Selling Guide
Want to sell your house?
Private or Agent?
You can choose to either sell your own property or use the services of a professional Real Estate Agent. The benefits of using an agent include:
- Knowledge of property sales in your area
- Access to additional marketing options
- Exposure in eyes of buying public
- Less stress, workload and potential for legal issues
Selecting your agent
It is important that you choose an agent that you feel comfortable working with. In addition to spending a lot of time with this person they will also be representing you in the sale of your very important asset. Talk to friends, family and workmates before making this decision. You can also at this time choose between an Exclusive Agency Agreement or General Marketing. General Marketing means using several agencies at once, and can add exposure to your property.
Get a lawyer
You will need to involve a lawyer as early as possible in the process of selling your property. They will be responsible for all conveyancing work, in addition to advising you on legal issues, dealing with the buyer's lawyer, managing the settlement process, assisting you with details of your mortgage and communicating with local authorities.
Methods of sale
Different selling methods exist for selling your property. The main options include:
~ Tender
A process of selling, calling for purchasers to make their best offers in writing for that property by a given date. Buyer's offers are collected confidentially and the seller chooses which offer is the most favourable. A price is not advertised, allowing the "market" to decide the value of the home. With an Open Tender buyers make offers in writing, there is no particular deadline and the property can sell anytime. With closed tenders buyers make offers in writing and bids must be in before a defined date.
~ Auction
A public sale of a property or real estate that is sold to the highest bidder when the owner's reserve is reached. Sellers have the ability to set a reserve price and a suitable settlement date prior to the auction. The auctioneer is not permitted to sell the property below the reserve price without authorisation.
~ Fixed Price / Negotiation
Marketing of your property for a stated price, or inviting offers that parties will then negotiate on in the hope of establishing a concluded contract between the parties.
If you are using a real estate agent then you should talk to them to determine the best method for you.
Setting a realistic marketing price
To attract interest from the maximum amount of potential buyers you need to set a realistic marketing price.