As a copywriter, it's amazing how many people I see who say 'They are just testing the market. If we don't get the price we want, we won't sell.' Enlisting a real estate agent is a very expensive way of 'Testing the Market', as the sales commission is the least of your worries. Today, we are going to find out exactly what other costs are involved when selling your home.
Frank Valentic from Advantage Property Consulting is possibly one of the most recognised faces in Melbourne Real Estate. He is renowned for helping people secure their financial freedom through education and building a portfolio of investments. He is also the buyer's advocate we all know from the hugely successful TV series 'The Block'.
1. So what are the costs we need to consider when selling? Let's start with the non-negotiable.
A) Conveyancing - Contract of Sale & Section 32 needs to be organised with a legal practitioner.
B) Marketing - What can marketing cost and how do we know what's the best marketing strategy for our property?
2. Then there are the should do's:
A) Renovations and repairs - What essentials should we consider before putting the house on the market?
B) Styling - Most Real estate agents will engage a stylist to present it well or if it's with your own furniture and accessories - the cost for a stylist to come in and to move everything out of your home and set it up as a display home.
C) Other costs - Storage Rental, Living away from your home during the sale etc. What other costs?
D) What would it cost me to get a vendor advocate involved?
E) How can the method of sale change the cost of the sale?
3. And when it's sold, you have the sales commission.
Frank Valentic's Guide to knowing how to make the most out of the cost of selling:
1. If my house was presentation perfect and I didn't need to go through the cost of renovations and repairs, what percentage of the expected sale price should I expect to spend on selling the property?
2. If I spent $50,000 on renovations and repairs, what return should I expect to get, compared with my agent's initial assessment?
3. Do you recommend a seller to provide any value added information, would that be beneficial to help the sale, and in turn get a better sale price?
4. Are there any other big tips you would like to pass onto Real Estate Right Listeners?
Frank can be contacted by calling Advantage Property Consulting: (03) 9883 8900
or by email: buyer@advantageproperty.com.au
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Ep122: Sophie Lyon - The VCAT Process
Ep121 - Mark Perree: House and Contents Insurance - What You Need to Know When Selling Your House
Ep120: David Banks - Should I Buy First or Sell First?
Ep119: Kiani Mills - Title Insurance
Ep118: Lisa Carlyle and Chloe Martopo - How to Make Your Styling Unique to Your Property
Ep117: Luke Piccolo - Family Matters: Knowing the Steps When Selling a Deceased Estate
Ep116: Alistair McLean - The Appeal of the Retro and Mid-Century Home
Ep115: Shaun Moriarty and Steven Persson - Campaign Agent Collaborating with Homes For Homes
Ep114: Frank Valentic - Frank‘s Top 10 Don‘ts When It Comes to Investing
Replay Ep71: Josh Summers - Flipping Properties
Replay Ep78: Nello Traficante - Using the Equity in Your Home to Buy an Investment
Ep113 - Town Taster: Venus Bay
Replay Ep56 - Sophie Lyon: The New Residential Tenancies Act
Ep112 - Christmas Recap Episode
Ep111: Chris Samartzis - Pool and Spa Safety Barriers and What You Need to Know When Buying, Selling and Leasing a Property
Ep110: Jodie Pipkorn from DISER - Energy Ratings - What Do They Mean?
Ep109: Kristen and Jax - Understanding the Different Sales Commission Structures
Ep108 - Town Taster: Lalor
Ep107: Tim Carson - Buying a Property for a Short Term Holiday Investment
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