Selling Your Home? Here’s Everything You Need To Know To Maximise Your Profit!

Selling Your Home? Here's Everything You Need To Know To Maximise Your Profit!

Selling your home is an exciting moment. It’s a step up the real estate ladder and a chance for you to move into your dream home, apartment, or complex in a great neighbourhood. Whether it’s your first sale or your third, there are always new ways to potentially maximise your profit, meaning you’ll be able to invest more into your next home. So, how do you maximise your profit when selling your home? This blog will tell you all you need to know.

MGM MARTIN is your expert team for residential property sales. At MGM MARTIN we do more than just sell your property, our expert team have a collective goal of being the best in the industry. Our aim is to achieve premium prices while delivering exceptional service, ensuring all of our clients, vendors, landlords & tenants should enjoy the real estate process whether it be the act of buying, selling or renting. Our team’s extraordinary negotiation skills continually see MGM MARTIN setting market records and delivering remarkable sales results. If you are looking to sell in one of our core areas, you could not be in better hands. Read ahead for our expert guide on how to maximise your profit while selling your home in 2022.

Understand the Current Real Estate Market

Understand the Current Real Estate Market

The Sydney real estate market is one of the most exciting in the world, with properties all over the city and region taking centre stage. However, selling on this market, particularly for the first time, can be daunting. This is why we always recommend taking the time to consult with a local real estate agent about the market. Real estate agents all over Sydney and beyond dedicate their time, money, and career to learning and understanding the market. This is so they can advise people just like you on the right course of action for your property with ultimate confidence.

Real estate agents don’t just understand the current trends and values in the market. They also know the legislation, local laws, and key customs that enable people to sell their property.

Improve Your Kerb Appeal

You might love all the elements of your home from the inside and out. This might include any scuffs or markings on the exterior, garden, and around the front of your property. However, a potential buyer won’t love these aspects. So, it’s important that before you list your property on Domain or any other type of home marketing website, you do the necessary improvements to the exterior of your home.

This even includes if you live in an apartment – your front door will be the first impression a potential buyer has of your home, so make sure that there are no scuff marks! If necessary, consider investing in a new door, or for someone to make any repairs.

Make sure the garden is neat, and the hedges are trimmed if you own a home. Top up any paint around the front walls to make sure it looks as fresh as possible. All of these extra elements will add a lot of appeal to your home and increase the profit in any sale.

Make Sure to Landscape

Make Sure to Landscape

Again, first impressions count. If you are looking to sell your home in Australia any time soon, you need to make sure that your garden is looking as fresh as possible. You can do this yourself to save costs: weed out any dead plants, fertilise the grass, and potentially plant some new flowers ahead of time. Any pool or water feature in your home should be cleared and updated if necessary. While these might seem pointless now, they could make your property sell faster, increase the buying cost, and maximise any potential profit, so it’s definitely a worthy investment.

Fix Up Your Bathrooms and Kitchen

These two areas see the most traction in any home. We use them multiple times every day, which also means that they are most likely to need some kind of fix-up prior to any real estate listing. Potential buyers love to look at kitchens and bathrooms: a modern one is incredibly desirable even in the rental market. If you can afford to, and these spaces need a refurbishment, it might be worth your time and investment to do these prior to listing the property for sale. If a whole remodelling is out of your budget, then a few simple features, or perhaps a fresh coat of paint, can go a long way.

Make Your Home Clutter-Free

In a lot of instances, your real estate agent will encourage proper furniture staging for your home prior to the sale going ahead. However, this is costly, with the home having to be cleared of your own personal belongings and the lease of new furniture while the sale process is going ahead. So, to save money, you might consider simply having your own furniture in place while potential buyers inspect the home. This is totally fine.

However, before they come into your home, we strongly recommend you take the time to de-clutter the entire unit. No potential buyer wants to see all the items you’ve collected during your years of owning a home. We recommend considering what items you need to leave on display and assessing whether they add either a value or vibe to the room itself. If it doesn’t, we recommend moving the item to a storage unit while inspections take place.

Price Your Home Accurately

This is a critical element of selling your home, and one we recommend consulting with a real estate agent about. Getting the price right for your property will ultimately help you sell the home at an advantageous selling point for you. If you price too high, the property could sit on the market for months, before you have to decrease the pricepoint and have to deal with further negotiations. Too low and it’ll sell fast, but leave you without as much profit.

There are certain ways to determine how to price your home accurately. Understanding the current market is critical, as it’ll give you in-depth knowledge about the current trends and what is going to happen in the next few months for real estate. Also knowing what the other homes in the area are selling for will help influence your decision.

How to Sell Your Home

How to Sell Your Home

There are three ways to sell your home:

  • Sale by tender
  • Sale by auction
  • Sale by private treaty.

Sale by tender is normally for high-end properties: the offers are submitted privately and examined after a certain date. The buyers are acting independently with no knowledge of the other offers on the table – it’s up to them to put in the highest bid and hope for the best in terms of a sale.

Sale by auction is an exciting process. There’s a level of uncertainty when it comes to the auction, but it could pay off if the bids go through the roof.

Finally, a sale by private treaty is the most common method of sale in Australia. The property is marketed at a certain sale price, and people put in their offers, which agents can then negotiate. The risk with this method is that sales rarely go above the asking price, so you have to make sure you get it right to avoid losing any potential money.

Selling your home is certainly an exciting period. However, it’s important that you get the best return for your investment and make a profit whenever you sell. There are definitely ways to do this, like improving the aesthetics of your home both inside and out, as well as potentially investing in any necessary upkeep. However, consulting with a real estate agent on the right trends, prices, and ways to sell your home will definitely help you get the most profit for your property.

MGM MARTIN – home-selling experts!

If you are considering selling your property, call MGM MARTINtoday. We will be able to provide a free market appraisal and give you the best advice on how to sell your property at the best price. Based in Mascot and Zetland, locals with years of experience in Sydney real estate, we have been through all types of markets and know what it takes to get the most out of a sale.