Spending money isn’t likely the first thing you think about when selling a property in Canberra.

But between real estate agent’s fees and conveyancing costs, there are several expenses you’ll need to factor into your budget to make sure there aren’t any surprises further down the line.

While some of the costs are largely unavoidable, others can be reduced if necessary. That said, every vendor wants to secure a prompt sale for the best possible price. For that to happen, you often have to spend money to make money and maximise your return.

With that in mind, what are some of the most common fees when selling your property in Canberra?

 

Real Estate Agent Fees/Commission

Real estate agent fees will generally be in the form of commission, charged as a percentage of the final selling price, though some agents use a flat fee structure – so you pay an agreed price regardless of how much your home sells for.

How much commission for selling a house does an agent normally charge?

While exact rates vary, you can expect to pay between 2% to 2.5% of the final sale price in real estate fees to sell a house in Canberra.

On top of this, you may need to pay auctioneer’s fees. The average auctioneer cost in Canberra is between $450 and $550.

 

Marketing Costs

Your marketing costs will vary depending on the type of campaign you decide to run but, as a general rule, budget to spend between 0.5% and 1% of the value of your home.

While you can spend less than this, remember that you want to attract as many people to your home as possible. That’s because the more potential buyers you reach, the greater the buyer competition and the more likely it is you’ll achieve a great sales price.

So, while marketing might seem like an expense, it’s better to think of it as an investment.

Marketing fees aren’t necessarily an upfront cost either, as they can be deducted from the final sale price of your property.

 

Legal Fees and Lender Fees

Conveyancing fees to sell a house range between $1,000 and $2,000, depending on the complexity of the work involved.

If there is a mortgage on your property, you may also need to pay your lender a discharge or settlement fee to cover the administration costs of closing your home loan. The exact cost will depend on your mortgage.

Finally, if you are selling an investment property, you may need to pay capital gains tax if you make a profit. This will need to be declared on your tax return.

 

 

Want to get the best possible price when selling your home in Canberra?

Jonny Warren is ACT’s reigning Property Marketer of the Year and set four suburb records in the 2021-22 financial year.

Contact him by filling in this form, calling 0431 797 891 or emailing jonny@jonnywarren.com.au.

 

 

Your home is probably your most valuable asset, so if you’re going to list it for sale, it’s vital
you maximise your selling price.

Otherwise, you could miss out on tens or even hundreds of thousands of dollars.

With that in mind, here are the top four things you must do if you want to get top dollar when
selling your home.

 

#1 HIRE A GREAT AGENT

Great real estate agents are skilled at marketing and negotiating; they have a large database
of qualified buyers; and they use tried-and-tested systems.

Mediocre agents, by contrast, are poor marketers and negotiators; they have few qualified
buyers; and they’re disorganised.

Another thing great real estate agents do is to look at the vendor’s home through buyers’
eyes, by asking themselves what potential flaws buyers might identify. Is the garden
overgrown? Is the bathroom outdated? Is there too little storage space?

Then, great agents recommend tradespeople to fix the problems – whether through
cleaning, repairing or renovating – because they know that every flaw that gets removed is a
buyer objection that gets eliminated.

They also give advice about improvements that can be made, to maximise the value of the
home in buyers’ eyes.

If a great agent and a mediocre agent were to list the exact same home in parallel universes,
the great agent could potentially sell it for tens or even hundreds of thousands of dollars
more.

That’s why it’s so important to choose a great agent to sell your home, even if their fee is
higher. Because if you have to pay a great agent an extra $2000 in commission but they’re
able to get you an extra $100,000 for your home, you’ll finish well ahead.

 

#2 STAGE THE HOME

Despite the proverb, most people judge books by their cover. So it’s not enough just to have
a great home – you also have to present it in a way that maximises its appeal to your target
buyer.

That’s why it’s crucial you invest in staging. This can involve minor touches like rearranging
the furniture, replacing artwork and removing personal items, as well as cosmetic upgrades
like repainting walls, fixing broken tiles and adding more lighting. A professional stylist will
know what furnishings, colour and spacings to use to maximise buyer appeal.

 

#3. SHOOT A HIGH-QUALITY VIDEO

Some buyers learn by reading – which is why you need to have a written ad when selling
your home. Others, though, prefer to absorb information visually.– which is why it’s vital to
have a video as well. The best property videos:

● Are shot and edited by professionals – to make your home look desirable
● Tell a story – to hook buyers’ interest
● Get emotional – to make buyers fall in love with your home

If you really nail your video, there’s a chance it will go viral, which will expose more buyers to
your listing and maximise buyer competition.

 

#4 PRICE YOUR HOME ACCURATELY

One big mistake a lot of vendors make is putting an inflated value on their home, either
because they think it’s worth more than it is or because they believe the best way to get top
dollar is to start high.

Listing your home for an inflated price is more likely to cost you money than make you
money. That’s because the best way to maximise the final selling price is to maximise buyer
competition – but if the listing price is too high, you’ll scare buyers away. Conversely, if you
set a price that reflects market conditions, you’ll probably attract more buyers – which will
increase your chances of sparking a bidding war.

Your asking price needs to reflect market conditions, which is best assessed through recent
comparable sales. A great agent will give you expert advice on what price to set, and will
also suggest the best method of sale.

 

FINAL WORD

When you sell your home, it’s important you choose an agent you’re comfortable with.

