Spring Into Action

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As spring settles in, home owners’ thoughts start to turn to selling in the hope of capitalising on the atmosphere of optimism that comes with the new season – but they may be a little bit over-optimistic given current market conditions says JM Chase First National Real Estate Managing Director, Jee Chin.

“Spring is traditionally considered the peak season for the property market, but the current market dynamics and sheer volume of homes for sale will make maximising your sale price more challenging this year,” Mr Chin said.

“But there are things home owners can do to prepare their homes for sale and ensure they have the best chance of successfully marketing their property.”

According to Mr Chin, the top tip to maximise the property’s value is to choose a good agent.

“An agent that can be trusted and has strong local knowledge and experience is essential when selling a property and can mean a difference of thousands of dollars to the resulting sale price,” Mr Chin said.

“Discuss with potential agents their proposed strategies for marketing and look for ones that consider the full range of tools available including local newspapers, popular real estate websites, social media such as facebook and twitter as well as other eMarketing tools like SMS/MMS.

“And see how open they are to seeking your input for developing enticing signboards and quality brochures.”

Another key tip Managing Director Jee Chin said is to research what your property will be competing with and be realistic.

“It will be critical this spring to set a reasonable asking price because buyers are certainly out there but they are ultra price-sensitive right now.  Agents know what properties are selling for in your area and are experienced at gauging which way the market is turning. They can help you determine the ideal target range,” Mr Chin said.

On a more practical level, Mr Chin advises looking at the property, with objective eyes and seeing what can easily and readily be done to improve its prospects.

“A simple lick of paint, spring clean, tidy up around the place will go a long way to making a good impression,” he said.

“Mow the lawns, trim the hedges and dig over garden beds, just to start with.

“Look at cleaning the windows, both inside and out, and sweep driveways to help create a neat, tidy, polished appearance.”

Managing Director Jee Chin said there are some little ‘extras’ that can be done beyond the usual interior cleaning.

“Making sure there are fresh flowers inside the home and let in lots of natural light to really brighten up rooms,” he said.

“For those with pets, where possible remove them during inspections and create a nice ambience by playing soft, tuneful background music to create a more homely feel.

“Lastly, make sure you revamp and repair where necessary.  Pay most attention to the main living and sleeping areas like the kitchen, family, room, bathroom and bedrooms.”

In a slow market, or tough selling climate, eliciting a strong emotional response to your home from potential buyers is vital – and these tips are designed to assist vendors make that connection.

A beautiful day for an auction!

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OPEN HOMES NOT AN OPEN INVITATION

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Warmer weather inevitably sees an increase in the number of home buyers venturing outdoors to join in the open home circuit.  But, First National JM Chase principal, Jee Chin, warns while open homes appear an open invitation, there are some rules that apply.

“It is really important to follow proper etiquette when visiting an open home,” Jee Chin said.

“Respecting other people’s privacy and property is paramount because, ultimately, they still own the home, and you are only there at their invitation.”

According to Jee, it is a matter of applying common sense and behaving as you would like others to if they were visiting your home.

“Respect and courtesy is the key here.  Respect that the property is someone else’s private domain and treat it accordingly,” Mr Chin said.

“It’s not polite to go rummaging through personal belongings such as chests of drawers or picking up and touching personal items like ornaments and perfume.

“But, if an item forms part of the sale, such as a pantry or built in robe, it is fine to inspect.

“For genuine, interested buyers, a private, one-on-one viewing can be arranged where it is acceptable to check things like cupboard dimensions or conduct building inspections.”

Other rules of open home inspection etiquette include:

• Arrive on time.  Often, the agent has more than one open house scheduled and timing is critical.  Arriving late or in the closing minutes of the inspection is disrespectful as well as disruptive and causes unnecessary stress at the point where agents must focus on securing the property.
• Remember, it is not your house.  If possible, take your shoes off and don’t traipse dirt and mud through the house.  A lot of time and effort go into making a property presentable.  Also, do not take food or drink into an open home, and above all, do not use the toilet or bathroom.  Facilities are there for everyone to view and inspect – not to be used.  Should the need to relieve arise, seek an appropriate alternative, just as you would if you were merely passing by.
• Leave your details.  Register your name and phone number upon arrival and leave any feedback that is constructive about the house and its price.  The registry is used to gauge interest in the home, to keep interested parties informed and to serve as a security measure.  In some cases, clients instruct their agent that entry should be denied unless contact details are provided.
• Supervise children.  Children should remain with adults at all times and not be left to their own devices, to roam freely around the house or backyard where mishaps can, and often do, occur.
• Keep the driveway clear.  The driveway will also be open for inspection and if visitors park their cars there, other interested parties cannot conduct a proper inspection.  Also, some people will want to take in the look of the home from the road, without any visible impairment.
• Watch what you say.  Your critique, whether good or bad, is just that – yours – and it should not necessarily be shared with others.  You never know, the person near you may be the home owner, their family or friends, or an interested buyer.

Jee Chin said open homes are an ideal way for genuinely interested buyers to assess the general condition of the home, its aspect in terms of natural light, the outlook, quality of constructionm, and, if land is the drawcard, whether the block is level or ideal for their purposes.

“It is also incumbent upon the agent to ensure they know all the details about the property because, at the end of the day, an open home is a fact-finding and information gathering exercise,” Mr Chin said.

“And if everyone remembers their manners, open homes are a great way to buy and sell a home.”

Renovating Before You Sell? Here’s 6 Useful Tips to Help You Along

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1.  Know your target market. Talk to local real estate agents to find out who is most likely to be interested in your home, and what that type of demographic are looking for. 
2. Do not copy other people’s styles and designs – they may not suit your home, and could even devalue it. Share your ideas with a friend who can provide you with critical feedback. 
3. Create an item-by-item list of what needs to be done rather than doing things in drips and drabs. This will save you a lot of time and money in the long run.
4. Work out a renovation budget BEFORE you begin. It is usually recommended that this be 7-8% of the market value of your home. Spending too much more than this could work out the be a waste of money.
5. Shop around to find out exactly what everything is going to cost, and do your homework on how long everything will take.  
6. Don’t spend an unnecessary amount of time renovating. Remember, whilst you are dilly-dallying, the bank is raking in your mortgage repayments.

Image source: crdailystar.com

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