Selling a property in Sydney involves more than choosing an asking price and placing an advertisement. A well-managed campaign coordinates property preparation, legal documentation, pricing, marketing, buyer feedback, negotiation and settlement.
The right approach will depend on the property, the local market, your timing and your financial circumstances. This guide explains the typical stages of a residential property sale in NSW so that you can prepare useful questions for your agent, solicitor or licensed conveyancer.
This is general information only. It is not legal, financial, taxation or property advice. Obtain advice about your circumstances before making decisions or signing documents.
1. Clarify your objectives and likely timing
Begin by deciding what a successful sale needs to achieve. The highest possible price may be important, but it is rarely the only consideration.
Your planning may need to account for:
- the preferred sale and settlement dates;
- whether you are buying another property;
- an existing mortgage or bridging-finance needs;
- whether the property is occupied, tenanted or vacant;
- work, school or relocation deadlines;
- tax and land-tax implications;
- the cost and practicality of repairs or presentation work; and
- how much uncertainty you are prepared to accept.
Tell your agent and legal adviser about relevant deadlines early. A realistic campaign and settlement plan is easier to design when everyone understands your priorities.
If you are considering a sale, you can request an appraisal from Crest Realty before deciding on the next steps.
2. Obtain a market appraisal and choose an agent
A property appraisal should explain the likely buyer audience, recent comparable sales, current competition and the features that may affect value. Ask the agent to show the evidence supporting their estimated selling price, not only the final number.
When comparing agents, consider:
- current NSW licence status;
- recent experience with similar properties and locations;
- the proposed sale method and reasoning;
- communication and reporting arrangements;
- marketing recommendations and costs;
- commission, fees and other expenses;
- buyer database and enquiry follow-up process; and
- how the agent will manage price feedback and offers.
The NSW Government recommends checking an agent’s licence and comparing fees, charges and services. Its guidance on using an agent or selling privately also explains the different responsibilities involved.
An appraisal is not a guaranteed sale price. Market response during a campaign may provide new evidence, and the agent may need to revise the estimate if it is no longer reasonable.
3. Review the agency agreement before signing
Before an agent can market your property, you and the agent must enter into a written agency agreement. It is a legally binding contract.
The agreement should identify:
- the services the agent will provide;
- the type and term of the agency;
- the agent’s estimated selling price;
- commission and when it becomes payable;
- marketing and other expenses;
- how payments will be made;
- the agent’s authority to act for you; and
- the notice required to end the agreement.
Read the entire agreement and ask for unclear terms to be explained. Commission rates, marketing budgets and many other commercial terms can be negotiated. Pay particular attention to exclusive-agency provisions and circumstances in which commission could remain payable after the agreement ends.
For residential property and rural land, the seller generally has a one-day cooling-off period after signing an agency agreement, ending at 5 pm on the next business day or Saturday. A separate waiver process may apply. Read the current NSW agency agreement guidance and obtain legal advice if you are unsure about the terms or a proposed waiver.
4. Appoint a solicitor or licensed conveyancer early
A residential property cannot be offered for sale in NSW until a contract for sale has been prepared. Appointing your solicitor or licensed conveyancer early helps prevent the legal work from delaying the campaign.
The contract generally contains title and planning documents, a drainage diagram, prescribed terms and information about the buyer’s cooling-off rights. Additional documents or conditions may be needed for strata property, a swimming pool, a tenancy, inclusions, known issues or other property-specific matters.
Give your legal adviser accurate information about the property, including:
- ownership details and the existing mortgage;
- renovations, approvals and certificates;
- easements, restrictions or notices;
- fixtures and items to be included or excluded;
- leases or occupancy arrangements;
- strata or community-title information;
- swimming or spa pools; and
- any known issue that could affect the sale.
The NSW steps to selling a property list the core contract documents and explain why a solicitor or conveyancer should prepare the contract.
5. Prepare the property with a clear budget
Property preparation should be guided by the likely buyer and the expected return, not by an assumption that every improvement will add more value than it costs.
A practical preparation plan may include:
- completing necessary repairs;
- checking lights, doors, taps and visible fittings;
- decluttering and cleaning;
- improving gardens and the entry;
- arranging furniture or styling;
- obtaining trades, strata or compliance documents;
- planning photography access; and
- deciding how inspections will work if the property is occupied.
Ask your agent to separate essential work from optional presentation ideas. Request written quotations and decide on a firm budget before work starts. Major renovations immediately before sale can introduce approval, delay and cost risks that outweigh the benefit.
Marketing must accurately represent the property. Sellers should tell the agent about relevant known issues and answer information requests honestly. NSW rules prohibit misleading representations and require agents to disclose prescribed material facts they know or ought reasonably to know. The NSW misrepresentation guidance explains these obligations in more detail.
6. Choose the sale method and pricing strategy
The two common methods are private treaty and auction.
