Determining the right listing price for your Gold Coast property
You can determine the right listing price for your property on the Gold Coast by analysing recent sales of similar homes in your immediate area, factoring in location, size, condition, and unique features, as well as requesting a Comparative Market Analysis (CMA) from a licensed Gold Coast Real Estate Agent.
Navigating the Maze of Property Pricing: A Comprehensive Guide to Determining the Right Listing Price for Your Gold Coast Property
In the dynamic and ever-evolving Gold Coast property market, setting the right price for your property can be a daunting task. A carefully considered price will not only attract potential buyers but will also maximise your return on investment, marking the first step towards a successful sale. To help you navigate this complicated process, here’s a comprehensive guide to setting the right price for your Gold Coast property.
The Power of a Comparative Market Analysis (CMA) Report
A CMA is an invaluable tool that provides insight into the current market value of your property. By carefully researching recent sales of comparable properties in your area, you will gain a clear understanding of how similar properties are priced. Consider factors such as size, features, location, condition and amenities to identify comparable properties.
Location: A Key Determinant of Property Value
The Gold Coast is a diverse tapestry of neighbourhoods, each with its own unique charm and appeal. The location of your property plays a significant role in its value. Proximity to beaches, amenities, schools, transport and local attractions can have a significant impact on buyer interest and your pricing strategy.
Reveal the Value of Your Property’s Features
Take stock of your property’s unique features as they can add significant value. Consider the number of bedrooms and bathrooms, outdoor space, views, renovations and upgrades. These features can set your property apart from the competition and command a higher price.
Decipher Current Market Conditions
Before you set your asking price, it’s important to understand the current state of the Gold Coast property market. Is it a buyer’s or seller’s market? Market trends, demand levels and economic conditions can all have a significant impact on your pricing strategy.
Competitor Analysis: Understand Your Position in the Marketplace
Analyse properties currently for sale in your area. Compare their features, condition and prices to assess how your property stacks up against the competition. This analysis will help you position your property competitively and identify potential price gaps.
Real Estate Agent Expertise: Your Guide
Seek the advice of an experienced Gold Coast real estate agent. Their in-depth knowledge of the local market, current trends, buyer preferences and the value of various property features can prove invaluable in determining the right asking price.
Online Assessment Tools: A First Look
Although not as accurate as a CMA, online market value estimate tools can provide a rough guide of your property’s market value. Use these tools as a starting point, but rely more on a comprehensive analysis that considers all relevant factors.
Develop a Strategic Pricing Plan
Develop a strategic pricing plan in line with your sales objectives. Pricing slightly below market value may attract more potential buyers, while pricing slightly at the higher end may leave room for negotiation. Carefully consider the risks and potential rewards of each approach.
The Psychology of Pricing: Leveraging Buyer Perception
Consider pricing your property just below a round number (e.g. $499,000 instead of $500,000). Research suggests that such pricing can attract more attention from buyers as it appears more affordable and attainable.
Time Your Listing: Take Advantage of Market Conditions
If a quick sale is your priority, it can be advantageous to price competitively. If you’re prepared to wait for the right buyer, you can set a higher price and leave room for negotiation. Consider market conditions and your personal timetable when making this decision.
Be Flexible: Adapt to Market Dynamics
Be prepared to adjust the price if the property doesn’t attract enough interest or offers. A price reduction may reignite buyer interest and attract new potential buyers. Conversely, if you receive strong initial interest, consider holding the price.
Finding the Right Balance
Setting the right price for your Gold Coast property is a delicate balancing act. It requires thorough research, an understanding of the local market, careful consideration of property features and professional advice from property experts. By carefully considering these factors, you can determine a competitive and attractive listing price that aligns with the market and your sales objectives, thereby setting the stage for a successful and rewarding sale.
THIS IS HOW YOUR JOURNEY TO A SUCCESSFUL GOLD COAST PROPERTY SALE STARTS
My simplified guide below will take you through a 20-step process for selling your property anywhere on the Gold Coast;
I proudly sell homes across the entire coast.
