Selling your Property
When you engage a real estate agent to sell your property you must sign a contract called an agency agreement. This is a legally binding contract authorising 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.
The most common are;
1) Exclusive agency agreement – this gives the agent you
choose exclusive rights to sell your property
2) Open agency agreement – This lets you list your property
with several agents. 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. Your agent will explain the required documentation for your property. The contract must also include any property inclusions and exclusions and the buyers cooling-off period.
Reaching Prospective Buyers
Marketing plays a vital role in achieving a successful sale. A carefully planned, well-executed marketing plan will bring the best results. Your agent will recommend a marketing campaign suitable for your property. Each plan is carefully prepared to suit each individual property and the agent is responsible for carrying out the campaign which will generally include;
- Advertising - Signboard - Newspaper Editorial Opportunities
- Letter box flyers - Email send outs - Open homes
- Internet - Window display - Local area marketing