Find out why HUM & FEA are Hope Island's leading real estate agency.
Understanding the Selling Process
Listing Your Property For Sale
The real value of your property should be based on facts.
Remember, the agent you choose isn't planning to buy your property - your agent is responsible for managing the sale of your property.
Your agent should show you the facts regarding the price your property should sell for. The most revealing fact is the price buyers have been willing to pay for properties similar to yours. These “comparible sales” are available to every agent in your area. Ask for them, and believe them. However, please remember that some unscrupulous agents will try to buy your listing. If two agents give you a similar appraisal figure based on facts, and then another agent gives you a figure that makes you smile, and you want to believe that their enthusiasm will get you a better price, be wary. Employ the honest agent – remember, you need to trust them. If you can’t trust them to give you an honest appraisal, how can you trust them to be honest come sale time?
An agent who purposely takes on an overpriced listing usually realizes it, and starts “working on you” immediately to get a series of deep price cuts. The problem, besides your frustration and feelings of betrayal, is that the current buyers watching the market quickly decide your home is overpriced and won’t even consider looking at it, unless you cut your price to well below fair market value.
The result is it takes longer to sell and you get less money!
The secret to getting the most money and the quickest sale with the fewest problems is to price your property right from day one. The facts are available and they are clear and indisputable. The best agent is the one with the best qualifications and strategies for marketing your property who proves with facts the correct pricing for your property.
Your home is the single most valuable asset you have, why entrust it to anyone other than an experienced professional? You must work with your agent towards a common goal – highest possible price, in the shortest time, with the least amount of hassles.
When you invite HUM & FEA to appraise your property, they will come prepared. Before arriving, they will undertake a Comparative Market Analysis which ultimately compares your property's features (land size, number of bedrooms & bathrooms, presentation etc.) with other properties in the area that are currently on the market (your competition) as well as those that have recently sold (your market value). This will enable HUM & FEA to provide an informed estimate of what your property might sell for in the current market.
Remember, properties that are overpriced don't sell, and they scare away potential buyers. Buyers are immersed in a particular price range, they have seen many properties and know what a reasonable price range for your property will be.
So if your strategy is to set an unrealistically high price in order to leave some room for negotiation or in the hope that that special buyer might just come along, rethink your strategy. Properties that are on the market for too long become "stale”, resulting in agents and buyers believing that something must be wrong with the property.
Setting your price too low can also result in buyers being cautious and wary, and will leave you short changed.
Price it correctly and it should sell quickly regardless of market conditions.
Obtaining a Comparative Market Analysis for your property is very easy. We will happily generate a Comparative Market Analysis and suggested listing price for you.
If you decide to proceed with listing your property for sale, documentation (POA Form 6) must be completed before any promotion is undertaken to provide HUM & FEA the legal right to sell your home on your behalf. HUM & FEA will then compose ad copy for your approval, organise photographs to be taken, and load your property onto the internet asap.
You Can't Sell a Secret - Marketing Your Property
HUM & FEA recommend professional photography for all listings. Marketing strategies will be discussed and the most appropriate, cost effective vehicles for promoting your property recommended - newspaper advertising, internet advertising on all the major real estate websites, such as realestate.com.au as and domain.com.au well as many more. HUM & FEA will also send out email broadcasts and distribute a "Just Listed" flyer in and around the local area.
HUM & FEA take great care in the process of qualifying prospective buyers - your security is our top priority. We will always endeavour to provide you with enough time to present your property at its best. If the property is tenanted, we will liaise with the tenants giving a minimum 24 hours notice to inspect. After every inspection we will contact you to report on how the inspection went, and any feedback - good or bad that the potential buyer has provided.
Offers and Contract Documentation
HUM & FEA will prepare all of the necessary Contract documentation. As soon as we receive an offer, a Contract to purchase will be generated, the buyer will sign, and it will be presented to you, the seller. After negotiations, when you are happy with the purchase price and conditions of the contract, you will sign/initial where required and then once the contract has been signed off by all parties, it will be Under Contract, dated, and a deposit will be paid by the purchaser.
Once Under Contract, HUM & FEA will notify both parties' solicitors and furnish them with a copy of the signed Contract. The Cooling Off period then commences whereby the buyer is given a period of 5 business days in which they can terminate the Contract for any reason whatsoever. If the buyer chooses to terminate within this Cooling Off period, they may be liable to a termination penalty equal to 0.25% of the purchase price. The seller then has 14 days within which to refund the deposit, less the termination penalty, if the buyer exercises their rights under the Cooling Off period. Most contracts are also conditional upon the buyers obtaining finance and being satisfied with a building & pest inspection. We will coordinate with the buyers, inspectors, lenders, valuers, solicitors and of course handle any complications that can occur at times throughout the process so that you get the most important thing of all…peace of mind that the Contract will proceed.
When all conditions on the contract have been met eg. Cooling Off period has come & gone, finance has been approved and building & pest report is satisfactory, the Contract is deemed to be unconditional. In other words, the Contract will now proceed to settlement. The solicitors must now carry out their searches and prepare for a transfer of title to the property. You can safely start packing!
Settlement isn't a grand affair. All parties to the Contract, or their representatives will meet, usually in the bank’s settlement room. Cheques and documents will be exchanged and title will change over to the new purchasers. Settlement is then said to have been effected. If your agent is holding a deposit in excess of their commission, they will be instructed to release the remaining deposit monies to you after settlement.
Time to celebrate your sale!