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?

Q9. Can I read the terms and conditions of a standard contract before I sign it ?

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. More info see REIQ website .

Auctions don't work do they ? The way clearance rates data is traditionally gathered, does not offer a true reflection on the process. You may be surprised - find my results here .

 

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Q2.Who pays for advertising ?
With me , it is totally optional for the owner of the property to pay for the marketing of their 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 guarantees that you will have the best chance of finding the buyer who is willing to pay the most money for your property. Our research shows that about 3/4 of the sales that occur have been aided by a marketing campaign funded by the owner. Does advertising really work ? Rismark-Rp Data research concludes that it most definitely does - see http://www.forwhatitsworth.com.au/site/. Is an agent offering you FREE advertising ? Some agents will offer "free" advertising (often over stated in value, to make it look more attractive). My advice - BEWARE. Where there is free cheese, there is normally something else waiting. If an agent is willing to give away their money upfront, what are they willing to do with your money ? Agents offering so called "free advertising", normally have a reputation for recouping their money by selling the property at any cost, as quickly as possible.

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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 research 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 exclusive agency - 66 days.
Average total time on market for Auction - 31 days

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Q4. What is the difference between the asking price and the real selling price ?
Once again our research 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 competitive 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 performing 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. 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 salespeople committed to their real estate career will achieve these awards on a regular basis.

3. 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.

4. 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.

5. Stability - Has the agent "moved around" different areas, or have they been successful in the same area 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. [email protected]


Q9. Can I read the terms and conditions of a standard contract before I sign it? Yes, here is a copy of a standard contract - House and unit .

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