Step-by-Step Guide to Selling Your Property in Mackay

Selling your property can feel overwhelming, but with the right approach, it doesn’t have to be. While many assume it’s as simple as listing it on the market and waiting for an offer, there are multiple steps involved to ensure a smooth sale. Understanding each stage will help you avoid unnecessary stress and achieve the best possible outcome for your property.

In this guide, we break down the process and provide practical tips to help you sell your home efficiently and successfully.

The first step in selling your property is knowing its current market value. A professional appraisal will give you a clear understanding of how much your home could sell for, along with any potential improvements to attract more buyers. In Mackay, recent trends suggest that properties in coastal suburbs, in particular, are seeing increased interest, driven by both local and interstate buyers.

Tip: Whether you’re upsizing, downsizing, or relocating, an accurate appraisal will help set realistic expectations for your next move.

Choosing the right real estate agent is critical to a smooth sale. Look for agents with local expertise, a strong sales history in Mackay, and positive client testimonials. This will ensure they understand the intricacies of the Mackay market and can guide you through negotiations effectively. It’s worth noting that some areas of Mackay, such as beachside suburbs, are currently more competitive, making local knowledge even more valuable.

Pro Tip: When interviewing agents, ask for recent sales examples and references. This will give you confidence that your agent has successfully sold properties similar to yours.

There are several ways to sell property in Mackay, and the best method will depend on your location, market conditions, and personal preferences. The four most common methods are:

• Auction – A good option if your property is in a high-demand area, such as the Mackay coastal suburbs, and could benefit from competitive bidding. Auctions often lead to quicker sales with buyers bidding in real time, driving up the price in a competitive environment. Ideal for those wanting more control over the sale price and timing of settlement.
• Private Treaty: It works well in more stable market conditions where there’s less urgency and allows the seller to negotiate directly with interested buyers at their own pace.  Particularly when more complex issues may also be involved like family estates, and a transaction which involves the sale of one property and acquisition of a new property (sunset clause).
• Tender: With the tender method, buyers submit confidential offers by a set deadline, often resulting in higher sale prices for properties in unique or high-demand locations. Sellers review all offers at once, choosing the best one. Tender works particularly well for premium or rare properties in Mackay, as it builds anticipation and allows sellers to assess the offers before committing.
• Expression of Interest (EOI): Similar to the tender process, buyers are invited to submit offers by a specified date. However, the EOI method offers more flexibility, allowing sellers to negotiate directly with interested parties if no suitable offers are received initially. EOI is often used for higher-end properties or when testing the market in areas like Mackay’s exclusive suburbs, where demand may be strong but pricing isn’t as clear-cut.

Each approach has its pros and cons, and your real estate agent in Mackay will advise on the best method based on your property type, local market trends, and personal preferences.

Your agent will guide you in setting a competitive asking price based on recent sales in your area, current market trends, and the unique features of your home. Setting the right price is crucial to attracting serious buyers and avoiding the property sitting stagnant on the market.

Market Insight: Mackay’s property market is currently leaning towards a seller’s market, with demand outpacing supply, particularly in sought-after suburbs like Shoal Point and Eimeo.

The agency agreement formalises the relationship between you and your real estate agent. It outlines their commission, marketing strategy, and contract period, which is typically 90 days. Make sure to review the agreement carefully and ask for clarification on anything you’re unsure of before signing.

Note: The commissionable rate for real estate agents is set at 3.3%, as regulated by the Real Estate Institute of Queensland (REIQ), although the flexibility for the seller to negotiate the final percentage based on repeat business or relationships developed with their estate agent, as well as additional marketing costs to consider.

Your agent and solicitor will work together to draft a sales contract, which will be legally binding once the property is sold. The contract includes key details such as the sale price, settlement period, and any special conditions. Ensuring everything is in order from the start will prevent delays later on.

Aside from agent commissions, other selling costs include:

• Legal fees: $800–$2,000, depending on the complexity of the sale.
• Marketing costs: $1,000–$4,000, which can include photography, floor plans, and online listings.
• Repairs or renovations: Variable, based on what needs fixing to increase the sale price.

Having a budget will help you stay on track and avoid unexpected expenses. Also ask your estate agent for references on companies that offer value for money,  get the job done efficiently, and specialise in conveyancing versus dappling in property settlements.  This can save you time, money and losing out on a sale.

First impressions count, and a well-presented property will attract more buyers. Decluttering is key—remove personal items and excess furniture to create a blank canvas for potential buyers. If your home needs a refresh, consider minor repairs or even a coat of paint to make it shine. You can find more tips on preparing your home for sale here.

Professional property styling can make a significant difference, often adding 5-10% to the final sale price. Styled homes are also proven to spend less time on the market. Depending on your budget, you can opt for full styling or just a few key pieces to enhance your home’s appeal.

Your agent will create a tailored marketing plan to attract buyers. This typically includes professional photography, floor plans, and listing on major real estate platforms. Other options include signboards, brochures, letterbox drops, and social media promotion. A well-executed marketing campaign will ensure your property reaches as many potential buyers as possible.

Market Insight: Mackay’s competitive market makes strategic marketing crucial, especially if you’re selling in popular areas like Blacks Beach or Dolphin Heads.

Open homes allow buyers to physically inspect the property, and they play a crucial role in the sales process. Most properties in Mackay have one or two open inspections per week, usually on weekends. Your agent will manage these and provide feedback from attendees. Open homes give buyers a feel for the property and can create competition among interested parties.

If selling via private treaty, your agent will present any offers to you and negotiate on your behalf to get the best price and terms. With auction sales, the highest bidder wins, and the contract is binding immediately. It’s important to be prepared for this stage, as successful negotiation can significantly impact your final sale price.

Once a sale is agreed upon, the buyer will pay a deposit, typically 10% of the purchase price. This is held in a trust account by your agent until settlement day. The deposit provides financial security and indicates that the buyer is committed to the sale.

Start planning your move early to avoid last-minute stress. Mackay has several local moving companies, and booking in advance can save you time and money. Decluttering as you pack will also help streamline the moving process.

Tip: Consider temporary storage if you need more time between selling and moving into your new home.

Settlement is when ownership of the property officially transfers to the buyer. On this day, your solicitor or conveyancer will liaise with the buyer’s legal team to ensure all conditions of the contract are met, and the funds are transferred. You won’t need to be present, as your representative will handle everything on your behalf.

Selling a property involves multiple steps, but with the right preparation and guidance, it can be a smooth and successful process. The team at Mackay City Property isare here to support you from start to finish, whether it’s organising a free property appraisal or helping you secure the best possible sale price. With their local expertise and dedicated service, you’ll have the confidence needed throughout your selling journey. Contact us today for more information or to get started!