale, set the right price, and negotiate effectively to ensure you sell for the highest possible price.

1. Set the Right Price

Setting the right price is one of the most crucial steps in selling a property. Launching your property too high may discourage potential buyers while pricing it too low may lead to a quick sale but leave money on the table. Research the market, consider recent sales of similar properties in your area, and, if needed, enlist the help of a professional valuer to ensure you price your property correctly from the outset.

2. Presentation is Everything

Your property needs to make an unforgettable first impression. Ensure it’s in the best possible condition by making all necessary repairs, attending to any cosmetic blemishes, and considering a renovation if you can afford to. Enhancing your property’s aesthetic appeal and functionality will attract more prospective buyers and allow you to command a higher price.

3. Style It (where you can afford it)

The aesthetics of property play a pivotal role in buyer attraction. Styling your property appropriately and using attractive furnishings and décor can help potential buyers imagine themselves living in your property. This emotional connection can significantly influence their decision to purchase and how much they’re willing to pay.

Below is a campaign we undertook this year where the styling resulted in a striking transformation, significantly impacting the selling price.

4. Marketing Must Be TOP NOTCH!

Promoting your property effectively is crucial to reaching the largest possible audience of potential buyers. Employ high-quality professional photos, and engaging descriptions, and consider investing in videography and virtual tours. An extensive and targeted marketing campaign, both online and offline, will help you achieve the best exposure and attract the right buyers.

5. Engage a Reputable Real Estate Agent

A reputable and experienced real estate agent is invaluable in the selling process. Not only will they have the market knowledge to help set the right price and advise on presentation, but they’ll also manage your marketing campaign and attract the right buyers through their extensive network. They are your ally in achieving top dollar for your property.

6. Make it Easy for Buyers to Buy Your Property

To facilitate a smooth sale, ensure all necessary reports and documentation are prepared, such as a strata report if your property is part of a strata scheme. Ensure your property is presented pleasantly for inspections, accommodating these visits as much as possible if you live there. 

If your property is tenanted, consider leaving it vacant for 4-6 weeks during the initial marketing campaign to allow hassle-free inspections.

7. Negotiate Effectively

The negotiation process can differ between a good sale and a great one. If you’ve employed an experienced real estate agent, they will have the skills and know-how to negotiate effectively on your behalf. Understand your property’s worth, set clear boundaries on your minimum acceptable price, and don’t hesitate to negotiate terms to achieve the best outcome.

In conclusion, selling your property for top dollar in Sydney’s competitive market is a structured process that requires strategic planning and execution. Each step is crucial to attracting the right buyers, creating a compelling appeal, and negotiating effectively to maximize your sale price. Every property and market is unique, so adapt these steps to suit your specific circumstances and achieve the best possible result. Happy selling!

AUTHOR

Joseph Fairchild

Joseph is an awards winning real estate agent, local property economist and thought leader in the property industry. He is well versed in advanced property strategies (such as vendor finance, delayed settlements and back-to-back settlements for off-the-plan properties) which many other agents would place neatly in the ‘too hard’ basket.

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