Choosing a Real Estate Agent
Here are some things to think about to help you choose the right real estate agent.
There are lots of things to consider when choosing a real estate agent to sell your property:
Can they display their local knowledge of your area?
Do they have the right attitude?
Do they listen to your concerns and answer your questions?
Can they detail exactly how they will approach selling your property?
Will they clearly outline the activities and marketing they will undertake and offer a guarantee of service?
Will they be honest and act in your best interests?
Do they have any comparable previous sales they can show?
Did they offer proof of a database of buyers ready to market your property to?
Discuss your requirements with your local Loven Realty real estate agent, who can provide you with the benefit of their local knowledge and experience, while offering honest advice and a proven plan to sell your property for the best price possible.
In all states and territories in Australia and in New Zealand, all real estate agents have to be licensed in accordance with local legislation. The legislation also regulates such matters as trust accounting, continual education of licensees and those engaged in the business of selling, managing property and renting. In some areas, this legislation also prescribes the form of agency agreement or contract to be used.
You should check the licence details of all real estate agents you are thinking of using before signing up with your preferred choice.
When selling your home, there are three sales methods to choose from:
- Private treaty
- Expressions of interest
The auction method creates a deadline for buyers and gives us the flexibility to sell prior, at auction or after auction. We also do not have to set a price for your property, instead we can provide buyers with a guide so that competition can determine the final result.
Auction is the best method to use when buyer demand is strong, as is the case in our market today. When there is significant competition among buyers, the sale price is often pushed higher under auction conditions.
Another consideration is the uniqueness of your property. There are no/very few comparable sales available to guide us on the likely selling price, and in cases such as this, auction is the best method for extracting the best market price.
Selling via auction is also very common in our marketplace and buyers are used to purchasing property this way.
Private treaty is the most common method for selling property. Buyers are familiar with the process and are generally more comfortable with it than auction. Buyers in our marketplace are also particularly conservative and prefer to buy via private treaty.
Another consideration is that there are several properties similar to yours currently on the market. We feel it is best to put a clear asking price on your property and let our high quality marketing do the work of informing buyers why they should consider your property first.
At our meeting, we also sensed a reluctance on your part to sell via auction. Your comfort is our top priority and we would never ask you to do anything you are not comfortable with. Selling your home can be stressful enough with adding extra layers to it! If you prefer to sell via private treaty, rest assured we are confident we can achieve an excellent price this way.
Expressions of interest (EOI)
The expressions of interest (EOI) method requires buyers to put their one and only best offer forward by a certain date. We usually ask buyers to provide their best offer in a sealed envelope delivered to our office by 5pm on the final day of the campaign.
Like auctions, EOI sets a deadline for buyers and this can help maximise competition. Unlike auctions, buyers do not know what their competitors are offering and this can encourage them to put a very strong offer forward as they only have one chance to purchase.
The potential downside is that EOI is not well understood or commonly used and we may lose some buyers due to this. However, we believe we can overcome this through open communication as well as an explanation of how EOI works in our advertising materials.
Stages in Selling Your Home
- Real Estate Agent inspects the property
- Real Estate Agent talks you though the process
- Formal property market appraisal completed
- Method of sale and marketing/advertising strategy discussed
- Presentation advice provided
- Marketing/advertising strategy agreed on
- Agency agreement signed
- Property listing details completed
- Keys and access details collected
- Open Home scheduled
- Contract for Sale prepared
- Photos taken
- Property signage done
- Agent’s database advised
- Local marketing
- Internet/window/newspaper and any other marketing/advertising commences
- Notice for inspection provided where possible
- Details of all attendees recorded
- All comments and feedback provided
Negotiating the sale:
- Best price and conditions are negotiated
- Signing between parties is formalised
- Real estate agent’s check and assist with purchaser’s finance, sale of property, building inspections, and other conditions where necessary
Contract of Sale:
- Once terms are agreed a security deposit is taken from the buyer
- Copies of the contract are given to both parties’ solicitors/conveyances
- All parties are kept informed
- Sold sticker placed on sign board
- All parties confirm the sale is finalised
- Transfer of keys and settlement day is arranged
- New owners move in.