Selling your Home

There are many things to consider when deciding to sell your home and who to instruct to act as your agent.

1. Deal with a licensed Agent

Licenced agents have the necessary qualifications and have received the appropriate training to manage the complex legal requirements involved in a property transaction. Some internet based companies suggest that you can easily sell your own property without an agent but the reality is usually quite different to the picture they paint.

The property occupations act is very detailed and this is an indication of what can go wrong. The sums of money involved in property transactions are usually very large and the commission you will pay is a small price for the peace of mind knowing your agent is regulated and qualified.

2. Choosing your agent

Reputation is everything and word of mouth and anecdotal evidence is often the very best information when choosing an agent. Look at the agents website, usually there will be testimonials from people who have used the agency and been happy to give a recommendation.

Look at the marketing that they have done for other properties similar to yours. Does it seem credible and professional? Does the marketing appear honest, appropriate and relevant to the property type and locality?

Just because an agency is the biggest or part of a large national chain does not necessarily mean they are going to do a better job for you then your local independent agent. Often the local agent has a better grasp of the market and the way locals think and will provide a tailormade personal experience that the big franchise agencies with their cookie cutter approach just can’t match. In the end you need to be confident in the agency you choose and you need a professional trust relationship with the sales agent.

Do you go with the agent who tells you what you want to hear?

In the industry it is referred to as buying listings. An agent tells you he/she can obtain a sales price far above the true market value of your property in order to win the listing. This practice never has a good outcome for you. Once appointed this agent will have to convince you to drop your sale price expectations because in the end the market will not support the overpriced market assessment and you will be put through a harrowing education process.

A genuine professional agent will carry out a CMA analysis of your property in the market and provide you with written provable market evidence to support his price recommendation.

Your agents goal should be to obtain the highest price realistically obtainable for your property.

3. Appointing your agent

You actually have to appoint your chosen agent in writing. The agency will provide the appropriate PO 6 Form. It is unlawful for an agent to advertise or promote a property unless the agency has written authority so getting this form properly signed and initialled gives the agent the go ahead to start selling your property.

4. Should you list exclusively ?

There are three types of appointments which you can choose from.

(a) Open List
(b) Sole Agency
(c) Exclusive agent

With an open listing you can give the property to any number of agents and also sell it yourself. With sole agency you give the property to one agent and reserve the right to sell it yourself also, and with exclusive agency you give the property to one agent for a set period of time exclusively.

It is quite expensive for an agent to list your property today. Each listing can easily cost an agency $1500 to $2000. Advertising is very expensive. If an agency has 100 or 200 listings spread across their territory they could have from $100,000 to $200,000 invested in listings.

For this reason alone most agents require the security of having a fixed time in which to market your property without the likelihood of another agency who may have invested nothing, selling it.

In fact, advertising has become so uncompetitive with one internet media company controlling a huge piece of the market, that most agents simply cannot afford to cover all the cost of marketing on your behalf. Instead, agents are offering their marketing expertise in putting the advertising program together, at your expense. VPA or vendor paid advertising.

In exchange for an exclusive appointment our agency covers all advertising except the Premier Advertisement listing on Real Estate.com.

5. How long do you make the appointment for?

An open list is for an indefinite time which is usually as long as it takes to sell the property. Considering most if not all agents will not risk their advertising budget on open listings it could be on the market for some time. You can withdraw an open list at any time.

Exclusive and sole agency agreements are for a fixed term, usually 90 days but can be for shorter terms. This gives your appointed agent a fair opportunity to get your property out to the market and let the market know what you are selling.

6. Commission is negotiable

Discount agents seem a little like Silly Sollies Discount Store. You get what you pay for in many instances. But commissions are negotiable, and the time to negotiate is when you are making the appointment.

This agency reluctantly negotiates commission as we consider our services worth what we charge. Our standard commission rate is at the lower end of the industry already at 2.5% plus GST, with some agents charging as high as 5% and commonly charging 3.5%.

7. Do you advertise ?

You can’t sell a secret. The more people that know your property is for sale the faster you will be moving on to your new horizon.

8. Do you Auction ?

When you see auction clearance rates at nearly 100% obviously auction is a great way to sell. Really it depends on the market at the time. In a strong sellers’ market you will definitely obtain a premium at auction, but in a buyers’ market you are probably just as well advised to sell by private treaty.

Usually if your agent puts the same level of commitment and marketing into an exclusive listing as into an auction campaign you will obtain a similar result. Auctions can introduce some urgency, called the fear of missing out, because they have a set auction date and if the market is slumbering along this can help produce a better result.

Buyers who bid at auction have to enter into a cash contract on your terms so you don’t have the fear of losing another buyer while you see if your contracted buyer can get finance.

9. Signs

Your sign should show aspects of the property not visible from the kerb. A nice shot of the backyard pool or entertainment area or a drone shot of the views to the water work well on your sign. Features that make a buyer want to see more will help get enquiries.

10. Market experience

There is absolutely no substitute for market experience. An old dog for a hard road, you have heard it all before. Real Estate is probably the proof in the pudding to use one more cliché. If the market is tough out there its time to choose an experienced agent who has seen it all before and can guide you to a successful sale.

 11. Preparing your property for sale

Here are a few steps you can take to make sure your house sells fast and for top dollar.

Declutter
Keeping rooms clear of clutter will allow your viewers to concentrate on the space rather than its contents. Key things to remove are day-to-day items such as the ever-growing pile of letters on the sideboard and excessive toiletries from the bathroom.
Hallways are vitally important as well, as they are the entryway to your home. Be sure to keep them clear of shoes and coats when you’re due to receive viewers.
Go as minimal as you can and you’ll be on the right track.

Depersonalize Your House

Pack up your personal photographs, family heirlooms, and other objects and clutter that might distract potential buyers and hurt a possible sale. You want to present buyers with an impersonal, clean environment so they can imagine the home perhaps decorated with their own photographs, furniture, and art objects. Depersonalizing your home makes it easier for potential buyers to visualize how the home might look filled with their own items.
Regarding furniture, only leave understated pieces that are not a distraction and don't create an unintended impression. For example, it would be difficult for a buyer to visualize their own antique furnishings in place of the existing zebra couch, bright yellow chair, and bear rug.

Consider Renting a Storage Unit

Almost every home shows better with less furniture. Remove pieces that block or hamper paths and walkways and put them in storage, along with distracting furniture, artwork, and empty bookcases.

Bringing in the Gold Card Handyman

In some seller's markets, you can sell a home in lived-in condition without much complaint. But in normal markets or a buyer's market, repairs can make or break a sale.
Replace cracked floor or counter tiles and patch any holes in the walls. Fix leaky faucets and doors that don't close properly, as well as kitchen drawers that jam. Consider painting walls neutral colours, especially if they're currently hot pink or purple. Don't give buyers any reason to remember your home as "the one with the orange bathroom."

Checking with Local Authority

Now is the time to find out that your builder never got the final certificate for the carport or shed. Not when the building inspection is done and the buyer has all the power.

Exclusions

There may be somethings which you do not wish to sell with the house like the old pump that grandad gave you. That’s fine but you must make your agent aware before he brings people to show your house.

 
Ok, now you can sit back and let your agent do his job.

Connecting people with property

we use our experience and the latest marketing technology to bring the right property and the right buyer together.

Through unique presentation and our market insights, we have built a reputation for improving the real estate experience across buying, renting, selling and asset management.

We have tried to create a very hand on and personal boutique style real estate practice with well trained and experienced staff who have a can do attitude.

Alex and Annette