Make sure you do your homework on properties being sold in the area through materials such as newspapers and the Internet. Taking note of houses with similar features to yours, and gather all the data under different headings such as suburb, property size, position, condition, age, etc.

It is definitely worth getting an independent evaluation done (by someone that is not a real estate agent) to ensure you don’t over or under value your property.

Sit down with all the owners of the property and decide the minimum price you would settle for. This will be useful information when you are negotiating final prices and make it easier to say no.