Replay Ep52: Frank Valentic - The Cost of Selling

As a copywriter, it's amazing how many people I see who say 'They are just testing the market. If we don't get the price we want, we won't sell.' Enlisting a real estate agent is a very expensive way of 'Testing the Market', as the sales commission is the least of your worries. Today, we are going to find out exactly what other costs are involved when selling your home.

Frank Valentic from Advantage Property Consulting is possibly one of the most recognised faces in Melbourne Real Estate. He is renowned for helping people secure their financial freedom through education and building a portfolio of investments. He is also the buyer's advocate we all know from the hugely successful TV series 'The Block'.

1. So what are the costs we need to consider when selling? Let's start with the non-negotiable.

    A) Conveyancing - Contract of Sale & Section 32 needs to be organised with a legal practitioner.

    B) Marketing -  What can marketing cost and how do we know what's the best marketing strategy  for our property?

2. Then there are the should do's:

    A) Renovations and repairs - What essentials should we consider before putting the house on the market?

   B) Styling - Most Real estate agents will engage a stylist to present it well or if it's with your own furniture and accessories - the cost for a stylist to come in and to move everything out of your home and set it up as a display home.

   C) Other costs - Storage Rental, Living away from your home during the sale etc. What other costs?

   D) What would it cost me to get a vendor advocate involved?

   E) How can the method of sale change the cost of the sale?

3. And when it's sold, you have the sales commission. 

Frank Valentic's Guide to knowing how to make the most out of the cost of selling:

1. If my house was presentation perfect and I didn't need to go through the cost of renovations and repairs, what percentage of the expected sale price should I expect to spend on selling the property?

2. If I spent $50,000 on renovations and repairs, what return should I expect to get, compared with my agent's initial assessment?

3. Do you recommend a seller to provide any value added information, would that be beneficial to help the sale, and in turn get a better sale price?

4. Are there any other big tips you would like to pass onto Real Estate Right Listeners?

 

Frank can be contacted by calling Advantage Property Consulting: (03) 9883 8900

or by email: buyer@advantageproperty.com.au

 

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