How To Sell Your House | Simone TV: Episode 11
Daniel Simone is sitting down with Peter Salisbury from Elders Real Estate Camden. Peter guides us through everything you need to know before you sell your house.
Time Stamps:
0:47 If i want to sell my house what do i do first?
1:00 Do you recommend a price for me?
1:15 What Happens with all the legal side of things, do you take care of that?
1:46 How long does an average house take to sell?
2:34 What is a auction?
3:07 Will my house be auctioned?
3:48 What if i don’t get the price i want at auction?
4:35 What is a “ Vendor’s bid”?
5:18 Is there a set time when people are shown through my house or do you bring one at a time?
5:51 Once i sell do i have to move out straight away?
6:58 Three tips to get ready to sell your home
Transcript
On this episode we talk How To Sell Your House.
Daniel Simone:
Today I’m here with Peter. So, why not I let him introduce himself.
Peter Salisbury:
Great! Thanks for that and thanks for having me today. My name is Peter Salisbury, I’m the Principal here at Elders Real Estate in Camden. We are located at the corner of Argyle Street at Elizabeth Street here in Camden, in the iconic clock tower building. The business has been here now for 25 years. I myself have own this business for 3 years now. Great place, love Camden!
Daniel Simone:
Yes, actually you can’t miss it. As soon as you come into the heart of Camden and turn on your right hand, so you won’t miss it.
So, if I wanted to sell my house what’s the first thing that I’ll do?
Peter Salisbury:
First thing you need to do is call an Agent out and have a discussion around what you think you could expect for a sale price of a home.
Daniel Simone:
Okay. So would you recommend a price for me?
Peter Salisbury:
I would and definitely would give some suggestions around what you could expect as a sale price for the home. Obviously that would be based on recent sales in the area and also what’s on the market at that time.
Daniel Simone:
Okay, awesome. So, what happens with the legal side of things? It’s that there is a lot of legal paperwork. Do I have to handle anything or will you help me out? How does that work?
Peter Salisbury:
Yes. One of the requirements for selling your home is to have a contract for sale. A contract for sale is made up by a conveyancer or a solicitor. All you need to do to organise one of those is to physically give them a call and ask them to produce that document for you, and at the same time advice which agent are they going to be selecting to use for the sale of the property.
Daniel Simone:
So, how long does an average house take to sell?
Peter Salisbury:
That’s a very good question.
Daniel Simone:
Yes. Because a lot of people will be asking and I don’t want to take too long.
Peter Sailsbury:
We’ve just come off from the back of a huge three burn. We’re typically selling homes in 7 days. The reason it took 7 days is because we weren’t opening the home for viewings until the actual open home which was on the Saturday. Well, that turned out really quickly.
Now, we’re finally slowing down, but I’d say on average if you could outlay 30 – 45 days.
Daniel Simone:
But obviously, the price is going to be right, says all. There’s so many different factors.
Peter Salisbury:
So much that goes into nailing that campaign.
Daniel Simone:
What’s an auction?
Peter Salisbury:
An auction is a strategy. It’s a type of way of selling. We are often quite a few auctions here and I like the auction campaign. I think it gives or allows enough time for the market to get through to the property because if you have a 4 week campaign from when we have the first viewing. We have 4 open homes consecutive over a 4 week period on that fourth open homes when we actually conduct the auction.
Daniel Simone:
Will my house be auctioned?
Peter Salisbury:
It really depends on a few things. I think it depends on where it is, and what area it is in. I think largely for me I find that typically the actual selling process for someone is highly stressful.
Daniel Simone:
Yes that’s right. Definitely.
Peter Salisbury:
I would want to add like the auction process is a stressful process as well. So, if someone is already really nervous and…
Daniel Simone:
So, are we inside the house for the auction outside during the auction?
Peter Salisbury:
During the auction I would suggest that they are inside. Somewhere out of sight.
Daniel Simone:
What about if I didn’t get the price I want auctioned and I’m happy? Do I have to sell?
Peter Salisbury:
You don’t. What we do is we set a reserve price on the day.
Daniel Simone:
The reserve price, what’s that?
