What to Watch for When Selling a House on the Gold Coast: A Comprehensive Guide
Getting emotional, not hiring a Gold Coast real estate agent, setting an unrealistic price, expecting the asking price, selling during winter, not using quality listing photos, trying to ignore legal requirements, hiding major problems, not preparing for the sale and not accommodating buyers.
Selling a home on the Gold Coast, or anywhere for that matter, can be a complicated process full of emotions and unexpected hurdles. This comprehensive guide aims to provide you with ten key points to consider, helping to ensure a smooth and successful property sale.
1. Getting Emotional
Selling a home, especially one where you’ve raised a family or made memories, can bring up a mixture of emotions. It’s important to manage these emotions effectively in order to make informed decisions during the sale.
How to Manage Emotions
- Talk about it: Share your feelings with a trusted friend or family member. They can offer a different perspective and emotional support.
- Put the sale first: Try to keep your feelings separate from the transaction. Focus on the financial aspects and aim to secure the best price for your property.
- Lowball offers: Don’t take lowball offers personally. Remember that buyers are looking for the best deal.
Additional Tips
- Accept your feelings. It’s normal to experience a range of emotions during the process.
- Seek professional help if you need it. Therapists or counsellors can offer strategies for managing your emotions.
- Remember that it’s a new chapter in your life. Selling your house doesn’t mean erasing your memories.
2. Not Hiring Gold Coast Real Estate Agents
The process of selling a home can often be complex and time-consuming. Competent Gold Coast real estate agents can simplify the process and help you get the best price for your property.
Advantages of Hiring Gold Coast Real Estate Agents
- Experience and expertise: Estate agents bring their knowledge and experience to your doorstep. They understand pricing strategies, current market trends and effective staging techniques.
- Marketing and advertising: They have access to various marketing and advertising tools to reach potential buyers.
- Negotiation skills: Agents are expert negotiators who can help you get the best price for your home.
- Convenience: Agents handle all the details of the sale, freeing up your time for other activities.
How to choose a Gold Coast Real Estate Agent
- Interview: Interview several agents before making a decision. Make sure you’re comfortable with their approach and confident in their expertise.
- Contracts: Make sure all agreements are in writing.
- Commission: Real estate agents charge a commission. This is usually a percentage of the sale price of your home; however, in the scheme of things, commission rates can in fact be a red hearing that is easily dismissed through careful consideration.
Using local independent Gold Coast real estate agents is a wise investment; it can help you sell your home quickly and for the Best Possible Price.
3. Setting an Unrealistic Price
One of the most common mistakes and what to watch for when selling a house on the Gold Coast is setting an unrealistic price for your property. If you price it too high, you are likely to put off buyers, and your house will sit on the market for longer.
If you price your property too low, you have the reverse issue, where potential buyers are wondering what’s wrong with the property; as well, you could be leaving money on the table.
How to price your Gold Coast Home
- Get a market analysis from a Gold Coast real estate agent: This will help you determine a fair price for your home based on recent sales in your area.
- Condition of the house: Be realistic about the condition of your property. If repairs are needed, factor these costs into your price.
- Be prepared to negotiate. Buyers are likely to make offers below your asking price. Be prepared to negotiate to get the best possible price for your home.
Here are some additional tips to help you set a realistic price for your home
- Don’t overestimate the value of your home. Just because you love your home doesn’t mean buyers will be willing to pay the same price for it. Be realistic about the value of your home based on the market and the condition of your home.
- Don’t be afraid to price your home competitively. If you price your home too high, it will stay on the market longer, and you may end up accepting a lower offer than if you had priced it competitively.
- Get feedback from your Gold Coast real estate agent. A Gold Coast real estate agent can help you set a realistic price for your home based on their knowledge of the market and current sales trends. Listen to their advice that comes from experience.
Remember, setting a realistic price is one of the most crucial steps you can take to sell your home quickly and for the best possible price.
I have a mini-eBrochure that goes into great detail about trying to sell above Market Value.
4. Expecting the Asking Price
While it’s possible, it’s essential to be realistic about the price you’ll receive for your home. In most instances, buyers will make offers below the asking price; you need to be prepared to negotiate to get the best possible price for your home.
Here are some tips for negotiating the sale of your home
- Keep your mind open to different offers. Even if you receive an offer below your asking price, don’t reject it out of hand. Consider the offer carefully and be prepared to negotiate.
- Be prepared to compromise. Sometimes you’re unlikely to get your full asking price, so be ready to compromise on price to get the deal done.
