Understanding the selling process: a guide for property owners

Understanding the selling process: a guide for property owners

posted in: Selling advice | 0

One of the most common questions I get asked by homeowners, when we list their property for sale, is ‘what happens now?’.

The process is fairly straightforward and although no two homes are the same, the general route from listing to settlement is very similar. As a real estate agent who prides himself on honesty and transparency, I’m all too happy to share these details. Knowledge is power after all, and an educated seller is a joy to work with.

Research and set a price

One of the things that sellers are most interested in knowing is how much they’re going to get for their property and how to prepare their property for sale. While there are many variables that determine price, there are ways we can get an accurate idea. By carrying out thorough market research, we can see what similar houses are selling for and also what properties are currently on the market for sale in your area to give an idea of where you sit in the market.

List the property for sale

To officially put your home on the property market, there is a legal document that allows the real estate agency to market your property for sale.  Both the property owner and the real estate agency signs this form. In Queensland this is generally good for 90 days.

Market your property

One of the biggest advantages of listing with us is that you get free marketing for your property. This includes professional photography and floor plan, online internet advertising including a premiere listing on realestate.com.au, a printed four-page professional property brochure and a big ‘for sale’ sign.

Invite inspections

Once your marketing campaign starts, interested parties will contact us to signal their interest. After qualifying them as serious home buyers, we can arrange inspections of your property at a time that suits all parties.

For some properties, we set a date for an open inspection so that all interested parties can view the home at the same time. These inspection times be advertised in the appropriate channels, such as on your internet advert.

After each home inspection, we will speak with interested parties and pass on feedback from the buyers to the homeowner.

Consider offers

After a property inspection, interested buyers will make an offer. The offer includes information such as the price they’re willing to pay and any conditions they require. These conditions may be a building and pest inspection, finance or due diligence which form part of the contract of sale. Conditions to the sale can vary but generally are 14 days from the contract date.  We will bring any offers to you and discuss options from which you can then decide whether you will accept, reject, wait or negotiate.

If it’s a case of negotiating, we will go back to the prospective buyer with your request and negotiate on your behalf. If you receive a good price in the first couple of weeks, we have some tips for whether you accept the first offers or wait for others.

Once all parties are happy with the terms of the deal, the offer is presented as a contract of sale which will be signed and dated to become a legally binding document.

Cooling off period

After the contract has been signed, the buyer has five days to change their mind and back out of the deal. If this happened, the property would go back on the market and we’d continue to search for the right buyer for you.

Depending on the terms of the contract, there may also be special conditions that have to be met in order for the sale to go ahead.

Final checks

After the contract has been signed, the buyer has five days to change their mind and back out of the deal. If this happens, the property would go back on the market and we’d continue to search for the right buyer for you.

Depending on the terms of the contract, there may also be special conditions that have to be met in order for the sale to go ahead.

Settlement

Once everything is finalised, the last step is for you receive payment. Settlement times can vary from property to property and contract to contract, but 30 days is the most common settlement period.

Normally your solicitor or conveyancing representative will attend the settlement on your behalf and this normally takes place in the city of the property.

Questions

If you have any questions on the above or general questions about your home please feel free to contact me on the below details.

Mobile: 0418 886 410

E-mail: sales@regstrow.com.au

Office: (07) 3848 9433