FAQ’s for Selling
Below is a list of commonly asked questions when selling a property.
What’s the difference between an exclusive and an open agreement -?
An Exclusive listing is when one agency is appointed – by way of a Form 6 – to advertise your home for sale exclusively during a specific time frame, usually a minimum of 30 days & up to a maximum of 90 days per agreement. Once the end date has passed, the listing can continue as an ‘Open Listing’, another exclusive agreement can be signed again for another term, or another agency can be appointed.
An open listing has only an open date, with no end date of appointment, and any number of agencies are able to advertise your home for sale. You are only expected to pay commission to the agent who sells your home.
What is a 'Comparative Market Analysis' (CMA)?
Although there is nothing stopping you from making an offer, it is always safer to have your finances, or a conditional approval in place. This can save any disappointment in the long run.
A CMA is a printed booklet of information that determines the approximate price your home will sell for. It contains sales information about your local area, and other properties within range (radius specified on individual CMA) similar to your home that have sold or are currently on the market obtained from an online database.
How is an appraisal with an agent different from a valuation with a bank?
An appraisal done by a Real Estate Agent is an approximation based on the current market conditions and comparable properties that have sold or are currently listed; it is the professional opinion of the agent, and remains an estimation only.
A valuation is carried out by a licensed Valuer, who is required to base their report on facts as they are legally responsible for the information they provide. A valuer will measure the property, record details on the number and type of rooms, along with fixtures, fittings and any improvements. A property’s unique attributes will also be taken into account (location, building structure, building faults, access and any planning restrictions). A valuation is usually a paid service.
How long will my property take to sell?
If your property is priced correctly according to the current market conditions, is in good condition with quality photos for marketing purposes, and is represented by a proactive agent, it should sell within a reasonable time. However, no specific time frame can be given, and there can be many external factors that affect the time frame.
What are the costs involved in selling a property?
The agent who sells your home is entitled to a commission, which is paid once the home has settled. Advertising is another cost that you may be asked to pay, and any general repairs or maintenance around the home should be carried out prior to listing the property for sale. Once a contract has been signed, you’ll need to hire a solicitor or conveyancer to oversee the contract, and they have their own charges as well. And, if you’re selling an investment property, you may be required to pay capital gains tax.
Can I sell my property myself?
You aren’t legally required to hire a Real Estate Agent to sell your home; you’re welcome to undertake the task yourself. However, many people decide to use an agent because of the experience they have in sales, their understanding of the market and their ability to negotiate, as some buyers prefer not to deal with sellers directly. Agents are Real Estate professionals, and are more likely to achieve the best possible price for you.