A number of factors should be considered when listing your property for sale. We have compiled a list of basic points to get you started.
1. Listing Your Property
Your sales consultant will appraise the property, comparing its features (land size, location, accommodation, style, age and condition) with homes in the area that have recently sold or are currently listed for sale. This will give your agent a good idea as to what your property would sell for in todays market. Together you and your sales agent will determine a suitable listing price. An exclusive agency agreement may be signed granting the agent permission to sell your home on your behalf or you may choose to sign a non-exclusive agency agreement. You are then ready to proceed.
2. Method of Sale
In consultation with your selling agent, the appropriate method of sale will be decided upon.
Private Treaty - the most popular method of sale, Private Treaty selling means that a set price is agreed upon at which your property will be advertised to the public.
Auction - sale by auction means that prospective purchasers will bid against one another on a predetermined date and time. A reserve price may be set by you, the vendor, stipulating the minimum price acceptable to you. Should bidding surpass the reserve, an unconditional sale will proceed. The property will be sold on the fall of the auctioneer's hammer with no cooling off period and the relevant deposit paid by the successful bidder on that day. If the reserve is not reached, the property may be passed in and negotiations may commence with the highest registered bidder.
3. Advertising Your Property
We offer a range of marketing packages to suit individual requirements and look forward to introducing you to our professional approach to marketing your property. Ensure your home is looking its best when it is time to have your property photographed. The preparation you put into getting your property ready for sale can be the difference between getting a good price and achieving a great price. The strategy is to gain maximum exposure via digital and print media in order to achieve the best possible outcome.
A neat, well maintained property says "Welcome" to potential buyers. Your home should be kept clean and tidy throughout the duration of the marketing campaign. Let plenty of light into your home to create a feeling of spaciousness; utilise overhead lights and lamps to add ambience. Ensure personal items are stored out of sight. Remove pets and accessories from your home before each inspection. On cooler days, ensure the property is comfortably heated; on warmer days ensure your home is cool and inviting by turning on air conditioning well in advance or simply by opening windows to allow fresh air to circulate.
If your property is an investment property and a tenant is in occupation, bear in mind that you will need to allow at least 24 hours notice prior to an inspection. If you are an owner occupier, your sales agent will devise a schedule to suit you. Your selling agent will consult with you after each open home to provide you with feedback.
5. Exchange of Contracts
Upon receipt of an acceptable offer, the buyer will sign the Contract of Sale and the deposit will be paid. As seller, you will sign a counterpart of the contract. The signed contracts are then "exchanged" and dated thereby creating a legally binding contract. However if a certificate is not obtained from the purchaser waiving the cooling off period (a "section 66W certificate") the contract will remain conditional until the cooling off period expires. You will need to instruct a solicitor or conveyancer and forward the completed contract to them. The property is now under contract.
6. Under Contract
The provision of a 5 business day cooling-off period allows the purchaser time to secure finance and to carry out any building and pest inspections required. During the cooling-off period, the purchaser may terminate the contract for any reason. If the purchaser does decide to cancel the contract, the seller must refund the deposit within 14 days of termination of the contract, but may deduct a termination penalty equal to 0.25% of the purchase price. There is no cooling-off period, however, if the purchaser instructs their solicitor to sign a section 66W certificate which waives their cooling-off rights, or if the property is sold at auction.
Prior to settlement the purchaser usually carries out a final inspection. This is to ensure that the property is in the same condition as when last inspected and that all inclusions are as per the contract. Settlement is the completion of the transaction and usually takes place between your legal representatives and the banks of the parties to the contract.
For further information, please contact us on 02 9875 1533