Find Out What You Need To Know About Selling Your Property With These Frequently Asked Seller Questions
What Documentation Do I Need To Sell My Property?
One of the first things you’ll need to do, after finding an agent to sell your property, is to complete an Exclusive Sale Authority.
This form gives your chosen agent permission to act on your behalf for a set period of time and it outlines the fee they’ll be paid for their services. The document will also include details of:
- Your personal information
- The property address
- The duration of the authority
- Goods and chattels that are included in the sale
- The price estimates
- Commission charges
- Marketing costs
The agent isn’t allowed to begin the sales process until they have a signed Sales Authority form, so it’s important you get it completed quickly.
What Is A Section 32 Document?
A Section 32 is a document prepared by your conveyancer or solicitor and given to the prospective buyer. This document gets its name from section 32 of the Sale of Land Act, which details the information a buyer must give a seller before sale can be agreed. It’s essential that the vendor supplies the seller with this before the sale is agreed.
The Section 32 is also often referred to as a Vendor Statement, as the two terms are interchangeable. It’s available for viewing by prospective buyers before they enter into a sales contract and it contains relevant information such as:
- The property title
- Who owns the property
- Mortgages or caveats over the property
- Easements that affect the land
- The zoning of the property
- Applicable planning overlays
- Information on council and water rates
- Whether the area is prone to bushfires
- Any building permits obtained within the last 7 years
- Whether the property is affected by an Owners’ corporation
For extra peace of mind, prospective buyers may choose to show the Section 32 to their conveyancer or solicitor before entering into a Contract of Sale.
What Are The Costs Involved In Selling My Property?
In Victoria, the costs associated with a property sale can vary, as agent commissions are negotiable and generally based on the type and value of the property.
To give you an idea of the costs, here’s a brief overview of the investment involved in selling your property through Arbee Real Estate:
2.5% commission including GST will be charged on the sale price of your property. For example, on a house that sells for $400,000, the breakdown would be:
$400,000 x 2.5% = $10,000, including GST of $909.
Advertising is a very important part of ensuring you achieve the best result for your property. With the right approach, you’ll be able to get your listing in front of the right people, at the right time, at the right place. Although some local agents will try to convince you that you ‘can sell a secret’, the only way you can ensure you have achieved the best price possible is to cast out the net far & wide to attract the most amount of interest possible.
In keeping with our consultative approach, we work with you to design the most effective marketing package for your property. The minimum package we would recommend for your home would be:
|1800mm x 1200mm For Sale board at property||$90.00|
|Highlight ad on realestate.com.au||$375.00|
|Professional Photos & Floorplan||$194.00|
|Property on arbeerealestate.com.au||No Charge|
|Property on professionals.com.au||No Charge|
|Standard ad on domain.com.au||$60.00|
|Window Listing||No Charge|
|Property List||No Charge|
|TOTAL||$719.00 inc GST|
|Additional options available include:|
|Drone footage / aerial shot||$150.00|
|50 x A4 Colour brochures & 200 x A6 brochures||$100.00|
|Newspaper advertisement in the Wyndham Star Weekly (per ad)||$50.00|
|4 x quarter page ads in the Moorabool News||$150.00|
Do I Have To Have Open For Inspections?
Only if you want to. At Arbee Real Estate, our team like to work with you and that means building a process you’re comfortable with. Although many buyers do prefer open inspections as it gives them the option to view the property in a more casual environment, if you don’t want to, you don’t have to. Open for inspections, however, can create a sense of urgency amongst buyers and drive offers, so it is a tactic worth careful consideration.
If you’re concerned about your schedule, we can book inspections around you. Pick a window each day or once a week and we’ll make it work.
What’s The Process Involved In Selling My Property?
Once the Authority documents have been signed and your tailored marketing campaign has been agreed upon, the process begins. Here’s an overview of how we’ll list your property on the market and get it sold:
- We devise a marketing schedule
- We order a board for your property
- We create a write-up for online, newspaper and window listings.
