FAQ's When Selling Your Property
What is my property worth? What price will I get for it?
When determining price for any property we conduct a professional appraisal for your property whereby we attend the property and go through all its features, inclusions and assets. We then compare your property to other properties in the same area with the same features that are either on the market for sale currently or that have recently sold in the area and give you an accurate price in which to list your property on the market for sale.
How would you market my property?
We would market your property by using real estate internet portals such as realestate.com.au, homesales.com.au, our agency website, window displays at the office, social media platforms such as Facebook and Instagram. We would also use the local and regional newspaper to advertise along with any sign boards physically at the property. All costings for these types of advertising you are seeking will be on the agency agreement or call us for a quote today.
How do you run inspections - open house vs private inspections?
For the open inspections we list the property open to be viewed to the public for a set time period at a peak time. When we attend, we take names & numbers of people that come through so we can follow up on any potential buyers. In regard to private inspections we organise a private inspection for a time pre-arranged with the potential buyer to go at their convenience.
What is the agent's role at an open house?
An agent's role at an open house inspection is to listen closely and observe attendees to gauge buyer interest and motivation and also any feedback that is given all to be fed back to the seller.
By engaging in conversation, the agent can learn more about a potential buyer's specific circumstances and requirements. This helps the agent to discuss the aspects of the property relevant to the buyer. Knowing the key points about the property in the moment buyers are asking can be key to getting an offer.
At the same time, buyers may need to view the property without pressure. A good agent will be aware of this and give the buyer time to view the property without being overzealous.
What is the role of a real estate agent?
We are the qualified professionals that can help you sell your property. We are the experts in the local and wider property market and provide informed property appraisals. We help guide sellers on the best method of sale and ensure properties are actively promoted and marketed to reach the maximum number of buyers. Real estate agents will assist in the negotiation between the buyer and the seller of property sales and ensure this is done with the utmost confidentiality. Real estate agents work for the property seller.
What is an exclusive listing?
With an exclusive agency agreement, you give only one agency the rights to sell your property. This may entitle the agent to be paid a commission if the property is sold during the fixed term of the agreement, even if you or another agent were responsible for the sale. An exclusive listing agreement is most commonly used for the sale of residential properties.
What is an open listing?
An open listing arrangement is a situation whereby you have gained the services of a number of different agents who will list your property and attempt to find a buyer for you.
You are only expected to pay a commission to the successful agent when a buyer has been found. This type of listing may give you the ability to have your property advertised across a wider spectrum of potential buyers, but the downside is that you may not receive the same individual attention you require as you would by employing the services of only one agent.
This can also confuse some buyers when attending your property and seeing a number of agent’s signs advertising the property.
How long should it take to sell my house?
Once your home is placed on the market for sale, the length of time it takes to sell depends on numerous circumstances.
The biggest factor is how much you want to make for the property. An agent can tell you the approximate number of days properties similar to yours have spent on the market before selling. During the process the agent will give you feedback from the buyers about the home, market fluctuations and also professional advice on possible updates/renovations that can be done to increase the chance of you selling the property sooner
What does 'overcapitalised' mean?
The term 'overcapitalised' refers to a situation where you have spent more money on your property than you will recoup from the sale price.
While it is likely that any work you have done - such as landscaping or interior construction - will add value to the property, there is no guarantee that the full amount spent on these improvements will be seen in the eventual price of sale we give you through our appraisal system.
Can I sell my property while it is currently leased?
You are able to sell your property while it is being leased, however if it is a new fixed term tenancy there is a 2 month timeframe is which it cannot be listed for sale or the tenant has the grounds to give a notice of intention to leave (Form 13) and vacate the property without penalty. The tenant has the right to occupy the residence until the end of the lease term, unless both parties negotiate and agree to terminate the existing agreement.
Any potential purchaser must be told there is a current lease in place and for how long. The property will not be sold with vacant possession unless that agreement to terminate is in place and then the contract would be subject to vacant possession.
The tenant also must be issued with a notice of lessor’s intention to sell premise (Form 10) and entry notices (Form 9) for any inspections/open houses that will be conducted.
In some cases, the fact your property has a reliable tenant in place may actually be appealing to prospective investors and the house may be sold to another investor where the tenant would then remain in place under their current contract terms.
Do I pay a commission if I sell the property myself?
If you sell the property yourself, whether or not you have to pay the agent a commission will depend entirely on the agreement you signed.
In many cases you may still need to pay the commission as, for example, it is likely that the promotional activities undertaken by the agency exposed the buyer to the property on the market.
You should talk to your us about this issue, or alternatively take a copy of the agreement to your solicitor or conveyancer for any advice.
Can I sell my house by myself?
It is not a legal requirement to use an agent to sell your property - you may elect to undertake the process yourself. However, there are many reasons why people generally engage the services of a professional to ensure the best price.
Aside from the obvious expertise in marketing avenues, knowledge of legislation in regards to selling and negotiation that an agent brings, most buyers also prefer not to deal directly with the seller. If buyers know you are not paying for an agent, they will usually expect to see the house price reduced accordingly.
In the end, selling a property on your own might lead to a lot of work and pressure, without actually saving any money or maximising the end sale value.
What is a Sales Agency Agreement?
A sales agency agreement is a Form 6 written to protect your rights. It includes details of the agent who you have assigned to sell your property. It states what they promise to provide for you, along with an estimated sale amount or price range, advertising costs, any tenancies in place at the time etc.
This arrangement outlines the amount of fees or commission payable by you for the real estate agent's services. A commission is usually only due when the sale of the property is completed.
The extent of the real estate agent's authority to act on your behalf - such as to exchange or make changes on a sale contract - is also stipulated within this document.
You have the right to negotiate with the real estate agent about the terms and conditions of the agreement and to ask for any legally-permitted changes to be made.
The sales agency agreement usually involves a fixed term, which is a specific amount of time the sales agency agreement cannot be ceased unless accepted by both parties. An open-ended agreement with no fixed term must indicate an alternative method for being brought to an end.
If you are unsure about how to end an agreement you should seek legal advice.
In the event that you are unhappy with any of the real estate agent's services, it is essential to officially bring the sales agency agreement to a close before signing up with a new agency - otherwise both might be able to charge you a commission when the property is sold.
What is a sole agency agreement?
A sole agency agreement is similar to an exclusive agency agreement. You give rights to one agent to sell the property but you may find a buyer yourself. If you find a buyer who has not been introduced by the agent, then no commission is payable to the agent.
For further information in regards to selling your property please visit the below website https://www.qld.gov.au/law/housing-and-neighbours/buying-and-selling-a-property/selling-a-home/before-you-put-your-home-on-the-market/appointing-a-real-estate-agent
