One of the things real estate agents sometimes forget to do is talk about logistics. It is all good and well to be focused on price, but you also need to have a thorough understanding of how the process will work.
Each process is slightly different and depends on your particular property, however, the process usually works as follows:
We meet with you, inspect your property, and provide a property appraisal for you.
You sign our Agency Agreement giving us the exclusive right to sell your property for a period of time.
You contact your Solicitor or Conveyancer to prepare a Contract for Sale. This step is really important because we legally cannot market your property for sale without a Contract. We work closely with some Solicitors and Conveyancers we can recommend to you, so if you need help with this please let us know.
You prepare the property for sale. If we have discussed some small improvements you can make that will assist us in selling your property, we recommend you attend to these as soon as possible.
We arrange to come to the property to take photographs for advertising.
We schedule some open homes so that buyers can inspect your property.
We either then go to auction or begin to take offers (known as sale by “private treaty”).
We discuss any offers that have been made on the property with you and you decide whether or not to accept those offers. If you choose to accept an offer, usually the buyer will sign a Contract and this will start a “cooling off” period. The buyer will then have five to ten days to obtain a Pest & Building Report, finalise their loan approval, and ask any outstanding questions about the property before locking into the deal. At an auction, if you accept a bid on the property, the deposit is paid straight away and there is no cooling off period.
Once the cooling off period expires or the hammer falls at auction, you usually have six weeks to move out. There will be a legal process you need to go through with your Solicitor and/or Conveyancer, but from our perspective, we are here to be a sounding board for you as you pack up your home or investment property in readiness for settlement.
Remember, every property is slightly different so the above is designed to simply be a guide so that you have an idea of what to expect if you are thinking of selling a property.