- We book the photographer for your professional listing photos
- Your floorplan is created
- Our office property list is updated
- Your property is uploaded to our database and checked for matching buyers
- We advise you to arrange your Section 32
- We plan open for inspection days and times if requested
- Conduct both private and open for inspection at your property with pre-qualified, potential buyers
- Negotiate with potential buyers in regard to price and terms for your property.
- Provide regular feedback to you regarding feedback on the property, price and the interest being generated.
- Complete all of the required paperwork to ensure the sale transaction is binding
- Attend the property for building & pest inspections or other inspections as required
- Ensure that the deposit is paid and any other conditions such as building and pest inspections or finance, have been completed by the required date.
- Keep in contact with you throughout the process to let you know how things are progressing and when the property is unconditional.
- Complete final inspection with purchasers prior to settlement
- Follow up on settlement day to make sure the property has settled
- Facilitate the handover of the property to the new owners
Are you interested in selling your property? Get in touch with our trained team and start the process today.
What Happens Once You Accept An Offer?
Once you have received an offer with a price, terms and settlement period that you are happy to accept, then the offer will be put in writing on a Contract of Sale. This document will be accompanied by the Section 32 (Vendor Statement) and will outline the full offer in writing, in a legally binding format. Once you have counter-signed the paperwork the contract will be sent to both the purchaser, the vendor and both parties’ solicitors or conveyancers.
Under Section 31 of the Sale of Land Act 1962, the purchaser(s) have a 3-day cooling off period from the day they signed the paperwork. If the purchaser(s) decide to exercise their option to cool-off, it must be done in writing. In this instance, the purchaser(s) will be entitled to receive their deposit back, minus $100 or 0.2% of the purchase price – whichever is greater. Feel free to contact our office for additional information regarding the cooling off period.
When the paperwork is all signed and counter-signed and the cooling off period has expired, the contract may still be conditional upon other factors, such as the purchaser(s) being approved for finance or having a successful building and pest inspection. (This depends on the terms agreed upon as part of the offer to purchase).
After any conditional parts of the contract are completed such as finance, building & pest etc. and everything is satisfactory to the purchaser then the property becomes unconditional and is officially SOLD.
Between this point and settlement, we would advise you maintain insurance on the property and keep the property well maintained and with the same presentation as when the purchasers bought it.
Purchasers will generally request a final inspection around a week prior to settlement to check that the house is as they purchased it, so any potential issues can be sorted prior to settlement.
On settlement day, the office will be notified when settlement has occurred. After this, we can hand over the keys to the new owners. An account sale will be completed to release the deposit balance to you, minus any commission or advertising that was agreed at the start of the process.
Pricing Your Property To Sell
In today’s market, it can be difficult to put a firm price on a property. There is currently a huge level of demand and very little supply which pushes prices up. The key point you need to be careful of is buyer misinformation. Since they’ve likely never been on the receiving end of so much real estate information, chances are they won’t have an understanding on median property prices in the area. However, one point they will understand is value for money. They’ll know what they’re willing to pay, and will also be able to find the market value of your property with a few clicks online by checking the sale prices of similar homes.
If you overprice a property, you risk losing your target market, as they may not see value in the property and buy elsewhere. It may also put your property outside the search range they use on major real estate websites, meaning they might not even know it’s an option in the first place. For example, if the true value of your property is $530,000 and you try for $570,000, the buyers you’re trying to attract may search for properties up to $550,000 and your property will never even come up in their search results.
When one of the team from Arbee Real Estate Professionals comes out to look through your property, they’ll follow up the visit with a comprehensive property report, listing:
- Similar properties that have recently sold
- Similar properties on the market you’d be competing with
- Information about the current median price for the area
- A section regarding days on market and list to sell prices
All the above information can be used to clearly calculate where your property sits compared with similar properties and where to best position your property asking price. This is the same process that potential purchasers will be completing when deciding whether they’ll enquire about your property and if they can see value in it. For an obligation free property report, contact the team at Arbee via email@example.com or call 5367 2333.
