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FAQ - Frequently Asked questions.
Information
you need to know
if you are selling your property.
Q1.
What is the best method of selling my property ?
Q2.Who pays for advertising ?
Q3. How long will it take to sell my property ?
Q4. What is the difference between the asking price and the
real selling price ?
Q5. What price is my property worth ?
Q6. What is the market doing ?
Q7. How should I select the agent to market my property ?
Q8. Do you have any more questions that you would like answered
or posted here?
Q1. What is the best
method of selling my property ?
It really depends on the property and the situation. Only an experienced and
reputable Real Estate Consultant can advise you
on which is the correct method for your property and your situation.
A very common misconception that some people believe is " The more agents I
list with, the more buyers I will get ". This is what is termed as an "open"
or "general" listing. This method does not result in many sales. In fact, by
far the best method of selling is to employ the services of a good agent using
an "exclusive agency" agreement and implement a suitable marketing campaign.
There are many, many reasons that open listing is not a wise choice of listing,
however the main reason is the responsibility factor. No one has a real responsibility
for this type of listing, where as with an exclusive there is total responsibility.
Research shows that the majority of sales are derived through some form of exclusive
agency. The method itself can vary, but it is the responsibility factor is the
main reason that the sales occur.
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Q2.Who pays for advertising ?
In our office, is totally optional for the owner of the property to pay for
the marketing of thier property. That is, you only have to pay for advertising
that you want. However, most people are aware of the impact a professionally
implemented marketing campaign has on the amount of buyers that inspect their
property and ultimately, the sale price. Marketing is a surefire way to make
sure that you attract every available purchaser to your property, which in turn
guarentees that you will have the best chance of finding the buyer who is willing
to pay the most money for your property. Our reasearch shows that about 3/4
of the sales that occur have been aided by a marketing campaign funded by the
owner.
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Q3. How long will it take to sell my property ?
A common question. Time frame is totally linked with price. Our reasearch shows
that if a property is well priced for the current market and well advertised,
the average selling time is approx. 19 days. This is not an indication of total
time on the market, but how long it takes when the price is right. Properties
normally sell at two junctions in time :-
1. Just after they are listed.
2. Just after they have been reduced in price.
Some properties will not
sell at all if they are too highly priced.
Average total time on market for exclusice agency - 66 days.
Average total time on market for Auction - 31 days
Q4. What is the difference
between the asking price and the real selling price ?
Once again our reasearch shows some interesting figures. The average difference
between the asking and selling price is approx. 4.1%. Most people are surprised
by how small an amount that this is. It is so important to have an agent working
for you who can "read" the market to ascertain what the market value is for
your particular property. In most instances, properties only sell once they
listed within this 4.1% range of the market value. Some properties are unlikely
to sell if they are listed too far outside this range. Because many inner city
properties are very different and also can be difficult to value accurately
, an excellent pricing strategy suitable for the property is imperative.
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Q5. What price is my property worth ?
Pricing is one of the most
difficult jobs for a professional realtor. A good agent normally gives
a price range in which the property should sell. This is derived from comparison
to similar sales of property in the current market. If the property is difficult
to compare, the range will be larger and visa versa. The market value is NOT
set by the agent, but rather the "market". A normal range can be as large as
20% of the value of the property. Remember that most properties only sell once
they are within 4.1% of the true market value. What this means is that is is
extremely difficult to know the true value "up front", so it is vital to have
a committed agent who can read the market, and give feedback as to what range
the property should be in. Always be aware of an agent who gives a seemingly
high price - the real estate market is highly competative and some agents will
give an inflated figure to "win" your business. A good agent will give examples
of recent sales in writing to you. If you want to sell or would like an appraisal
click here
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Q6. What is the market doing ?
The market is preforming well at the present moment (particularly houses and
particularly Queenslanders) with prices rising in most inner areas and stock
high in demand. There are plenty of buyers for most styles of property.
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Q7. How should I select the agent to market my property ?]
1. Experience - has the agent been selling in the area for a long time ? A large amount of experience in real estate sales is extremely important , and can make or break a sale.
2. Track record - does the agent have a track record of selling a large amount properties ? Are they a high performer ? Are they consistently selling property ?
3. Awards - Does the agent have an array of awards that have been won as recognition of volume of sales or excellence in
service ? Only the top income producing salespeople committed to their real estate career will achieve these awards on a regular basis.
4. Testimonials - Does the agent have many testimonial letters from past satisfied clients ? Only an agent that has done a very
good job will receive these testimonials. These testimonials will generally give a fair indication of what attributes the person has.
5. Enthusiasm and confidence - Does the agent have these virtues ? Most agents who are starting out will show some of these traits, but beware of the OVER enthusiastic and confident.
6. Stability - Has the agent "moved around" from agency to agency as is so common these days, or have they been successful in the same agency for a long period of time ? Question someone who moves around - ask yourself - will they be moving when they are supposed to be selling your home ?
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Q8. Do you have any more questions that you would like answered or posted
here? Feel free to email with any other related questions about real estate.
peter@brisbanehomes.com.au