1. PREPARING YOUR GOLD COAST PROPERTY FOR SALE + SOME OF THE LEGAL REQUIREMENTS
- Tidying gardens and decluttering everything inside and out.
- All homes for sale, are legally required to have hardwired photoelectric, interconnected smoke alarms.
Non-removable 10-year battery smoke alarms can be installed as an alternative.
- By law, you are required to complete a pre-contractual seller’s disclosure statement: generally related to limitations, restraints, or defects in the property title, such as easements, covenants, leasing, zoning, etc.
- A pool safety certificate is also required if you have a swimming pool or if the property has a shared swimming pool (Body Corporate).
2. COMPARATIVE MARKET ANALYSIS REPORT FOR YOUR GOLD COAST PROPERTY
After showing me around your property, I will provide you with a Comparative Market Analysis (CMA) report. This is a detailed, legally required analysis of your home’s market value.
The CMA is based on recently sold and for-sale properties similar to yours in the immediate area. I will need to view your home to prepare this report.
3. SETTING A MARKETING BUDGET FOR YOUR GOLD COAST HOME
The third step in selling your home is to create a marketing budget.
By law, this must be based on actual costs.
There are various marketing options to consider, such as:
– Internal, External and Drone Photography.
– Property and House Plans show potential buyers the exact layout of your home and property.
– Internet Advertising on platforms such as RealEstate.com.au, Domain.com.au, Facebook.com, Instagram.com, etc.
– For Sale Sign on the street is still essential to attracting potential buyers. Even though many buyers start their search online, they often drive around neighbourhoods to see what’s available.
A simple fact: Not having a For Sale sign can significantly reduce the number of people who see your property and may be interested in buying it.
4. PREPARING AND APPROVING THE FORM 6 AGREEMENT WHEN SELLING A GOLD COAST PROPERTY
A Form 6 Agreement is a document provided by the Queensland State Government. It outlines all relevant details of the property sale, including the marketing budget.
Our administration team will prepare this form for you and send it for your review and approval.
5. PAYING THE MARKETING BUDGET FOR YOUR GOLD COAST PROPERTY
Once you have approved the Form 6 Agreement, the next step is to pay for the marketing budget that you have chosen.
6. STARTING THE ADVERTISING PROCESS
Once your payment is received, the advertising campaign will commence.
Advertising strategies will align with the choices you made within your marketing budget.
7. MONITORING MARKET RESPONSE
If your property hasn’t received offers within 30 days, don’t assume there’s no interest.
It often means the price isn’t aligned with what buyers are willing to pay at this time.
This is your signal to review and adjust your pricing strategy so your home remains competitive and receives the attention it deserves.
8. ARRANGING BUYER VIEWINGS
When buyers express interest in your property, viewings will be arranged to allow them to see your home in person; you need to be away from the property during these viewings.
This helps potential buyers feel relaxed and visualise themselves as the new owners, thereby forming a deeper connection with your property.
9. CONSIDERING A BUYER’S OFFER
When you receive an offer on your home, it means a buyer is serious and ready to move forward at a certain price.
This is a key moment in your selling journey. Take the time to go over the offer carefully.
Look beyond the price; check the terms, conditions, and settlement timeframes. Make sure it works for you before accepting, countering, or declining.
10. ACCEPT, COUNTER, REJECT
When an offer is presented, you will need to respond by accepting, countering, or rejecting it.
Accepting locks in the agreed-upon price and terms.
Countering proposes changes and initiates further negotiations. If countering, present revised terms clearly; open, respectful communication is key for a smooth sale.
Rejecting means the offer is unacceptable; in this case, respond promptly and professionally, explaining your reasoning for the decision.
11. YOUR LEGALITIES
When you finally accept an offer, you will engage your conveyancer or solicitor to facilitate the legal requirements to complete the sale.
If you are part of a Body Corporate, you will need to provide a Disclosure Statement from them.
Your solicitor will use PEXA to settle your property. Part of the process requires Verification of Identity. Also, anyone selling a property must complete an ATO Clearance Certificate.
