Selling Tips

Choice of Agent:

This is where many people struggle. They simply have no idea which agent will do the best job in getting their property sold for the best price. After all, every agent they talk to will tell them they are the best, what a great track record the agent and his/her company have in the local area, etc. etc. etc. They can't all be the best, can they?

Here are some tips when meeting agents with a view to selecting one to represent you in the sale of your home

When selling a property, these are the key questions a Seller asks?

How much should I put on my Property?

What sort of marketing/advertising will I need?

How much will selling my home cost?

Do I sell by Exclusive; Auction or Private Treaty.

1.             Treat the meeting as a job interview.

You are the employer, the Principal of your home, company, and every agent you talk to is a prospective employee.

(The agent also should view the meeting as a job interview)

All employers want employees who are punctual, courteous, well groomed, friendly and hard-working.

They want to engage an agent/salesperson who is knowledgeable, experienced in the industry, highly competent and one who has good testimonials to prove it.

See if the agent is on time for your appointment.  Look at his or her personal appearance and presentation.  Notice their communication.  Notice if they are polite and appear honest.

Ask Questions.

How long has the agent been selling real estate?

Consider this:   One can complete the study necessary to qualify to apply for a real estate salesperson's Certificate of Registration in one week, seven modules.   An Agent's License is 25 modules.

As soon as your Certificate of Registration arrives in the post, one can join an agency and go out and sell real estate. Considering that most people's home is their most valuable asset and the only tax free haven they have , is it prudent to sell with someone who may never have sold a property before?

Or would one rather engage an Agent who has the competency skills and past years of experience.  One who has negotiated hundreds or thousands of property sales?

Another analogy could be this.  If one needed heart surgery, would one opt for a first-year medical student, or the most experienced cardiac specialist in the world, if they both charged the same fee? The point is simply this - it makes sense to consider employing someone with a proven track record. Ask the agents for testimonials from previous Sellers.

If the agent doesn't have any, it may be because they don't have any previous sales to their credit!  The most personable and likeable agent/salesperson may not necessarily be the one who will do the best job for you in achieving a great price for your property in a reasonable time frame.

2.         What price should I expect for my property?

When discussing the price the agent believes you can expect for your home, make sure the agent is referring to a comprehensive Comparative Market Analysis (CMA).

Any agent/salesperson who gives a price estimate without a CMA, is contravening the Act.

When it comes to realizing the approximate price to list your Property for sale, the Golden Rule stands true today.   Call in three agents, get three Appraisals, add them together and divide by three.   This gives you an approximate sale price for your property.  Then discuss with your chosen agent the price to list the property at.

How can an Agent bring you a CMA on the first inspection of your property when he/she has no idea what it is like behind the facade.  It is their duty of care to do the right thing.   By doing a CMA, after the inspection, the salesperson/agent can view the properties similar to your property on RPData or Pricefinder.

Then, and only then can they give you a fairly accurate appraisal.

Become educated to the market prior to selling your property.   Visit Open Homes similar to yours.   Ask the salesperson what homes have sold for in the area recently.

Some agents/salespeople will give a high price estimate, because they know this will increase their chance of being selected as the preferred agent.

(The practice is known as "buying the listing" within real estate circles.)

However, while it may be pleasing to hear a high price from an agent, this may end up causing the Seller all sorts of grief.  The property sits on the market unsold for protracted periods.    The serious buyer in the market judges it to be overpriced and therefore ignores it.   

3.           What sort of marketing/advertising will I need?

At Kingdom Property Group, our chosen agents have the skills and expertise to guide you through the marketing and advertising process, with a view to achieving the most buyers to visit your property.

Spreading your investment risk, at an affordable price, is the most effective way of achieving your best price in a short time frame. 

Our Agents' past sales records is what we stand by and what Kingdom have engaged them on.

4.            Do I sell through Auction, Exclusive or Private Treaty.

Every Seller's need to sell is different.  The agent will help you assess whether selling by Auction is the correct method for your property. 

If handled correctly selling exclusively can achieve the same result.  The difference can be in the amount of advertising investment and time frame to sell.

Quite often, the larger the sum invested in advertising by the Auction method, the more buyers interested in the property and in turn the property sells more quickly.

This is one of the reasons some Sellers choose an Auction.  It has a set Auction day, where hopefully the best buyer will bid on the day and the property is sold.   That said, an Auction has three parts. i.e.   Prior to the Auction Day, The Auction Day and post Auction.  Results can vary depending on market conditions.  

Selling exclusively can achieve great results also.  The conversation needs to be had with your Agent, to decide which method best suits your needs.      See more under "Selling by Auction".

Private Treaty is another method, which is not used as often as the former two.

5.     How much will selling my home cost?

In Queensland, the commission an agent could charge up to 1st December 2014 was calculated at 5% of the first $18,000 of the sale price ($900) plus 2.5% of the balance of the sale price, plus GST. For example, the sale of a property for $600,000 under this formula would be $15,450 commission + $1,545 GST = total cost of $16,995.

Commissions are now deregulated.

A salesperson/agent who values their worth can now charge you an amount above this, as he/she sees fit.   

On the other hand one who does not value their worth can reduce the commission considerably to win the listing.

The question needs to be asked, that if an agent/salesperson cannot negotiate a good or reasonable commission for themselves, have they the skills to negotiate the best price for you?

We, in the industry, have seen many a Seller lose thousands of dollars in thinking they have saved a couple of thousand on commission. 

What recourse do I have if I am unhappy with my agent?

The maximum length of an exclusive listing appointment in Queensland (where a seller agrees to give one agent exclusive marketing rights) is 90 days.

Obviously, if a seller is unhappy with their agent's performance and service, they will not have to extend the agreement beyond 60 days of the exclusive appointment.

There is no cooling off period.  Be very careful not to sign two Form 6's,  should you change your mind about the chosen agency in the beginning, thinking that you can cancel out of the first one signed.

In this scenario, two commissions will be charged, no matter who sells the property.

Good presentation sells.

The better your property is presented, in general it will sell faster and for more money than a poorly presented home.   The poorly presented property can also sell quickly if it is priced to represent what it is.

Look through a buyer's eyes. Think of yourself as a home buyer, not seller. Try to picture how a buyer will view your property and then fix any glaring negatives - (peeling paint at the front of the house, for instance).    

One does not need to spend a fortune to lift a property.  Painting a wall, or new carpet in the lounge or even fixing a pathway or retaining wall can make all the difference to a quick sale and a better price.  While good presentation is essential, it is easy to over capitalize when preparing your home. If you spend $20,000 in improvements, you may add only $5,000 to the eventual sale price, depending on the property.  In some cases you can double your return.   Take advice from your agent in this regard. 

 Listen to market feedback regarding the price and respond quickly if necessary.

A property sells for its best price when fresh to the market, in the first few weeks..

If your agent reports buyers are objecting to your price or, worse, ignoring the property altogether,  be prepared to listen to the feedback and the suggestion of your agent as to how to market the property, at a price, to achieve that best market price.   Or, it might be that something needs addressing on the property.

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------We, at Kingdom Property Group have carefully chosen whom we believe are very honest, ethical, trustworthy and hard-working agents with a credible track record.

The have been chosen on, not only their skills to negotiate and close the sale, but also on their ability to communicate with Sellers and Buyers in every situation.  They have the empathy, understanding and listening skills that helps them give the Seller and Buyer the confidence that they are in good hands.

We trust when you List and Sell with Kingdom you feel the difference.  We believe that you will find the experience a memorable and enjoyable one, and one that you can recommend to friends and family.    We hope to have YOU as part of our Kingdom family.