How do I choose an agent to sell my property?
Some agents may be so keen to get your listing that they exaggerate their own abilities. Confidence and capability are not necessarily the same. Look for the one who makes a professional presentation and gives you a realistic appraisal of your property. If you set an unrealistic price you may be waiting indefinitely for a sale. Some agents will give you a high appraisal hoping that you will be persuaded to list with them.
Don’t be fooled by an agent who tries to get your listing by saying he has buyers waiting to see a property like yours. All agencies have buyers waiting to see a property like yours.
Look for the agent who specialises in your area. This is the one with the best knowledge of market values.
Look for the agency with a high market share. They will have the most buyers.
Watch out for the “dynamic” sales personality. Can you work with this person? You may be better to choose an agent that matches you own personality to some degree.
How do I choose an agent to help me buy a property?
If you find an agent that you feel comfortable with, you can find the property you desire by agreeing to work with that agent (even for an agreed period of time).
Working with one agent will allow the agent to concentrate her efforts for you without her worrying about being cut out of the picture by another agent from the same company.
Bronwyn will take the time to understand your requirements and only tell you about properties that meet your needs. As a buyer you will not be wasting your time looking at unsuitable properties.
If you decide to work with Bronwyn from Tremains, she will ask you to contact her regarding any property you may be interested in (even listings by other companies) so she can take you to an inspection or open home. Going into an open home without first advising your preferred agent could mean the end of Bronwyn’s involvement, as you will then be represented by the agent who had the listing for the property you viewed.
What is an appraisal?
It is a requirement of the Real Estate Agents Association that a written appraisal be provided before a property is listed. The aim of the appraisal is to give you an estimated sales price (with a range of plus or minus 5%).
The appraisal refers to recent sales of similar properties and similar properties currently on the market. The highest appraisal does not mean that you will achieve the highest price, and often the opposite will happen. The most informative appraisal will most likely result in the highest sales price as it would have been delivered by the agent with the best understanding of the market.
What is the best sales method?
There are several sales methods that an agent can employ:
No price is set and the buyer will make an offer.
Auction: A public auction is held with interested buyers making bids to the auctioneer.
Tender: A date and time is set for sealed written offers to be submitted to the real estate company.
The agent (or the companies sales manager if there are multiple offers) will take the offers and open them in front of the vendor. The vendor can choose the offer that suits them best, or to decline the offers.
A date and time is set for the property to be sold by. However, if the words “unless sold prior” are clearly written on the marketing material, an offer can be made at any stage through the process.
Do I need marketing?
Yes. Selling property is a very competitive business, and your home has to stand out from the crowd. Tremains has an awesome marketing capability, and Bronwyn makes extensive use of video and aerial photography.
Do I need solicitors advice?
You can always talk to your solicitor before making an offer, or have the agreement sent to the solicitor before signing, or have a solicitors clause inserted into the contract by your agent. This will give the solicitor the ability to discuss all aspects of your offer before it becomes unconditional.
Do I need a builders report?
If you are a buyer, I always recommend you get a building report. This can be done by a “suitably qualified building inspector” or a builder/friend you trust to look over the property you wish to purchase. As a Vendor, a building report is not normally done unless the property has some issues that need to be factored in to your selling price.
Do I need a LIM report?
This is sometimes a requirement from banks in order to approve a loan. As a Vendor, you would need to order this well before going on the market as it can take up to 2 weeks to be put together by the HDC.
What is a Registered valuation?
A bank will sometimes ask for a registered valuation to be done before they will approve a loan. Not usually necessary for a vendor to have one done.
Is my property’s rateable value a guide to the sales price?
Not really. Properties are currently (early 2018) selling well above RV, and I do track the selling price to RV ratio, as this can be a good guide as to where to put your offer in. But in reality, purchasers put the price on a property where they see value.