Selling Your Property?Questions Most Asked

Questions Most

Asked by Sellers

Should I sign a sole agency Agreement? “(I might want other companies to be able to sell my home)”

We recommend a sole or exclusive agency for the following advantages,

• anexclusivecommitmentofoneagent,nocompanywillprovideallthenecessaryresourcesandfinancialoutlaytosellyourhomeunlesstheyareguaranteedpaymentwhenyourhouseissold;

• securityofyourhome,oneagenthasthekeyandissoleyresponsible;

• allbuyernegotiationsarecontrolledbyonecompany;and• other realestatecompaniescanstill sellyourpropertyon

aconjunctionalbasis.Thispracticeiscommonamongstmostreputablerealestateagents.

Should I sell first or buy first?

We recommend that you should sell first and buy after you have sold, for the following reasons,

• youarenotunderanypressuretosellquickly;• whenyoupurchaseyoucannegotiateabetterpricebecauseyouareacashbuyer;• you can dictate terms with confidence when incompetitionwithotherbuyerswhomayhavetosell;•youwillnotbeunderanyfinancialpressure;•youcanalwaysextendyourcontractsettlementdatetoallowtimetolocateanotherproperty.

RealEstate1aBlighStreet,RosnyPark0362445588sales@pmmrealestate.com.aupmmrealestate.com.au

“What happens once I appoint you as my agent?”During the initial period of your authority, a lot ofthe activity tends to take place behind the scenes.Depending on what type of marketing plan youselect, your photography, advertising copy, internetlisting, digital floor plans, brochures, contract of saledocumentation and sign will be ordered, preparedandproofed.Thespacewillbebookedinyourselectedmedia, sales team briefed on your property andappropriatebuyersonourdatabasecontacted.

“If I start with a high price, I can always drop it later, can’t I?”We recommend that once your property’s full promotional campaign commences, it is imperative that your price is correct.

Buyersusuallymaketheirbestofferwhenthepropertyfirstcomesonto themarket. This isbecause thepoolof buyers who have been looking for months will beattracted to the ‘New Listing’. After 30 days buyerinterest diminishes and you will have to wait untilnewbuyerscome into themarketplace. Thehighestoffers usually come while the property is fresh, whileenthusiasmandcompetitionisatapeak.

“What to do when a buyer is inspecting?”When we organise an open home or a privateinspectionofyourproperty,wewantthebuyertogetthe feel ofmoving in. If owners are not present, thebuyercanspendmoretimeatthepropertyandnotfeeluncomfortableabout invading your space. Thereforewestronglyrecommendthatyougoforadriveorshortwalkwhilewearepresentingtheproperty.

“How will I know what’s happening during the selling process?”

Yoursalesconsultantwillspeakwithyouandgiveregularupdatesandreportsonallactionsandactivities. Wealso conduct strategy meetings with you throughoutthemarketingperiodtokeepyouuptodate.

Keeping you in the picture

Communicationisavitalcoginthewheelofcustomerservice. Upon listing your property for sale, we agreeupon a level of communication satisfactory to you.Whetherthatmeanswetalkonceaday,onceaweekoronlywhensomethingmajorhappens,it’syourcall.

We will be calling you regularly with updates andappointment details.Our office support staff are fullylicensed and trained and arewell able to assist withyour property enquiries should your consultant beunavailableforashorttime.

The name and telephone number of each buyerinspecting your property is taken and serious leadsfollowed up in a timelymanner.Wewill contact youwith the results of inspections, conveying to you allgenuine,detailedbuyerfeedback.

Activity Reporting

Yourpropertywillbeincludedinourweeklysalesteammeetingsandyouwillbecontactedregularlyadvisingyouonallenquires,inspectionsandanyrecommendedmarketingchangesornewstrategies.

Should I Accept

an early offer?

“How do I deal with an early offer?”

We recommend that you:-

• treatearlyofferswithrespect.Thisoffermayturnouttobeyourbest,soitshouldbeconsideredcarefully;

• whenapropertyfirstentersthemarket,ifitispricedcorrectly,itoftencreatesitsownmomentumwherecompetitioncansometimespeakinthefirstfewweeks;

• eachofferisasignofinterestandshouldbeastartingpointfornegotiations.Allinitialoffersshouldbecountersigned.

