Selling Tips
The preparation you put into getting your property ready for sale can be the difference between getting a standard price and a great price. The best part is, it’s not hard, time consuming or expensive. Whatever your motive for selling, the process can either be stress free or tense and disappointing. The good news is that you have the ability to choose. There are four factors that will influence the outcome of any sale.
Timing
With the current fall-back of the Official Cash Rate projected to continue into 2009, there is a compounding fall-back in Bank Term Deposit Rates, and Property Finance Rates paid on mortgages.
This creates opportunity to Owner-User Buyers to purchase their own Building or Land, rather than having to continue renting or leasing the property they currently occupy. Today’s lower interest rates make such a purchase an attractive alternative to continued renting.
Investors are seeing their Fixed Rate Security, their Bank Term Deposit Account, fall back towards 5% and lower, which places pressure on their interest income. They are today able to purchase Investment Property at a yield of (say) 8% to 8.5%, fixing such purchase with a mortgage which costs them say 7.25%. The result is ‘Positive Gearing’ for the first time again for over 5 years.
Presentation For Sale or Leasing
As in the sale of your home, presentation of a Commercial Building is important for that ‘first impression’.
A ‘hard worked’ and apparently ‘knocked about’ Factory or Office Building will likely deter the major part of your prospective market, leaving you to deal with buyers who will simply say “it needs so much done to tidy it up, I’ll buy it, but my price is….. as I’ll need to spend money straight away in tidying up”.
Carparks weeded, fences tidy, building maintenance carried out, clean windows, tidy toilets and kitchen areas, good lighting from well-sited light fittings, garden areas well-maintained…..all these things please a buyer, and contribute to you securing the best price possible for your property.
Method of Sale
Each property has its own characteristics, and speed marketing ‘needs’ in bringing the property to the maximum market coverage possible.
Some properties respond to sale by Auction, while other require the more studied method of sale by Public Tender or Deadline Private Treaty.
Others require an exposure to the market place by “fixed price”.
Each property is different. Our experience in the marketplace of over 46 years on the part of Paul Hastings, and the combined knowledge of our Marketing Team of 125 years allows us to recommend to a Vendor or Landlord the best way to attain a Sale or Leasing satisfactory to the Vendor or Landlord.