Tips on Selling
The Selling Process
There are two methods of sale that are most commonly used for the sale of residential property. They are Private Treaty and Auction. Each method has advantages. A skilled agent realises that each property's marketing strategy is unique and as such both should be properly considered and explained to you.
Private Treaty
- As the seller, you set the asking price for the property to be marketed
- Your potential buyers are aware, through the advertised asking price, that the home is within their budget
- Buyers are able to place their offers and begin negotiations as soon as your property is advertised for sale
- Market feedback is provided to you on the day with attendance numbers and through regular Agent's Reports
- As the seller, you may adjust the advertised asking price at any time throughout the marketing campaign
- Selling your property by Private Treaty is the simplest most effective and flexible method of sale
Auction
- As the seller, you set the reserve price for the property and make the final decision on the length of the auction marketing campaign, normally 4 weeks
- The auction environment creates competition and a greater sense of urgency amongst potential buyers because there is no advertised asking price
- You can adjust your final reserve price on the day of the auction if your expected sale price is not reached either before the auction or on auction day
- The property won’t sell until it reaches the vendor’s confidential reserve price. When this happens, the auctioneer will call the property ‘on the market’
- The property won't sell unless it reaches the vendor's reserve price. Contracts are signed and exchanged at the end of the auction. This is the sale.
- A deposit is paid by the buyer on auction day with a standard auction settlement term set at 30 days from auction day to completion of the sale
- The market or real estate value for your property can only be determined by the amount a willing purchaser is actually prepared to pay on auction day
- Selling your property by public Auction is a transparent method of sale, encouraging competing buyers' bids resulting in a final higher sale price
Stage One
Organise for us to provide you with a free market appraisal and a sale price range based on recent past sales of similar properties in the vicinity.
Let us know you've chosen us as your Sales Agent.
Sign and date our Exclusive Agency Listing Agreement.
Stage Two
Your solicitor provides us with the Contract for Sale.
We then begin preparing your marketing material including: Allhomes listing, Photo Signboards, Exhibition Flyers, Letterbox Drops and optional Canberra Times Advertisements.
Our team prepares your home for the exhibition.
In consultation with you, we will agree on the exhibition times.
Exhibitions of your property will take place at the agreed times.
Stage Three
We'll negotiate a sale price with potential buyers.
The offer is then presented to you for your consideration. You may choose to accept the offer, place a counter offer to the buyer or decline their offer.
We'll advise the buyer of your decision.
Once the offer is accepted by you, we'll prepare the sales instructions for the solicitors.
Your solicitor and the buyer's solicitor will arrange for the Exchange of Contracts, which generally occurs 2 weeks from an offer being accepted.
The buyer conducts a pre-exchange inspection to ensure everything is as recorded on the Contract for Sale, checking against the list of inclusions and that all appliances are in working order.
Once the contracts are exchanged your home is marked as 'sold' on all published websites and on the signboard.
Stage Four
Settlement is the completion of the sale and is usually a standard 4 weeks after exchange of contracts (the sale).
Close to settlement day you move out, and leave the house in a clean state.
The buyer will undertake a pre-settlement inspection the day before settlement to ensure the property is as inspected before the sale.
On Settlement day buyers are provided with the keys and access to their new home. You receive the proceeds of the deposit held in trust along with an Account to the Vendor, after sale fees are deducted and paid.