The key in today’s market is to be optimistic whilst remaining realistic!
How To Sell Your Home For More?
This isn’t a question that can simply be answered in a few paragraphs. A quick guide to the areas to consider when trying to sell your home for more would be as follows:
Get an experienced agent on your side
Employ an experienced real estate agent who’s a successful negotiator and is going to work hard to get you the most money possible for your property. Stay away from agents who are willing to drop their fees to win your business. If an agent is willing to give away their own money, they aren’t going to work hard for yours.
Advertise effectively for maximum reach
Promote your property to the widest amount of people possible by marketing your property effectively. A well-planned marketing strategy won’t just ensure large numbers of the public see your listing – a targeted ad will get your listing in front of the right people. This means those who are in the market to buy properties like yours, in your area.
Place a focus on proper presentation
Presenting your home well is the key to boosting the end offer price. Focus on presentation and consider hiring an interior stylist.
Invest time in a great write-up
Ensure you have a great write-up for your property, as this helps create an emotional attachment with potential purchasers. You can help with this process as you know the property better than anyone else.
You’ll know things like where there is a nice sunny spot to have a coffee in the morning, or times of the day when you enjoy beautiful bird noises. These are all features that appeal to emotion and are essential for making your home stand out from the rest.
Keep your home clean
Purchasers need to be able to imagine themselves living in your home. Removing excessive furniture, knick-knacks and personal photos can help achieve this.
Maintain your garden
Tidy the garden area by removing weeds, mowing lawns and trimmings trees.
Other potential works can be discussed with your property professional from Arbee Real Estate.
Sometimes, there are works that can be carried out that would significantly increase your property value. We’ll be happy to point any areas for improvement out during your Arbee Real Estate home inspection.
Choosing The Right Agent
Regardless of market heat, property sales can take a long time. For this reason, finding the right agent is essential.
Find an agent willing to listen
Property sales can be stressful, especially if you don’t have the right support in place. You need a professional who is going to work ‘with you’ throughout the process and act in a consultative manner, rather than ‘telling’ you what is going to happen. This being said, real estate agents know what they’re doing. Although they’re working for you, it’s wise to listen to their advice and take it on-board.
Local expertise is a huge advantage
A local agent will be of great benefit as they will know the area intimately, the pros & cons of particular pockets and have an abundance of local contacts they can draw upon to get instant interest in your property.
Marketing knowledge can add thousands on your offer price
Find a professional who’ll be flexible with the way in which you market your property, as well as flexible to change if a particular strategy is not working.
The interesting thing with property is it doesn’t come with a recommended retail price.
What this means is the agent can have a significant impact on the price that’s achieved for your home. There are many examples of similar houses selling in the same street for vastly different amounts of money.
This will largely be down to the marketing of the property and the negotiation skills of your agent. In fact, it’s common to see owners save $1,000s on commission but cost themselves tens of thousands of dollars on the sale price of their home simply by choosing the wrong agent.
Ask for clear timelines for deliverables
Ask your agent for a list of the services to be included and timelines for what you’ll receive. Also, discuss the level of service that you would like to receive. Some vendors like to be spoken to multiple times per week, others would prefer only once per week, others like contact via SMS or Email updates. It’s your property sale, so the choice is yours.
How To Install A SOLD Sticker!
Congratulations your home is now unconditional and officially SOLD. It’s now time for the fun part of the transaction and that’s installing the SOLD sticker.
The challenge here is minimising the air bubbles in the sticker to ensure the most flawless look possible. The property experts at Arbee Real Estate Professionals are more than happy to help in this process as we have been installing SOLD stickers in Bacchus Marsh since 1938 – we like to think we’ve gotten pretty good at it.