“Will I be advised of all offers?”

Asyouragent,wewilladviseyouofALLofferswithin24hours,bothgoodandbad.

“Do I need to have open homes?”

We recommend that you have open homes if you are in full selling mode for the following marketing advantages

• mostbuyersprefertoinspecthomesbythismethod;• moreimpactandcreatesmorepotentialbuyers;• generates more activity and competition amongst

buyerswhichmayresultinahighersaleprice;• market research indicatesmorepropertiesare sold

asaresultofopenhomesthananyothermarketingmethod;and

• enablesyouthesellertoplanyourinspectiontimes.

“Should I maintain insurance on my property?”

We recommend continuing insurance cover onbothyourhomeandcontentsuntilsettlementday.

“What do I do when I receive an offer?”

Alloffersarepreparedona standard LawSocietycontractforsaleandwillbepersonallypresentedtoyou (if possible)within 24 hours. Firstly, you shouldcheck all the chattels listed in the contract areincludedinthepropertysale.Ifyouarenotsatisfiedwiththepriceorconditionsoftheoffer, it isextremelyimportantthatyoucountersigntheofferwiththetermsandconditionsorpricethatyouarecomfortabletoaccept.Thiswillenableyouragenttonegotiatefurtherwiththepurchaser.

“What happens to the contract of sale?”

Oncethesalehasbeenagreedtobybothparties,the contract is signed, dated and all changesinitialled,acertifiedcopy is sent to thenominatedsolicitorofbothparties.

“What happens to the deposit?”

Thesemoniesarebanked intoourRealEstateTrustAccount which is held by an approved financialinstitution. These funds are only released uponreceiptofwrittenauthorityfromboththesellersandbuyer’ssolicitor.

“What does it mean when my sale becomes unconditional?”

The sale of a property is said to be unconditionalonce all conditions attached to the contract (egconditional upon finance, sale of a property orbuildinginspection)havebeenfullysatisfied.Your agent will attach your sold sticker to yourpropertysignatthisstage.

“What happens at the pre-settlement inspection?”

Thepurchaserisentitledtoinspectyourpropertyjustpriortosettlement.Itisexpectedthatyourpropertybepresentedinvirtuallythesameconditionasitwaswhenthecontractwasoriginallysigned.Allchattelsincludedinthesaleshouldbeingoodworkingorder.

“What happens on settlement day?”

Settlement day is the date when the balanceof monies owing, less costs, are paid, keys arehandedoverand theproperty thenbecomes theresponsibilityofthepurchaser.Yoursolicitorwillconfirmthisdatewithyou.Pleaseensurethatyouhavevacatedtheproperty.

Glossary of Common

Real Estate TermsContract of SaleThedocumentoragreementwhichexpressesthetermsandconditionsthepurchaserandsellerenterintoinrelationtoasale.OftenreferredtoasStandardFormContractforsaleofrealestateinTasmania.

ChattelsAny property, excluding freehold land (real estate). Chattels aretreated as personal property. Eg: fridge, microwave, fixed floorcoverings,curtains,blindsandlightfittings.

CommissionThemoneypaidbyapersontoarealestateagentforservicesrenderedtoeffectapropertysaleandmuchlessfrequently,apurchase.

VendorTheseller.Thepersonwhosellsinrealestatetransactions.Thepersondisposingoftheproperty.

TitleTheownershipoftheproperty,orthedocumentsconstitutingtheevidenceofsuchownership.

Clear TitleCertificateoftitlewhichisnotencumberedinanyway.

Real EstateThelandorlandwithimprovementthereon.

Caveat EmptorLettheBuyerBeware.

ConveyanceAdocumentor instrumentwhich transfersownershipof thepropertyfromthesellersnametothebuyersname.

DepositTheamountofmoneyplaced in trustasevidenceofgood faith forthefutureperformanceofarealestatetransaction(normalpractice,minimum$10,000to10percentofthetotalpropertyvalue).

Private TreatySales made through a real estate agent by private negotiation asopposedtoauction.

ConsiderationMoney,doingsomethingortransferofpersonaleffortwhichconstitutesvaluewhichinducesacontract.

VoidableAcontractofsalecanbemadevoidattheoptionofoneofthepartiesifthecontractconditionsarenotmetinatimelymanner.