November 03, 2011
So you’ve decided to sell your property.
It’s the first time (or it’s been a long time) since you’ve sold a property. Where do you start?
Decide where you would like to move to
- What are looking to move for?
- to be closer to work/school/family
When do you want to be in your new home?
These questions are important to have clear in your mind before you decide to go on the market. The next step after presenting your home is to choose an agent (visit www.shedden.com.au) or try it yourself. Today I will cover just the basics, as choosing an agent and selling privately are articles in their own right.
Invite three agents to conduct a market appraisal. First ask friends or family if they can recommend someone to you or alternatively have a look on the sold section of www.domain.com.au or www.realestate.com.au to see who is selling the properties in the area.
Keep in mind that agents can and do “lie” to win the business and this is called the quote trap. To find out more about the quote trap contact our office on 4926 1566 and we would be more than happy to discuss this with you. It is also advisable to have a registered valuer (independent of a real estate office) provide you with a valuation. This gives you the most accurate picture of what your property is worth, however you will have to pay for a registered valuer’s valuation.
Once you have decided on an agent, they will ask you to sign an agency agreement which is a contract between yourself and the agent that provides the agent the right to market and sell the property. There are different types of agreements including exclusive, open and co-agency. You must also choose a solicitor or conveyancer. There are pro and cons for either using a conveyancer (who specialises solely in property) or a solicitor (who deals with many types of legal concerns including property). Ask for recommendations from family, friends or colleagues as this is often a sound way of finding a reliable advisor. The conveyancer or solicitor will prepare what is called a Contract of Sale. This is a requirement of law for an agent to have prior to marketing a property for sale.
In the lead up to the contract being delivered to the chosen agent, he or she can start looking for a buyer. This is where the agent talks to potential buyers and gauges their interest. Interested parties are then introduced to the property once the contract has arrived. Once the contract is available, the agent can erect signage, put the property online and start showing buyers through.
Tiron Manning Shedden Real Estate