12. BUYER’S DEPOSIT
The buyer’s deposit is a crucial step in the property purchase process; it will be held in the agency’s Trust account.
This is a tangible expression of the buyer’s commitment to purchase your property.
13. BUILDING AND PEST INSPECTIONS
Typically, a buyer will arrange for a building and pest inspection report to be completed, usually within 14 days of the contract date.
Additionally, they may have the contract subject to finance, which is generally applicable for 21 days from the contract date.
14. COMPLETING YOUR GOLD COAST PROPERTY SALE
Based on the outcome of the building and pest inspection report, as well as any finance being sought, the buyer will proceed with their offer or withdraw it.
At this point, the sale either falls through or becomes unconditional.
15. LOOKING FOR YOUR NEW PROPERTY
If the sale becomes unconditional, it is time to start looking for a new property. Remember, there is no need to rush.
It is essential that you take your time, as this needs to be a very considered purchase.
Your new home is of substantial value and can be costly if you change your mind. Something you may want to investigate is Short-Term Bridging Loans.
16. ALTERNATIVES YOU SHOULD CONSIDER
An alternative to seriously consider when deciding where to live between selling and buying is renting while you look for a new property.
Renting for a short period gives you breathing room; it allows you time to clear your head, make a confident, considered decision, and ultimately buy where you truly want to live, with no pressure or panic.
17. TIME FOR YOU TO MOVE
Leaving your home opens doors to a new chapter full of new beginnings. Embrace the excitement of a fresh start and cherish the memories you’ve made.
Every box you pack brings you one step closer to a new adventure full of possibilities that lie ahead.
18. YOUR SALE CONCLUDES
The culmination of the property sale is settlement; it marks the transfer of the property to the new buyer.
As the final chapter concludes, this marks a sense of achievement: your property has now SOLD.
19. YOUR FUTURE OPTIONS
If you have chosen to rent, you will continue to look for and eventually purchase a property, apartment, or perhaps even buy land and build; now there’s something to consider.
20. TIME TO UNWIND AND MAKE YOUR NEW HOME YOUR OWN
As you unpack and furnish your new home, embrace the gradual process of creating your haven.
Enjoy the transformation, one room at a time.
Relax in the tranquillity of your surroundings and immerse yourself in the gentle sounds of your new neighbourhood.
Explore the nearby parks and cafes; enjoy the unique charm of your new community.
Remember, settling in is a journey in itself; it’s not a race. Embrace the process of creating a home that reflects your unique style and personality.
Whether you’re downsizing, relocating or just ready to move on, I’ll guide you through every step of selling your Gold Coast home with confidence and ease.
Navigating the intricacies of selling your property can be complex, but it doesn’t have to be.
My 20-step guide provides a simplified general overview; as you would naturally expect, your steps may vary.
Author – Craig Douglas
Are you ready for a conversation about selling your Gold Coast home?
Let’s get you Selling
LET’S GET YOU SOLD
Craig Douglas 0418 189 963
Professional | Knowledgeable | Experienced
You can find me working at a Boutique Real Estate Agency
These are just some of the suburbs that I proudly sell homes in:
Pacific Pines
Please Note: The information contained in this document is for general information purposes only and does not constitute legal advice. The laws and regulations governing the sale of property in Queensland are complex and constantly changing. It is important to seek the advice of a qualified property lawyer or conveyancer before making any decisions about the sale of your property. This document does not take into account your individual circumstances and may not apply to your situation. By reading this document you agree that you have not relied on the information contained herein and that you will seek independent legal advice before taking any action.
This page was proudly created by Craig Douglas, your local independent Gold Coast real estate agent, working for a Boutique Real Estate Agency. Selling residential and commercial properties, from those that are awe-inspiring, through to a diamond-in-the-rough, otherwise known as a “renovator’s delight“.
I negotiate and sell on behalf of property owners who want to get the best possible price with the least amount of hassle. Let’s talk about the process of selling your property over a coffee to get you started – 0418 189 963
