The Listing Agreement Which Leads To Property Marketing & Sale & Purchase Agreement.
The Listing Agreement Which Leads To Property Marketing & Sale & Purchase Agreement.
Engage your lawyer or conveyancer to check the Listing Agreement which will be used to market the property and will frame buyers’ expectations.
This will include all of the particulars that prospective purchasers will need including details of the owners, title, settlement dates, all conditions of the sale, inclusions (such as furnishings, light-fittings and appliances), zoning certificates and sewer diagrams. Included nowadays are details re flood-zones, earthquake-specific details.
Preparing your property to look its best.
Preparing your property to look its best.
There are many things large and small that you can do to enhance the appeal of your home and improve the sale price. Rule 1 is always de-clutter as much as possible. Also make sure you complete any outstanding maintenance and repairs which will be immediately obvious to potential buyers.
Have your gardens looking their best – bring in a professional if need be. Before undertaking any major renovations consult your agent who will advise if they are necessary or if you’re simply over-capitalising as buyers will often prefer to make changes to their own taste.
Your agent will also advise if they believe a professional stylist is necessary. Don’t be offended if they suggest a different style of furnishing be used in some rooms and if strong wall colours should be replaced with a less ‘vibrant’ tone.
If you choose to wash the exterior of the home, best advice is to not water-blast, but choose a contractor who uses a wet-brush wash system. Water blasting can often cause damage to surfaces and create leaks where none existed prior. On the other hand, this form of cleaning is ideal for pathways, drives and fences.
Choosing the best sales method.
Choosing the best sales method.
Your agent will advise you on what method of sale they believe will maximise the sale price gained for your property.
Auction and private treaty sales are the most common methods, with tender and expressions of interest sometimes used. Each method has its own pros and cons but usually are built around the ‘speed’ of the current market, the buyer to listings ratio, the actual configuration and style of your property and the difficulty in pricing some unique properties.
Your agent will look at these market and property particulars when advising on the method they believe is best.
Effectively marketing your property.
Effectively marketing your property.
Effective marketing of your property is essential in order to reach the broadest spectrum of buyers. Marketing needs to be targeted, cost-effective and a perfect showcase for your property, with professional photos, copy and design. It may include internet marketing, local and daily press advertising, signage, window displays and editorial in real estate publications.
You and your agent will work through all options and doubtless present several approaches for your consideration and input.
Determine your selling price or reserve.
Determine your selling price or reserve.
If selling by private treaty you may opt to sell for a prescribed amount or a defined range. Your agent will explain the legal requirements around published prices and this will have a determination on the final approach to be taken.
The agreed price to be promoted will be based on previous sales, current market conditions, interest rates and present buyer demand.
If selling at auction your agent will advise buyers of a likely price range. The reserve price – i.e. the minimum price that you will accept for the property at auction – does not have to be divulged to bidders and can be set on the day, based on buyer interest. Your agent will provide insightful guidance on price, but of course the ultimate decision rests with you as the vendor.