Introduction
Also
to consider, Is the economy having an impact on the property market. Have
‘transactions’ slowed due to interest rates etc.
Overpricing
your home is
one of
the worst things you can do. Your property should be listed
at a premium but achievable price. Insist on the agent backing their opinions
up with facts. What systems do they have in place to ensure your property will
generate the maximum level of interest? How are they going to professionally
and comprehensively market your property? Do you feel they would be the best person
to represent your home? Do you trust them?
Signing
an Agency Agreement
You can appoint any number of agents to market your property. Only the agent
who sells the property will get paid. You have the right to sell the property
in which case no commission is payable. This appointment can be ended by either
you or the agent at any time. This category does not usually result in a great
deal of commitment by any of the agents. The attitude often associated with an
‘Open Listing’ is
You appoint one agent to market and sell your home. You have the right to sell
the property yourself in which case no commission is payable. If the agent or
another agent sells the property, commission is payable. If you are interested
in marketing and selling your own home this type of agreement would be
suitable. You usually get a good level of commitment from your agent, but there
are a few drawbacks. Each appointment is for a maximum of 60 days.
You appoint one (1) agent to handle the marketing and sale of your
property. You only deal with this agent. They are responsible and accountable
for the entire process. This agent would be in constant contact with you and
the level of commitment is usually very high. If and when your property sells
this agent will get paid. Each exclusive appointment is for a maximum of 60
days. If you have any questions with regard to these agreements please speak
with your solicitor or Darren Rodgers your Q1Realty agent.
The level of marketing your Apartment receives is up to you. Different units require
a different level of marketing. A well prepared and well placed marketing
programme will pay dividends. Experience tells us that maximum buyer interest
often equals maximum Price. How and where you should spend money is the big
question!
Methods of Selling
There are essentially two methods of selling your home. One is with a price,
this is called a ‘Private Treaty’ sale. You put the property up ‘For Sale’ with
an asking price. It is your agents job to achieve a price as close to this
figure as possible.
Whether you have your Apartment open for viewing is up to you. I believe they
are a valuable marketing tool. Yes, you may get your neighbours and sticky
beaks but you will also get red hot buyers walking through your front door.
There are many buyers in the market place who utilise their Saturdays to go ‘unit
Shopping.’ If your home is Open they will probably have a look. At Q1Realty we register
each party and at all times have your property best interests top of mind.
When it gets down to the business end of the deal you want a strong
negotiator on your side. The negotiating strengths and skills of your agent
often translates into dollars in your bank account. At Q1Realty we understand
the value of controlling this important phase of your sale.
Buyers
are wary of high pressure tactics and unsettling attitudes which is not only
unethical but can also be seen as a breach of the code and therefore
jeopardising a sale on your unit. An agent who understands the negotiating
process and who maintains professionalism usually obtains the better offer and
satisfaction to both parties, but more importantly to our client.
Note:
If the agent is aggressive to obtain your business it’s more than likely this
will continue through the sale process.
Once you sign, it’s done. Your property is ‘under contract’ off the market and
hopefully ‘Sold’.
The standard REIQ commission is 5% of the first $18,000.00 and 2.5% of the
balance, plus 10 % GST.
Q1Realty
are independently owned and managed, therefore our fees are negotiable,very
competitive and structured fair. More importantly we strive to achieve every
dollar for our clients, knowing our fees come off your sale and not paid
upfront. Basically the more we achieve for our clients the more we receive in
return, a win-win position.
If you are selling now or in the future & would like an up to
date market appraisal we would be delighted to hear from you.
Q1Realty
“Our fees won’t
blow you away, but our professional service will”Guide to Selling
When to Sell
We're on the market
Which Agent
SIgning an Agency Authority
Marketing your Property
Methods of Selling
Open to View
Negotiating
Signing the Contract of Sale
Commission Fee
Introduction
Whether
your decision to sell your Q1 property comes easily or requires much
deliberation there are many factors which should be taken into consideration.
One of the first considerations is - do I sell first, then look for my next
home or do I wait until I have found something suitable then put my Apartment
on the market?
Let’s look at both options Obviously if
you sell first, you run the risk of not finding a suitable home in time for
settlement. In situations like this you may be forced to think about
alternative accommodation. This may entail moving in with relatives/friends or
renting. You should avoid rushing into buying a property that is not entirely
suitable.
The advantages are, you know exactly how much money you have and when you will
be receiving it. You are in a strong position to offer a contract and have the
flexibility to offer a shorter settlement period. This could certainly put you
in a favorable position to negotiate on price and terms. In this instance you
should include a ‘subject to settlement’ clause in your contract. Speak with
your solicitor or Q1Realty agent for more details.
Another way to help combat this situation is to request a longer settlement on
the sale of your property. It may be the case that we can negotiate a 60 or 90
day settlement. This would provide you with extra time to find and ‘settle’
your new home. In this instance a ‘contemporaneous settlement’ may make the
process easier and save you money. Speak with your solicitor or Q1Realty agent
for more details.
Take note: Your unit may be ‘Under Contract’ this does not mean it is ‘Sold’.
The contract of sale may be subject to a number of conditions which could allow
the buyer to get out of the contract. Never commit to another contract without
knowing exactly where you stand.
If you decide to find your new home prior to putting your home on the market,
you must consider the following. If you find your ‘dream home’ are you going to
commit to buying it.? Are you going to ‘go to contract’? If you don’t you may
lose it to another buyer. This situation creates a dilemma which might
influence your course of action. You may decide to buy the home in the hope
your unit will not take long to sell. Be careful. Consider the consequences.
If this situation does occur there are a few options you can utilize.
Id
eally you should make the new contract ‘subject and conditional upon the
satisfactory sale and subsequent settlement of your existing property within a
specified time frame’. Consultation with your solicitor is strongly advised.
You may attempt to negotiate a longer settlement period. This will give you
more time, but you will still be legally obliged to ‘settle’ on the new home,
so always ensure you are capable of doing so.
Banks and lending institutions now offer
finance packages to cater for these
situations. They might be referred to as ‘relocation loans’ or ‘bridging
finance’. Always do your homework and speak to the appropriate people.
When To Sell
Some people have preferences as to what time of year they think is best to
sell. It may be spring when the weather is fine, or it may be summer when holiday activity is high.
The market is cyclical with 3 factors to consider - Buyers Market,
Sellers Market or Stable Market. These factors are influenced by supply
and demand.
Regardless of all of the above mentioned conditions people still buy and sell
property. If you buy and sell in the same market you are on a level playing
field. To buy and sell in the same market offers an element of protection. You
should also consider the amount of competition in the Q1 currently for sale? If
so, are they selling?. Your unit must compete for the buyers interest. That is
a vital phase in securing a good ‘contract of sale’. At Q1Realty our primary
objective is to generate the maximum level of buyer interest in the units we
launch onto the market.
We’re On The Market!
Right, your Apartment is going on the market. You have decided it will be sold.
The preparation you put into your property prior to being put on the market
will impact on the eventual result and outcome of the sales process. Presentation
is a key consideration. We need buyers imagining themselves living there as a
future home not who the current owners are. Present your unit like a display
home, if your property presents well buyers will have an emotional attachment.
When you get a contract it will most likely be subject to a satisfactory
building and pest inspection. Whilst no unit is perfect it is in your interest
to ensure the condition of your property will not adversely affect the sale.
For example, it helps if there is no internal wall damage.
Which Agent?
Your next step is to choose an agent and have your property appraised. There
are plenty of agents to choose from, but not all agents are created
equally.
It is advisable to contact a couple of agents and have a chat with each of
them. You should feel comfortable with the agent you choose.
Do not
fall
i
nto
the trap of choosing an agent based solely on the price they have quoted you.
Talk is cheap. There are agents in the industry who will attempt to win (Buy)
your listing by simply trying to flatter you with very high figures. This is
not only unethical it is highly detrimental to the sale of your unit.
By law an agent cannot market your property without a fully signed ‘appointment
to act’ (PAMD Form 22a). This is a legally binding contract between you and
your real estate agent. The form specifies several important elements to the
agreement. These include the services to be performed by the agent, the agreed
commission as well as other fees and charges including advertising and
marketing costs. It is important that you fully understand the terms and
conditions of the agreement.
There are essentially three (3) categories of appointment. The agreement form
explains the difference between each one. Below is a brief description of each
category.
Open Listing
“ If I sell it, I sell it, if I don’t I don’t”. There is no real commitment by
either party.
Sole Agency
Exclusive Listing
Marketing Your Property
Do not be fooled into costly and unnecessary advertising. It is expensive, not
always needed and often is placed more for the benefit of the agent than the
seller.
Bear in mind ‘no advertising costs, usually means no advertising, full stop’.
At Q1Realty we will design a marketing programme to suit your property. Our
first objective is to ensure it will be effective in generating buyer interest.
At Q1Realty you will benefit from our online systems which are designed to
ensure no stone is left unturned when it comes to finding that ‘buyer’ who
loves your Apartment. We utilise every form of effective advertising and stand by
our quality of marketing, we will keep you happy.
The other is without a price, as in ‘Auction’ or ‘Tender’. The property is
marketed without a price. The buyers are put in an environment where they
compete for the property.
Both methods have advantages and disadvantages. There are a lot of factors to
consider before deciding which method best suits you and your unit.
Open to View
Negotiating
Signing the Contract of
Sale
This should be a time to celebrate knowing you got the best possible price and
your agent did the best job possible. This result will impact on your financial
future. Do not leave it to chance. Appoint an exclusive professional property
agent to protect your interests.
Commission Fee
