10 Tips For Selling Real Estate
1. Choose Your Agent
2. Establish Your Price
3. Choose The Form of Sale or Agency
4. Choose A Marketing Plan And Allocate Funds To I
5. Collate Your Documentation
6. Spruce Up Your Property
7. Get A Building Inspection
8. Arrange Access
9. Be Prepared
10. Maintain Things
A Glossary Of Common Real Estate Terms
1. Choose Your Agent Top
* Have you dealt with them previously?
* Do they abide by a code of ethics laid down by an industry body or associated group?
* Do they have client testimonials?
* What's their guarantee of service?
* Do they listen and offer a comprehensive marketing plan?
2. Establish Your Price Top
* Your price should be based on local market analysis
* Set a realistic price for a timely sale.
3. Choose The Form of Sale or Agency Top
* Exclusive agency
* Sole agency
* Open listing
4. Choose A Marketing Plan And Allocate Funds To I Top
* Choose the marketing avenues - newspapers, window displays, internet sites etc.
* Does the agent already have potential buyers on his books?
* The marketing budget is typically 1% of the value of the property for sale.
5. Collate Your Documentation Top
Put together relevant information on the property, such as:
* Recent rates notices
* Title information
* Copy of mortgage documents
* Any others as applicable
6. Spruce Up Your Property Top
* Complete any minor repairs
* Make your property as presentable as possible, paying particular attention to kitchens and bathrooms
7. Get A Building Inspection Top
Secure a building inspection report to help assure potential buyers that your property is trouble-free
8. Arrange Access Top
* Make up duplicate sets of keys
* Ensure that your agent has full access to the property
9. Be Prepared Top
Be prepared for inspections at any time
10. Maintain Things Top
Sometimes sales happen quickly and sometimes they can take awhile. Once you've decided to sell your property, though, you should maintain its presentation so that it's always ready for the sale!
A Glossary Of Common Real Estate Terms Top
New to real estate? Here's a glossary of common terms that are used in real estate transactions that might be helpful:
The way you decide you want your real estate agent to sell your property. The amount you can expect the agent to do differs with the type of agency you choose. In general, there are 5 common agency types in use in Australia:
* Open listing (General Engagement to Sell)
This means putting your property for sale with many agents. Agents will not be able to devote as much time selling your property with agency type.
Putting your property for sale with a group of agents who combine properties. Similar to an Open Listing except with only one agent in control.
* Sole Agency
One agent acts for you taking responsibility for the sale of your property, but you retain the right to sell it yourself. Having given the agent your confidence, you can expect far more service and attention.
* Exclusive Agency (Exclusive Sole Agency)
Similar to the Sole Agency, however you will gain absolute attention from your agent as the difference is that you now don't have the right to sell privately. This is the most assured way of best using the professional services of a real estate agent
Another form of Exclusive and highest form of Real Estate selling. Simply, an Auctioneer puts a property for sale in a public gathering and sells it to the highest bidder.
Authority agreement (Vendor's Statement)
Document signed by Vendor to give the real estate agent authority to sell the property and includes the agency type.
An offer to buy a property at a given or stated price which is being sold at an auction.
When a group of real estate offices or team members inspect a vendor's property to determine the best way of promotion and confirm price.
Any property other that the freehold land. Generally meaning personal property such as fixtures like light fittings, curtains etc.
An offer made conditional, for example on availability of finance or sale of other property.
Contract of Sale
A formal written agreement which states the terms and conditions of sale.
A person/company who acts on behalf of another to assist the transfer of property form one owner to another.
Cooling off period
A stated time after contracts have been signed, in which time a purchaser can change their mind and rescind the contract.
A document whereby an agreement is made, obligation entered into or property conveyed and is under the seal of the parties in the document.
The amount of money placed in trust as evidence of the intention to purchase.
Money paid out by the agent, which can include advertising, rates, taxes, insurance, service fees.
Signing of a document
Exchange of Contracts
Exchange of contracts occurs after both purchaser and vendor have signed the contacts and the contracts are physically exchanged from one party to the other.
Anything that is built on the land, for example the house.
Give authority to another person e.g.. Solicitor, agent, friend, to act on your behalf.
Money paid for legal work completed by Solicitor or Conveyancer.
Listing (or 'to list')
Recording that a property is for sale.
The market is the buyers that are around at the time a property is for sale.
The amount of money that the buyers at the time are willing to pay for a property.
A legal document signed as security for the repayment of money when you borrow money to purchase property.
The lender of the money.
The borrower of the money.
The day the purchaser receives possession of the property. This is usually the settlement date.
Advising the public and interested people that a property is for sale.
A list of questions that a purchaser puts to the vendor, usually through the solicitor or conveyancer, to determine information about the property such as rates, title, rents, etc.
Money paid to professionals for their work.
The completion of the sale. Documents and money settled between parties.
The day of completion of the sale. Vendor receives money, purchaser receives possession of property.
A qualified legal person who acts on behalf of another to assist the transfer of property form one owner to another.
A person or company, usually the agent or solicitor, with whom money has been deposited pending the sale of property.
Document that states the owner of the land and the way the land or property is classified by the Government Surveyors.
Types of Title
* Old System
The original system of passing title from one person to the next. Records are checked for transactions on the property for the last thirty years or more.
* Torrens Title
A more simple title that checks the present owner's financial obligations before proceeding with the transfer to the new owner.
* Company Title
Usually on a block of units owned by a company and run by a board of directors. You purchase shares in the company rather than owning a title or deed.
* Community Title
A cluster of homes sharing amenities such as a driveway, drainage etc.
* Strata Title
Usually on a group of dwellings such as units and run by a body corporate, you purchase a Title deed.
The point at which the contract is binding.
The property will be vacant at settlement.
A registered and qualified person who makes a financial valuation of a property.
The person selling the property.