Peter Salisbury:
The reserve price is the figure that you as the seller chooses, say they will look anything less than this and the homes are selling. So, if your home is worth about $500,000, then if you set the reserved price of $500,000. If the bids come in about $490,000, we don’t make $500,000 then the home doesn’t actually sell and it passes in. You do have an option during that auction to amend that reserve. You can say, ‘look let’s go, let’s mend it from $500,000 and $490,000, keep the bid going’, and then that may just help get that extra $10,000 or $15,000.
Daniel Simone:
Yes. Well, you know there’s so many shows on TVs these days will all auctions. You hear a lot of people talking about vendor bid. What’s a vendor bid?
Peter Salisbury:
A vendor bid is really an opportunity for the vendor or auctioneer to help lift the price where the auction is at that particular time. So, where bids are at. If they are not quite where we need them to be in order to be able to get the home sold, then the auctioneer can put a vendor bidding to get it into that area.
Daniel Simone:
So, can I just keep vendor bid?
Peter Salisbury:
No, there is one vendor bid
Daniel Simone:
Okay, there’s one vendor bid per theme
Peter Salisbury:
Correct.
Daniel Simone:
What about when people want to see my home? Do you just bring people every day or is it a set time? How does that work?
Peter Salisbury:
In terms of viewing inspections on the property, what we find is, if we’ve got a lot of interest in the property then we would direct people to the open homes.
There are times when people can’t make on the open homes whether that’s due to work or family commitments, which is fair enough. Then we would organise an individual viewing inspection.
But largely we lodge directly the people to the homes first.
Daniel Simone:
Cool. Say my house sells at auction or doesn’t sell at auction either way once my house is sold, like do I have to move out straightaway? What’s the time period? What happens to those two different scenarios?
Peter Salisbury:
Typically on a contract sale, on a front page it will have a section for completion day. What it stand across the industry is 42 days. What that means is, from the date that the buyers signs the contract, pays the deposit, the contract is then what they called unconditional. They’ve actually put the deposit down both the property and then 6 weeks after that is the day they grab the keys.
Daniel Simone:
Yes, grab the keys. I’m going to be at for 6 weeks and then grab the keys.
Peter Salisbury:
6 weeks. Yeah but look, I mean there are times when people negotiate the rights settlements to come inside without the purchases or property sales, which they could make it sooner. I mean there’s nothing stopping you from doing that, like cash buyers complete contract since 7 to 14 days.
Daniel Simone:
Okay, so it’s a bit of negotiation between two parties
Peter Salisbury:
Yes, there’s a negotiation.
Daniel Simone:
There’s no real set or real things
Peter Salisbury:
Yes, there’s none because it’s flexible.
Daniel Simone:
Okay. Alright, so you’ve sold my house. What about if we give the people at home 3 tips for them to get ready if they want to sell their house?
Peter Salisbury:
3 Tips for Selling your Home and getting great results. One, make sure that they home is not cluttered. There’s nothing worse than all these people trying to move through a home doing inspection and they’ve going to walk around from one space to another. There’s going to be a bunch of people walking at this way and some others forwarding into the home and it does get a bit cluttered. I always suggest to keep it as clear as possible, so that it flows, and gives the feeling firstly that it’s a good sized home. People don’t remember when you’re looking as a buyer looking at 5 open homes in one day. You’re not going to remember every single detail about each home. What you will remember is how you felt.
Daniel Simone:
That’s right. It’s like I’d like to squeeze through there.
Peter Salisbury:
So, if I’d walked through a home and come across you in a hallway
Daniel Simone:
Yes, I’ll step over
Peter Salisbury:
It’s like who is going first?
Daniel Simone:
Yes. That’s a good tip actually that makes sense. That’s one, so two more?
Peter Salisbury:
Yes, that’s one. Second is I would make sure that the price is right. You get once chance putting your home in the market for the first time. You want to make it count. To get your best price we really need to create that activity and get it done within 6 weeks is the ideal time.
Third tip is make sure you choose a great agent. Someone that you are comfortable with, someone that you believe and trust and have confidence, I guess that all for you.
Daniel Simone:
We’ve got clean house. We’ve got great agent. And we’ve got price. So there you go, there’s your three tips.
Alright, well thank you very much Peter. Thanks for watching at home.
If you have any questions or any other things that you want to find out, any tips on what you did to sell your house. Put them in the comments below and I’ll answer them or we can even contact Peter.
Thanks for watching!
