CHOOSING AN AGENT
The first step in the selling process is to meet your local agent and have your property appraised. The agent will give you information regarding current market conditions and use recent comparable sales data to give you an indication of what your property may be worth in the current market. This is also an opportunity for you to ascertain fees and charges relating to selling.
KNOWING MARKET CONDITIONS
Your agent will give you an overview of current market conditions, if you are in a sellers’ market, buyers’ market or a balanced market. You are shown what similar properties have sold recently and how long things are taking to sell. Also a list of other properties that you may be competing against in the marketplace will be presented.
CHOOSING A METHOD OF SALE
Your agent will give you some choices of methods of sale including Private Treaty, Auction or by Tender. They will discuss the benefits and considerations of each of these.
SETTING THE PRICE
Getting the price right is paramount in a successful listing. Your agent will assist you in setting a realistic price that will attract buyers. Overpriced properties help sell the ones that are priced right, whereas under-priced properties will leave potential buyers thinking there must be something wrong with the property.
PREPARING FOR SALE
Preparation is the key to success when it comes to having a property ready for sale. A well-presented, well maintained property will appeal to potential buyers. http://www.reisa.com.au/publicinfo/steps-in-the-selling-process/preparing-your-home-for-sale
SALES AGENCY AGREEMENT
Once you decide to list your property, you will be required to sign a Sales Agency Agreement with your agent. This will include all details relating to the listing including the details of the land and property, advertised price and the fees and charges. Before signing a Sales Agency Agreement you should read the Form R1 (Sales Agency Agreements, rights and responsibilities of vendor) https://www.sa.gov.au/__data/assets/pdf_file/0020/23717/Sales-agency-agreement.pdf
A marketing campaign will be outlined in the agreement also. The marketing of a property will be explained to you by your agent and may include all or some of the following:
NEGOTIATING THE OFFER
Once an offer is received the seller can do one of three things, ACCEPT, REJECT OR COUNTER OFFER. This is called the negotiation phase. Our sales agent will negotiate a price where both you and the purchaser are happy to proceed.
CONTRACT AND FORM 1
Once the seller verbally accepts an offer and its conditions a contract is then signed by both parties. The Form 1 (Vendors Statement) is served to the purchaser who will then have two clear business days cooling off period. On the day after the cooling off period expires a deposit is paid.
We then focus on the purchaser meeting the conditions of the contract and work with a conveyancer of your choice to work towards settlement.
This is the day that the conveyancer will prepare and complete the transfer of sale! Congratulations!
The Real Estate Institute of South Australia is the peak body for the Real Estate Industry and information relating to the process of selling and other information can be found at the following link: