Selling Your Property In 5 Steps
1: The Market Appraisal
Once you have decided to sell, the next step is to seek a market appraisal from your local PRD real estate professional. This information will help determine a likely price range of your property. Your agent’s experience in your local area will give you sound advice as to where your property sits in the market.
2: The role of the Real Estate Agent
The role of your PRD agent is to sell your property at the best price in the shortest time frame, with minimum inconvenience to you.
PRD agents work in your interests, providing services such as:
- Advice on the likely selling price of your property.
- Advertising your property to the most likely buyers.
- Attracting buyers to inspect, become serious and make an offer.
- Negotiating the selling price between yourself and buyers.
- Facilitating the actual sale and legal steps involved in selling.
3: Setting the price or reserve of your property
Setting the price is one of the most important decisions you have to make when selling your property. Features such as location, size, age and unique attributes will help determine the figure, as will checking sales prices on similar properties in your area. Our in-house Research Department gives PRD agents access to property information such as average property prices, demographics, sales activity and rental returns which will help you set the asking or reserve price of your property.
4: Marketing your property
When selling a property, your PRD agent will advise you on the best way to market your property to ensure thorough and memorable exposure over the allocated period, reaching as many people as possible. We will develop a marketing plan best suited to your property and your needs.
5: Negotiating and accepting an offer
Your PRD agent will facilitate all aspects of the negotiation process. They will present all offers in writing, leaving you with the option to accept, or provide a counter offer. If the buyer does not accept your counter offer, they have the right to withdraw their original offer. When deciding on an offer, you should also consider settlement date, suitability of deposit and whether terms/finance are arranged. Your PRD agent will be able to provide advice on such considerations.
Private Treaty: Once you have reached an agreed selling price with the buyer, you need to sign the contract. The buyer pays a deposit, usually 10%, with the balance paid on settlement date.
Auction: With auctions, there is no cooling off period. The deposit is paid and contract signed on the fall on the hammer. After, the contract is unconditional, it is a legally binding contract and the process of transfer can begin. A solicitor or conveyancer will usually handle the transfer with stamp duty (if applicable) being paid by the buyer.
On settlement day, the keys are handed over to the buyer and the property becomes their responsibility, thus it is important to note that until settlement day, you are responsible for insurance etc.
(The legal process varies in each State, so consult with your solicitor and PRD agent).