SELLING YOUR PROPERTY

Before your home is officially put on the market there are a number of matters you must cover. There are legal requirements to be satisfied, a marketing plan to be designed that will attract people to your property, and you must prepare your home for sale.

 

AGENCY AGREEMENTS

When you appoint a real estate agent to sell your property, you must sign a contract called an agency agreement. An agency agreement is a legally binding contract that authorises an agent to act on your behalf in relation to the sale of your property.
The agency agreement usually has a specified term and includes an estimate of the selling price, the service the agent will provide and commission you must pay the agent on the sale of your property. It may also include details of advertising and marketing costs.
There are a number of different agency agreements you may sign with your agent for the sale of your property.


The most common are:
1. Exclusive Agency Agreement
Exclusive agency agreements give the agent you choose exclusive rights to sell your property.


2. Open Agency Agreement
This lets you list your property with a number of agents. Many agents will only agree to exclusive listings. Open listings are not available in all States or Territories. You pay a commission to the agent who finds the buyer.


3. Auction Agency Agreement
This is effectively an exclusive agency agreement where the property is listed for auction.

 

THE CONTRACT OF SALE

Before a residential property can be sold, a contract of sale must be prepared. The contract of sale must include all documentation relating to the property as required by each State or Territory’s law. Your agent will explain the required documentation for your property.
The contract must also include any property inclusions and exclusions and the buyer’s cooling-off period.


Once the contract has been prepared by your lawyer then the agent can start Marketing your property.
Marketing plays a very important role in achieving a successful sale. A carefully planned, well-executed marketing plan will bring the best result. You agent will recommend a marketing campaign that is suitable for your property.
The program will set out a period for promotion, the various media to be used and the cost of the campaign. Each program is carefully prepared to suit each individual property and the agent is responsible for carrying out the campaign, which will generally include: