Selling a Property -Advice & Tips Needed (Please).

Hi Jessica,

Following is an extract from the website at http://www.propertydivas.com.au where you’ll find heaps of property related documents, checklist and templates:

“….For most people their home is their largest single asset so when it comes time to sell you need to select a Real Estate Agent carefully.

Firstly you need to feel confident about the agent and this can be determined by asking the following questions:

What industry experience do you have?
Are you familiar with the area and price range our house will be listed?
Can you provide a reference from a previous seller?
How many homes have you sold in the area recently?
How many days do you work and is the office open 7 days per week?
What feedback will you provide us with?
How do you qualify potential buyers?

Generally, a Real Estate Agent should have a professional image, be committed to the industry, and display a high standard of personal grooming

Setting the Price
Take care when establishing a list price, if overpriced it simply won’t sell, and when you do reduce the price buyers will know it was excessive and may still consider it to be overpriced. On the other hand underpricing your home could mean it will sell quickly, but you could loose potential profits.

Your agent should be able to provide you with the details of at least 3 similar properties that have sold nearby. Ask them how they arrived at a particular listing price. A good agent should be able to justify and explain their decision. The main factors that influence price are the location and condition of your home, and the proximity to facilities such as schools, shops and transport. One of the best ways to select an agent is to ask friends for recommendations.

Marketing Plan
As part of your interview process to select an agent ask them how they intend to market your property. An agent should be able to offer you a choice of advertising in local newspapers and publications, the internet, and open houses. Carefully consider the issue of an open house carefully before you agree, as effectively you are inviting strangers off the street into your home that have not been pre-approved as potential buyers. Agents often use “open houses” as a way of redirecting people to other homes they have listed in the area.
The agent should also provide a full explanation of advertising costs and commission.

Property Flyer
To give your home the $mart advantage asks the agent to prepare a “flyer” on your property. This should be printed on glossy A4 paper and contain several colour photographs of your property. The flyer should include full text descriptions (not abbreviations) of the number of bedrooms, bathrooms and car accommodation. The article should highlight the most saleable features of your home and include the distance to shops, schools and transport.

The agent should hand all potential buyers a flyer, which will act as a reminder of the property. They can take it home and look and dream of living in your house…”

I hope this helps you with assisting in the sale of your parents home.

Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”

Hi Jessica,

I am putting my PPOR on the market at the moment. I contacted 3 REAS in my local area for an appraisal. My prerequisites before coming were:
– REA that has been in the industry longer than 6 years (experience selling in tougher times).
– area sales data going back 6-12 months.
I showed each of them my property, advised them I had contacted other REA (not that big of a town), and requested they give me a mock up of marketing add. Of the 3, one never called back, two gaave me a marketing add. Of those 2 only one called back to ask my thoughts. All 3 advised me with how it most likely wouldnt sell over the Dec/Jan period and how bad the market was at the moment. SOOoooo……..It goes on the market next week under private sale. If it hasnt sold by Feb then we will reconsider the agents.
What can I say, they actually talked me out of listing with tem over that time period. It would seem that I have nothing to lose (only the advertising) and potentially a lot to gain (savinngs on REA fees).

I will let you know how it goes.

Cheers
TAmmy

Look on the Neil Jenman site for tips, stories and there are 2 books called:
“18 worst mistakes made by homesellers” and
“don’t sign anything”.

There is also a contract you can download to use with your selling agent to protect yourself from their little games.
I have used it several times – agents don’t like it, but they sign it.
Also
I am an ex-r/e agent myself and can recommend it.

Cheers,
Marc.
[email protected]