Buying/Selling

Buying/Selling

Introduction

Selling your property is an exciting time. You may be moving to a bigger house to accommodate a growing family, or somewhere smaller now that your children have left home. Perhaps a new job has indicated the move, or just time for a change. Regardless of your reason, B & J Realty is here to help and make the process as easy as possible as we understand your property is important to you.

B & J Realty will individually market your property in a professional and cost effective way. We will strive to achieve the best possible price for your valuable asset in the shortest possible time.

With this goal in mind, this book is designed to provide you with an overview of the selling process and the options available to you. Your B & J Realty Agent is always available to answer and question that may arise.

The Selling Process

Selling your property follows a particular course of action, with each stage completing legal or personal requirements.

  • The market appraisal
  • The role of the Real Estate Agent
  • Choosing your Real Estate Agent
  • Selecting your method of sale
  • Setting the price or reserve of your property
  • Marketing your property
  • Negotiating and accepting an offer

Market Appraisal

Once you have decided to sell, the next step is to seek a market appraisal. This will help determine a likely price range.

In addition, we recommend that you conduct your own research by checking property results in local papers, attend auctions in you local area to determine the strength of the market.

With our experience, we will give you advice as to where you property sits in the market . Ray White will look at: location, Size, Age, Unique Features, Market Variables to determine the best price for your property. We are aware that setting an unrealistic price can delay the sale.

The role of the Real Estate Agent

The role of your Ray White Agent is essentially to sell your property at the best price in the shortest time, with minimum inconvenience to you.

We provide such service as:

  • Advice on the likely selling price of your property
  • Attracting buyers to inspect
  • Talking to buyers and making offers
  • Negotiating selling price
  • Facilitating the actual sale, and legal steps

Choosing your Real Estate Agent

The real estate agent of your choice will make a difference to the likely selling price of your home. Try to choose an agent in your local area, as they have solid knowledge of local prices and will have potential buyers on hand who are looking to buy in the area.

Your agent will be able to advise you on the selling method best suited to your property and your needs, the type of buyer, and improvements that can increase the value of the property. Be wary of agents providing top dollar estimated for your property, as they could be trying to buy your business with an unrealistic price. At Ray White we can give you accurate advice on the real estate market. Average property prices, sales activity etc. this is some of the information that you can discuss with your B & J Realty Agent.

Types of Agency Agreement

Once you have chosen your agent, it is time to decide on the best method to sell your home. Essentially there are 2 methods:

  • Exclusive Listing = One agent / office to sell your property
  • Open Listing = Listing your property with several agents

Advantages of an Exclusive Listing: All of the aspects relating to your property is handled through one Agency, ensuring the process is focused and simple. Exclusively listing your property with B & J Realty, you will ensure the best possible result with the highest service.

Private Treaty Benefits:

When you set the price at which your house will be sold to the public, you are selling by private treaty.

  • Without a set sales date, you have time to consider offers from potential buyers
  • Buyers must make offers for your property without knowing what other buyers consider its worth.

Selling via Private Treaty is often as tense as the Auction process, buyers will treat your asking price as the starting point for negotiation.

Auction Benefits:

There are numerous benefits of selling your property at auction.

  • The set sales date and time allows you to make plans for the future and enforces buyers to act within a specific timeframe or risk of losing property.
  • The absence of a set price attracts buyers from all price ranges, with each valuing your property differently.
  • Placing these buyers into an open competitive situation will usually achieve the best results
  • Most properties receive offers within the marketing period leading up to the auction day. If an offer is acceptable prior to the Auction date, then a sale can be made on the spot.
  • At all times you are protected by your confidential reserve set with the help of your agent, which only you can set and change. If the bidding does not reach the reserve then you are not obliged to sell
  • Following the fall of the hammer, the purchaser is required to sign a contract and pay the deposit on the spot. The contract is generally unconditional, excluding conditions set by the vendor.
  • An auction is legally binding. Once your property has been sold, the conditions are set in concrete.

What is your Property Worth?

Setting the price is one of the most important decisions you have to make when selling your property. Features such as location, size, age and unique attributes will help determine the figure, as will checking sales process on similar properties in your local area.

Our system gives our agents to access property information such as average property prices, sales activity etc. Such information will help in setting the asking price.

What is for sale?

When selling your property, you have the option relocating or leaving sentimental and/or expensive items. Items such as: dishwashers, light fittings, curtains, awnings, above ground pools etc. If you wish to take with you, these must be noted in the contact as being EXCLUDED from what is being sold.

Including or excluding these items may affect the price of your property for sale. Make a list of your favorite features in your home. You have lived there and you know the positives of your property. E.g.: Lighting in certain rooms, improvements made, proximity to amenities. These will all help in the marketing and sale of your property.

Marketing your property

When selling your property you have he option of how you would like to market your property. With Marketing: Selling your property with marketing ensures the property received exposure and interest and ultimately the best price.

There are several options available:

  • Signboards
  • Internet Advertising
  • Window Displays
  • Brochures
  • Letter Box Drops etc.
  • Without Marketing: It is possible to sell your property quietly, with out advertising. If we have the right buyer, the right price range in our database. Most properties attract the majority of interest within the first few weeks.