Private treaty
The property is marketed at an asking price or within an appropriate price strategy, and buyers submit offers privately. This can give sellers time to consider price, conditions, deposit and settlement terms.
A buyer under a typical private-treaty residential contract usually has a five-working-day cooling-off period after exchange. That period can be waived, reduced or extended by agreement and legal process.
Auction
Buyers compete publicly and, if bidding reaches or exceeds the reserve, the highest bidder purchases the property at the fall of the hammer. There is no buyer cooling-off period for a purchase at auction, or where a passed-in property exchanges on the same day.
Before an auction, the seller gives the reserve price to the auctioneer in writing. If the reserve is not reached, the property may be passed in and negotiations may continue.
The best method depends on the property, buyer demand, competing listings and your priorities. Ask the agent to explain the evidence behind the recommendation, along with the risks and contingency plan.
7. Approve a focused marketing campaign
The campaign should make it easy for the right buyers to discover, understand and inspect the property.
Depending on the property and budget, the plan may include:
- professional photography and floor plans;
- online property portals and the agency website;
- database and email marketing;
- social media;
- signboards and printed material;
- scheduled open homes and private inspections; and
- auction promotion where applicable.
Before approving the campaign, confirm the total cost, payment timing, ownership and permitted use of photographs, and what happens if the property does not sell during the initial campaign.
Review the advertisement carefully. Check the address, property features, inclusions, dimensions, photos and inspection details. Do not approve statements that cannot be supported.
NSW underquoting rules require the agent’s estimated selling price to be reasonable and evidence-based. A price range cannot span more than 10%, and an agent must not advertise below the recorded estimate. If new evidence makes the estimate unreasonable, the agent must notify the seller, update the agreement and take reasonable steps to update marketing. See the NSW guidance on price estimation and underquoting.
8. Use campaign feedback to make informed decisions
During the campaign, ask for regular reporting that distinguishes evidence from opinion. Useful information includes:
- enquiry volume and sources;
- inspection attendance;
- repeat inspections and contract requests;
- buyer comments about condition, location and price;
- written or verbal offers;
- comparable properties newly listed or sold; and
- recommended changes to the campaign.
Do not judge the campaign only by online view counts. Contract requests, second inspections, finance readiness and specific buyer questions can be more meaningful indicators of intent.
If feedback suggests a change to price, presentation or marketing, ask what evidence supports the recommendation and what result the change is expected to produce.
9. Compare the full terms of each offer
The highest headline price is not always the strongest offer. Review each proposal with your agent and legal adviser, considering:
- price;
- deposit amount;
- finance, inspection or other conditions;
- proposed cooling-off arrangements;
- settlement date;
- inclusions and exclusions;
- requested access before settlement; and
- the buyer’s readiness to proceed.
Ask for offers to be recorded clearly. Your agent should explain the offer without pressuring you to accept it. The legal adviser should review proposed contract changes and advise on their consequences.
Avoid treating verbal acceptance as completion of the sale. In NSW, the parties are generally not legally bound until signed contracts are exchanged.
10. Exchange contracts and prepare for settlement
At exchange, the seller and buyer sign counterparts of the contract and the contracts are exchanged, commonly electronically. The buyer usually pays a deposit in accordance with the contract.
Once contracts are exchanged, the seller does not have a cooling-off period and is bound to complete the agreement. The buyer’s position depends on the sale method, contract and any valid cooling-off waiver.
Between exchange and settlement, your solicitor or conveyancer coordinates the legal and financial work. You may need to:
- complete lender discharge requirements;
- provide identification and transaction authorities;
- maintain the property as required by the contract;
- arrange the agreed inclusions and vacant possession;
- address land-tax or property-tax documentation;
- approve settlement figures; and
- organise keys, utilities, insurance and moving.
NSW settlements are conducted electronically by authorised subscribers such as lawyers, conveyancers and financial institutions. Settlement commonly occurs around six weeks after exchange, but the parties can negotiate a different period.
After settlement, confirm that keys and possession have been transferred as agreed and retain the contract, settlement statement, invoices and related tax records.
A simple seller preparation checklist
Before launching your property:
- define your preferred timing and priorities;
- compare agents and check licence details;
- review the agency agreement carefully;
- appoint a solicitor or licensed conveyancer;
- have the contract prepared before advertising;
- disclose relevant known property information;
- agree on presentation and marketing budgets;
- approve an evidence-based pricing strategy;
- understand the chosen sale method;
- plan how offers and feedback will be reported; and
- prepare for exchange, mortgage discharge and settlement.
Discuss your Sydney property sale
Every sale has a different buyer audience, timing and risk profile. Crest Realty can provide a property appraisal, explain a proposed campaign and help you prepare a clear sales strategy.
Request a property appraisal or contact Crest Realty to discuss your property.
Important information: This article is general information for residential property owners in NSW. It does not constitute legal, financial, taxation, building or property advice. Requirements and individual circumstances can change. Obtain independent professional advice and check current government information before acting.