- Be prepared to walk away. If you’re not happy with the offer, be prepared to walk away from the negotiation. This will demonstrate to the buyer that you’re serious about obtaining a fair price for your home. However, you also risk losing the deal altogether, which is part and parcel of the negotiation process.
It’s important to remember that negotiating the sale of your home is a regular part of the process. Be prepared to negotiate and be willing to compromise to get the best possible price for your home.
5. Selling During Winter
The winter months are typically the slowest for the property market. If possible, it’s best to avoid selling your home during this time of year. However, if you have to sell during the winter, there are a few things you can do to increase your chances of success.
However, if you do have to sell during the winter, here are a few tips
- Price competitively: Buyers may be reluctant to pay top dollar during the winter.
- A warm and inviting atmosphere: Make sure your home is well-lit and inviting.
- Aggressive marketing: Make sure potential buyers know your home is on the market and why it’s a great buy.
6. Not using Quality Listing Photos
Listing photographs are one of the most essential marketing tools you have. Buyers are more likely to click on a listing with high-quality photos. Ensure your listing photos are well-lit, professional, and showcase your home in its best light.
How to avoid it:
- Hire a professional photographer to take your listing photos. A professional photographer will know how to take the best possible photos of your home, including wide-angle shots to show the flow of each room, close-ups of special features and exterior shots to highlight your home’s curb appeal.
- Ensure your home is clean and tidy before taking photos of it. Remove all personal items and clutter from your home and make sure all surfaces are clean and free of fingerprints.
- Stage your home to make it look its best. This may include rearranging furniture, removing clutter, adding fresh flowers or plants, and opening curtains and blinds to let in natural light.
By following these tips, you can create listing photos that will help you sell your Gold Coast home quickly and for the best possible price.
7. Trying to Ignore Legal Requirements
The legal requirements for selling a house in Australia vary depending on the state or territory in which the property is located. However, some general requirements apply to all sales:
- The seller must provide the buyer with a contract of sale. This contract must contain all the relevant details of the sale, such as the price, completion date and any exclusions.
- The seller must disclose any known defects in the property to the buyer. This includes both major and minor defects.
- The seller must provide the buyer with a vendor’s statement. This statement provides information about the property, such as the title, any encumbrances and any outstanding debts.
- The seller must pay all necessary taxes and fees in connection with the sale.
Here are some tips on how to avoid common legal pitfalls when selling your home in Australia
- Use a conveyancer or solicitor to help you with the sale process. A conveyancer or solicitor can help you understand the legal requirements and prepare the necessary documentation.
- Be honest and open with the buyer about any known defects in the property. Ensure you thoroughly understand the sales contract before signing it.
- Pay all necessary taxes and fees on time.
Selling a home can be a complex process, but it doesn’t have to be overwhelming. By following these tips, you can increase your chances of a successful sale.
8. Hiding Major Problems
What to watch for when selling a house on the Gold Coast is that it’s essential to be honest with potential buyers about the condition of your home. If you try to hide major problems, you could be sued by the buyer after the sale. It’s better to be upfront about any issues so that buyers can make an informed decision about whether to purchase your home.
How to disclose problems when selling your Gold Coast Home
- Home inspection: A pre-sale home inspection can reveal significant issues.
- Transparency: Disclose any known problems to potential buyers.
- Negotiate repairs: Be prepared to negotiate the cost of repairs or offer a discount to reduce the overall purchase price.
9. Not Preparing for the Sale
Preparing your home for sale can make it more appealing to potential buyers and increase your chances of securing a favourable price.
How to prepare your Gold Coast home for sale
- Tidy and Clean: Ensure your home is clean, tidy, and clutter-free.
- Make minor repairs: Fix any minor issues, such as leaky faucets or broken light fixtures.
Stage your home: Stage your home to make it more attractive.
10. Not Accommodating Buyers
It’s vital to be accommodating to buyers when selling your home. This means being flexible with viewings and willing to negotiate. It also means being respectful of buyers’ time and money.
How to avoid it:
- Be flexible with showings. Try to accommodate buyers’ schedules as much as possible.
- Be willing to negotiate. Buyers are likely to make offers below your asking price. Be prepared to negotiate to get the best possible price for your home.
- Be respectful of buyers’ time and money.
- Be honest about the condition of your home.
Here are some additional tips to keep in mind:
- Be patient. It may take some time to find the right buyer for your home.
- Be positive. A positive attitude can go a long way in the selling process.
- Have fun! Make the selling of your home an exciting experience. Enjoy it; you’re moving on…
What to watch for when selling a house on the Gold Coast can be a very complex process, but it doesn’t have to be overwhelming. By following the tips above, you can increase your chances of a successful 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:
Clear Island Waters
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