Failure to expose the property may slow the sales process down and may affect achieving top dollar. Your marketing budget is important, and we are aware of that, so we achieve to utilize your budget to the best advantage. However, remember that if an agent is working on a tight budget, you may not get all the ‘trimmings’ that are necessary to sell your property in the shortest time. A little flexibility in the money spent up front could increase the sale price and time frame.

Negotiating & Accepting an Offer

Your Ray White Agent will facilitate all aspects of the negotiating process. They will present all offers to you, leaving you the decision to accept, deny, or present a counter offer. The purchasers do have the right to withdraw the original offer.

When deciding on an offer, consider settlement date, suitability of deposit, if term / finance are arranged. Throughout the process your Ray White Agent will be able to help, and answer any question that may arise.

Accepted an offer – What happens next?

If Private Treaty: Once you have reached an agreed price, you will need to sign the contract. The purchaser pays a deposit (usually 10%), with the balance being paid on settlement.

If Auction: With auctions, there is no cooling off period. On the fall of the hammer, the contact id to be signed and deposit to be paid.

After the contact becomes unconditional, the contact is legally binding and the process of transfer can begin. Your solicitor / conveyancer handles all these processes.

On settlement day, keys are handed over to the purchaser and now is their responsibility. Therefore is important to note that until settlement day you are responsible for the property including insurance etc.

After The Sale

With your property sold, B & J Realty will supervise all legal and financial matters to ensure everything runs smoothly.

Our attention to detail and follow-up service provides you wit feedback right through to settlement.

We are happy to assist you in any way possible, We remain at your service until every matter is finalized.

Long Term Relationship

We believe our relationship does not end with the sale. That is merely the beginning of what we hope to be a longstanding association. We know that good service is the foundation of our business and results in the valuable returns we achieve through satisfied clients.

It’s not simply lucking that makes two homes of similar age, size, location and aspect sell at drastically different prices. It’s careful planning and some clever sprucing that will have potential buyers in a bidding war.

When it comes to inspecting a property for sale a good first impression can help to bump up value. So if you’re thinking about selling this year, here’s how to increase your home’s bankability without breaking the bank.

Cut the crap

Increasing your home’s marketability can be as simple as de-cluttering and de-personalising a space, which won’t cost you anything. Firstly, you need to be able to disassociate yourself with your home and think of it as a product that needs selling. Pack up anything personal such as photos or heirlooms, because you don’t want to distract potential buyers during their walk-though.

People can amass a huge amount of junk over the years and the more you have in a room, the smaller it can appear. So clear off counter tops and keep surfaces clean, because minimalism can give the impression that a home is younger than its years.

Fall in line

You may not have the time or the inclination to alphabetize your spice rack but it pays to be organised – it can even give the illusion of having extra storage space, which is usually high on buyer’s wish lists.

A clean house is always more appealing than one with dirty dishes or unmade beds – I inspected one home a few years back only to find the existing tenant was still in bed! I left shortly after and did not return.

Spend money to make money

It’s may be a cliché, but for good reason; spending money on your home for sale can drastically increase your return. So fix leaky taps, kitchen draws that won’t close properly and patch any imperfections on walls, floors or counter tops for instant ka-ching! Consider repainting in neutral colours because potential buyers may be able to imagine their own furniture against white walls more than nanna’s wall paper.

If money is an issue, consider taking out a personal loan or low-rate credit card to cover the renovation costs. But first do your research so you understand the total costs of financing works and set up a repayment plan before taking on debt. If you do it right – you could recoup the costs on auction day!

Presenting your property:

These simple steps/hints will maximize the overall presentation of your property.

  • First Impressions: Create that positive first impression by gaining the objective of property by friends and family. Their comments could help you improve the overall impression.
  • Cleanliness is essential: Remove bathroom and kitchen mould, clean, appliances and surfaces ( walls and carpet), and remove all cobwebs throughout the inside and outside of the property.
  • Remove Clutter: Keep the clutter to a minimum – the objecting is to achieve a feeling of space.
  • Maintenance: Ensuring your house is in working order e.g.: fixing leaking taps, repairing damaged fly screens etc.
  • Chipped or Peeling Paint: A quick touch up to areas of your home which have suffered greater wear and tear is time well spent.
  • The Greenhouse: Bring some life indoors by placing greenery around the house. Open blinds and curtains to freshen your home. Remember a bright room appears cleaner.
  • Warm House: If it is a cold day take the edge off by putting a heater on before the inspection.
  • Remember an buyer is always looking for a reason to pay less!

The ‘For Sale’ sign is about to go up outside you home. The carpets are clean, the floorboards are polished, personal items are safely packed away and all clutter is put away. Potential homebuyers will be coming through soon, time to sit back and relax? Think again!Step outside… look at your garden, is it looking chic or shab? When it comes to attractive buyers, first impression counts – inside and out!Here are some practical ways to improve the look of your garden when preparing your property for sale:

  • Trim trees and shrubs
  • Mow lawns
  • Keep your footpaths clean and free of mess
  • Weed gardens
  • Have a look at your gutters, are they overflowing or blocked?
  • Buy some colourful pots, this can help unsightly spaces
  • Add some mulch to your garden and new plants to your garden. Fresh plants are ideal for brightening up and drab spot.