Your Step-by-Step Guide to Selling Success
Selling Guide
At Edinburgh, we specialise in the Otago market and understand it inside out. This guide is designed to help you navigate the selling process, giving you insight into what to expect at each stage and helping you make informed decisions along the way.
Step 1: Choosing the Right Property Consultant
While you're not choosing a life partner, selecting the right property consultant is just as important! It’s essential that you like and trust your consultant, as they will be representing you throughout the process.
Many sellers choose a consultant based on recommendations or past positive experiences, which is a great approach. If you’re unsure where to start, simply pop into your local Edinburgh Realty office in Dunedin, Mosgiel, or Cromwell. Our team can discuss your needs and property details, and recommend the right consultant for you.
Take your time – selecting a consultant you feel comfortable with will make the selling process much smoother and more stress-free.
Step 2: Understanding Your Sales Options
Now that you’ve selected your property consultant, it’s time to dive into the sale options. A quick look at any Otago Daily Times property section reveals the wide range of variables when selling property – from advertisement size to pricing options, whether to hold open homes or private viewings, and more. But don’t worry, your consultant is experienced and will guide you through each decision.
Sale Methods Explained
There are five ways to sell a property, and each has its advantages depending on the property, your preferences as a seller, and the potential buyers:
Auction
Auctions are highly effective when:
- You’re highly motivated to sell.
- Your property is likely to attract a large number of interested buyers.
- There is potential for multiple unconditional, cash buyers.
Auctions can increase competition and often lead to a higher sale price. Don't be intimidated by the thought of high auction fees – at Edinburgh Realty, we generally do not charge an auctioneer’s fee.
Tender
In a tender, buyers submit their best price by a set date. It’s unlikely that offers will be accepted before the deadline, encouraging serious buyers to put forward competitive bids. This method is most commonly used for commercial properties but can be adapted for residential homes that may have unique characteristics or subdivision potential.
Deadline Sale
Similar to a tender, a deadline sale allows offers to be accepted at any point before the set deadline. It’s ideal for properties with a wide price range due to multiple potential uses, and can also be conditional – offering buyers more flexibility.
By Negotiation
This option is often used at the start of marketing a property. It acts as a way to gauge buyer interest and establish what they believe is a fair market price, encouraging dialogue between buyers and the seller.
Set Price
The most straightforward option for both sellers and buyers, a set price makes the sale process clear and transparent from the start. Buyers know exactly where they stand, and the process can be simple and stress-free.
Step 3: Setting the Right Price
Determining your property’s asking price doesn’t have to be complicated. Your consultant will factor in recent nearby sales, the unique strengths and weaknesses of your property, and key features like sun exposure, off-street parking, and location. While setting a high price may be tempting, it’s crucial to be realistic. Pricing your property right from the start can lead to a faster sale with less hassle.
Step 4: When’s the Best Time to Sell?
Although spring is often seen as the busiest season for property sales, the truth is, there are buyers in the market year-round. Properties sell at all times of the year, and there can even be advantages to selling during quieter periods when there are fewer homes for buyers to choose from.
Step 5: Presenting Your Property
First impressions matter, and when buyers pull up outside your house, you want them to be impressed. Buyers engage with your home using four senses – sight, sound, smell, and feel.
- Start by giving your home a thorough clean and de-clutter.
- Make sure any small repairs or maintenance jobs are completed before you go to market.
- Think about your home’s kerb appeal – how it looks from the street will often set the tone for the entire viewing.
You don’t need to invest in major redecoration, but a tidy, well-maintained home is always more appealing.
Step 6: Maintaining Enthusiasm During the Process
Selling a home can sometimes take longer than expected. It’s easy to lose enthusiasm as time drags on, but remember – every open home is someone’s first viewing. Keep your property looking its best by staying on top of cleaning and presentation. It might seem tiring, but your effort will pay off when the right buyer walks through the door.
Also, remember that your consultant’s goal is the same as yours – they aren’t paid until your property is sold, so they’ll stay focused throughout the process.
Step 7: Handling Offers
When an offer comes in, it’s tempting to pop the champagne right away! However, not all offers are straightforward. While some may be close to or at your asking price, others might be lower. Here’s how to approach them:
- Stay objective: Don’t let emotions cloud your judgment. An offer just a few thousand dollars below your asking price may still be a great opportunity.
- Ask the right questions: How long has the property been on the market? Is there another potential buyer? What are the conditions of the offer?
Your consultant will help you evaluate the offer and decide whether to negotiate, accept, or wait for another buyer.
Step 8: Dealing with Conditional Offers
Many offers will come with conditions, such as being subject to the sale of the buyer’s existing property. While this can feel uncertain, it’s a normal part of the process. Conditional offers remain in place until either the buyer or seller decides to withdraw, so don’t panic if things seem to be taking time. Your consultant will keep you updated throughout.
If a buyer doesn’t meet their conditions, it doesn’t necessarily mean the deal is off. Buyers often come back when they’re in a better position to proceed, and new buyers are always entering the market.
Step 9: Closing the Deal and Moving Forward
Once an offer goes unconditional and the deposit is paid, you can finally celebrate! Take a moment to enjoy the end of your selling journey and get excited about the next chapter. As you look back on your home for the final time, remember the lasting memories you’ve created – and hopefully, your experience with Edinburgh Realty leaves an equally lasting positive impression.
Check out the REAA’s Seller's Guide below for even more information.
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