Ideally, they should have a lot of experience and a strong track record. You should also feel
they understand you and genuinely care about your interests.

 

Jonny Warren is a great agent. He set four suburb records in the 2021-22 financial
year, and was named ACT Property Marketer of the Year in 2018 and 2020. If you want
to know how Jonny could help you get top dollar for your home, contact him on
jonny@jonnywarren.com.au or 0431 797 891.

When it comes to renting out your property and getting your home ready for tenants, the task isn’t as simple as doing some cleaning and taking the right pictures.

It takes a significant amount of thought and care to prepare and perfect your property if you want to reap all the benefits of having a high-quality listing and a well-maintained home.

If you’re currently planning to rent out your flat or that spare room you have in your apartment, our Canberra property management team have revealed some tips to go about making your house more attractive?

After all, you want to ensure you get the highest price possible and the best tenants you can find (and keep them there.)

It’s not enough to just catch the attention of people as they’re scrolling through listings. You want them to like what they see so much that they just have to see it in person.

This, however, is a complex equation. But today, our Canberra property managers are here to help you solve it.

Explore our FIVE tips on how to get your home ready for rental, and you will be guaranteed to dazzle new home-hunters, get a greater price, and land better tenants.

Let’s get started!

 

#1 FIRST, TAKE CARE OF THE MAJOR REPAIRS

Let’s start by addressing the elephant in the room – major repairs.

Right before you move out is perhaps the perfect time for you to go through your home and make sure everything is in perfect condition.

This includes all appliances, all maintenance systems, and every outlet, light, faucet, or window in your home.

Our Canberra property management team believe it’s best to let a professional handle any major works. And since you’re focused on moving, you might not have time to keep all these items and systems in check.

Repairing any major problems on appliances or installations is not a plus, it’s an absolute must. This includes clogged gutters, broken outlets, a leaky roof, switches that don’t work, doors that creek, and more. Replace any broken furniture so you make sure every fitting is in great condition. Make sure all your smoke detectors are working. Equip your kitchen with a fire extinguisher. And have your heating system service checked just in case.

It’s vital that you make sure all of these appliances and installations function properly before your first tenant moves in.

If your tenant moves into your home and they don’t feel like it was very well taken care of before they moved in, they’re less likely to pay a higher price, and they’re much less likely to take good care of your property while they’re there.

 

#2 THEN MOVE ON TO THE MINOR REPAIRS and MAINTENANCE

Once all of the major repairs in your home are taken care of, what you will want to do is handle all the regular maintenance tasks just so you make sure that your home is in perfect condition before anyone moves in.

Some of these will include:

• Changing the air filters in your HVAC
• Changing the batteries in your smoke detectors
• Cleaning all the gutters
• Planting extra grass seeds on blank spots on your lawn
• Filling in salt in your water softener
• Replacing any missing hardware in your kitchen (handles, doorstops, doorknobs, etc.)
• & more!

Furthermore, you will want to leave all your utility deposits with your utility company.

This means that if a tenant moves out during the cold months of Winter, you can call your utility companies so they can turn on your electricity/water so your pipes don’t freeze.

And by doing all of this now, it will be easier for you to hold your tenants accountable for doing these small maintenance tasks.

That’s why you want to ensure that you’ve done everything to the best of your ability – so you know you’re letting tenants in a clean, ready, well-maintained home.

 

#3. THIRD, GET A PROFESSIONAL TO DEEP CLEAN YOUR HOME

Speaking of cleaning, this is perhaps one of the most vital parts of your journey as a renter. Nobody is going to think twice about moving into a property that isn’t clean, has mould in the bathroom, a kitchen coated in grease, carpets that look dusty, or anything along those lines.

Doing a deep clean is perhaps the easiest, and some will argue, the most important thing you can do when you’re preparing your house for renters.

Consider hiring a professional to perform a deep clean. Hiring a professional will allow you to reach a higher degree of sanitation that you’d have to work hard to achieve on your own. They’ll be able to reach spots you usually can’t reach, and they’ll cover difficult spots such as behind your oven and your window tracks and sills.

This extra cleanliness makes an immediate impression, and the cleaner the house, the better it will show.

A cleaning professional is your best choice here as they will take care of everything for you – from the floors, windows, carpets, and blinds all the way to the bathrooms. And don’t forget the outsides of your home – lawns still need to be mowed, and you still have to add flowers to your patio for a nice touch.

 

#4 NOTIFY YOUR LENDER (and your INSURANCE COMPANY)

When you first become a landlord, you will want to contact your home insurance service provider (or your mortgage lender) and let them know that you’ll no longer be living there.

Your insurance company may then change up your policy to protect you from damages caused by tenants because your regular homeowner’s insurance may not be enough to cover that.

This may also be a great time for you to shop around for better insurance rates. If one company can get you a better landlord’s insurance than the one you’re currently using, we suggest making this move if you want to save some money and ensure yourself (and your property) better security.

 

#5 FINALLY, HIRE A QUALITY PROPERTY MANAGER

One of the best things you can do to guarantee yourself (and your tenants) a great renting experience is to just hire a quality property manager. If you ever move out of your city or area, and you need a manager to take care of your properties while you’re gone and make sure everything is running smoothly, this is your best choice.

Managers will inspect your property thoroughly and hold tenants accountable. You’ll have easy access to all the latest information about what’s going on in and outside your property. If you’re thinking about renting, you can trust that a property manager will ensure your property is safe and protected at all times.