Monthly Archives: May 2018

For homeowners: Do you need to spend money to make money?

When it comes to selling your home, you will probably ask yourself the age-old question about having to spend money to make money. In the real estate market, it is vital that you spend the money on the right things when getting your home ready for sale.

Deciding how much money to spend is also a tough one, because you don’t want to spend money that you won’t get back. However, there are things you absolutely must spend money on to ensure you do get the selling price you want.

When a person views a house at an open inspection their instinct is to find everything they possibly can that is wrong with a house. They will see a broken cupboard door or a light fitting and they will see chipped paint and, in their minds, they are adding up the costs involved to repair everything, and taking it off the minimum price they will offer you.

So, you can see the importance of spending money on the little things that in the long run will add value to your sell price, if not exactly adding “value” to your home as such.

Cosmetic renovations add value

Painting your home inside and out id the one thing that will add value no matter what. Making sure everything looks consistent with the rest of the house is very important as well. Make sure you don’t pour money into things that won’t make you money in the long run. Unless you are set to completely renovate your 1950’s home and pour hundreds of thousands of dollars into it and sell when the market suits you, don’t bother with massive spending. Simple cosmetic updates will be worth more than a massive renovation.

However, don’t just leave it as it is, unless you have a very quick sale with no added value wanted in mind.

If you can’t look after the cosmetic stuff yourself, hire someone who can. Think of it as a short-term investment that will see great returns when you sell the home for more than you wanted originally. Make sure your home looks best from the road. Potential buyers will drive by at any given time, and first impressions are seen from a car window. 

Things you need to know about advertising your property

Determining how much to spend on advertising when you are selling a property comes down to some basic philosophies – having a solid strategy, creating a solid reach and capitalising on the audience.

It is difficult to put a number on how much you should spend on advertising for your home, because every area is different to the next. Supply and demand plays a big part in how much you need to spend as well. You need to know where your target market is and know how to reach them. If there is high demand in your area, then your real estate agent will be able to point you to their big list of leads, and advertising will cost very little. If the market is flooded where you are the opposite might happen.

It’s really going to come down to the area in which you are selling, and how quickly you want to sell. The more you spend, obviously gets you a larger audience, but it must be done right to achieve that result. Greater advertising exposure means more eyes on your property, which in turn can create competition amongst buyers, driving the sale price up and the sale to a quick close.

Sellers need to deliberately target buyers through online campaigns, and when it comes to online advertising, the options are plentiful. From your standards like realestate.com.au and domain.com.au; to other players likesellable.com.au and buymyplace.com.au there are literally hundreds of ways you can spend your advertising dollars. You can even pay to advertise your home on Facebook, Twitter and Instagram

Should I pay for advertising or will my real estate agent pay for me?

No matter whether it is in your contract that your real estate agent will handle the advertising for your home, you should still educate yourself on different ways to advertise, and work with your agent to ensure all avenues are taken.