What comes first when selling your home?
Choosing Cairns Property Office - Redlynch
Choosing the right real estate agent for you and your property is a critical decision that shouldn’t be rushed. Thank you for choosing CPO - Redlynch.
We know we fit the bill, but when choosing your real estate agent:
- Search for an experienced agent who understands local trends and market characteristics
- Learn about their marketing techniques and suggestions on how to sell your house
- Consider their negotiation style
- Watch out for agents who lower their commission quickly — they may do the same with your property’s sale price
- Always check customer testimonials to ensure you’re dealing with an honest agent
- Trust your instincts and remember that you will be spending a lot of time with your chosen agent
- Remember that being comfortable with your agent will increase the chances of a smooth selling process
What about marketing the property?
Marketing your property effectively can help to find a buyer quickly and ensure a smooth selling process. A successful marketing strategy can be broken down into 3 important elements: price, method of sale, and promotion.
Price
There are two major considerations to be made in regards to price – the price at which the property will be promoted, and the expected sale price.
The selling price of a property is determined largely by the collective sentiments of interested buyers and in particular, those who actually negotiate a price. Potential buyers have all kinds of information available to establish their own opinion of a property’s value and enlisting the help of an expert real estate agent will assist in achieving the best price possible.
There are three considerations to be made when working with your real estate agent to set an asking price for your property:
- Is your property in a desirable location or a less desirable location?
- Is your property in good condition and well maintained or does it need some repair work?
- Is your property equipped with modern and desirable amenities?
1. Fixed Price or Price Range
When using a fixed price or price range indicator it’s essential that the price you’re promoting is in line with current trends in the real estate market. Setting a price too high will discourage potential buyers and setting a price too low will leave you little room to negotiate upwards. There are also legal factors related to the advertised price which your estate agent will discuss with you in full.
2. For Sale By Private Tender
By using a ‘For Sale By Private Tender’ strategy, You will be showing your home to a wide range of buyers. They may be buyers looking for a home in a specific suburb or a particular property type in your area. This is only a good strategy for unique homes that are different from other local properties and properties that are hard to price. This strategy is brillant as it is like having an auction, with the price being public. We have had great results with this.
Method of sale
There are two main methods for selling your home, through an auction or a private treaty. An experienced real estate agent will advise you on the method that is best for your circumstances. It’s important to remember that you, the seller, will always have the final say as to which method is chosen.
Auction
- Based on an intensive promotional campaign over an extended period of time
- Designed to attract a wide range of potential buyers to bid competitively for your property
- Creating more competition for your property means more aggressive bidding from buyers
- You’re legally obligated to settle the full proceeds of sale on the date of settlement specified in the auction conditions
- Should an attractive offer arise before the auction, you could consider taking that offer
- A ‘reserve price’ will act as financial protection should bids not reach the minimum price at which you would be willing to sell
- This allows your agent to negotiate with interested buyers post auction if there is no sale
Private treaty
- Negotiations are carried out ‘in private’ between the agent and the buyer
- This method of sale usually involves a ‘fixed price’ or ‘price range’ and the property will be advertised in this way
- ‘Public tender’ is another form of private treaty where interested buyers ‘tender’ up to a closing date
- The seller then has the option to accept or reject offered prices
Promotion
- Your agent should promote your property in order to attract the most amount of interest possible
- Generating more competition for your property will deliver a better price and more favourable conditions
- The agent should have the details of interested buyers as part of the agent’s buyer management process
- The agent should then implement a marketing campaign through the media.
- Including information about the terms and conditions, time and items included with the property can make it more attractive to buyers
Seller feedback
- After prospective buyers have looked at your property, you will get their feedback
- This information is very important for evaluating the wy in which the market sees your property.
- At Cairns Property Office Redlynch, you will have access to your own "Vendors Portal", you can what enquiries and feedback in real time.
Appointing the agent by way of a listing agreement
- A listing agreement (fomr 6) is a contract with the seller and us that grants permission for the agency to offer the property for sale
- This is normally for 3 months
- The contract will contain the seller’s instructions to the agent regarding the method of sale, promotional program, marketing plan, agreed budget for advertising etc.
- It will also include any special instructions from the seller such as the inclusions and exclusions and access to the property etc.