03.Start with research
Before you meet agents, do your own market research to help determine the value of your property and the state of the market.
Keep a close watch on property ads and websites for recent auction and sale results.
Agents will also provide lists of their recent sales.
Another option is to pay for a report: Home Price Guide
, for example, sells Postcode and Property reports (both $59.95) and Street reports for $99.95 (go to HomePriceGuide
for sample reports).
The Real Estate Institute of Australia
says agents should also provide this kind information to prospective vendors.
The next step is to get out in the field. Act like a buyer and visit properties for sale in your area, to get an idea of how your property compares, its value and the current state of the market. This helps you to assess the market value agents suggest, and to have a sense of whether they’re over or underestimating your property’s value.
Another reason to visit other properties for sale is to assess agents’ answers to questions such as “why is the owner selling?”, “how negotiable are they on price?” and “how long has the property been on the market?”. This gives an indication of how agents field these tricky questions.