1/ Making the decision. Complete your own study of the local market. Study other properties on the market similar in size, price range etc. to yours. How long they are taking to sell on average. Think about selling your property before buying the next property or selling yours first. Check how other local properties are being presented to the market and what improvements you may have to make to your property to get the best price.
2/ Time now to meet with agents. Invite at least three agents to your property: consider using only agents that have a successful selling record in your neighbourhood and the sales record and reputation of the individual agent is more important than the agency for which he works. Get their opinions on such things as what improvements you could make to get a better price, the most appropriate method of sale for your property (private sale or auction or sale by tender etc.), the likely selling price, how long it should take to sell and lastly their costs which will include marketing and commission.
3/ Establish the selling strategy. In conjunction with your agent decide on method of sale, appropriate time to sell, whether you will have open for inspections, the spending of the advertising budget.
4/ Setting the selling price. Arguably the most important decision to be made. Listen carefully to your agent’s recommendation and reasons for it. Your agent will produce supporting evidence of recent past sales of similar properties to assist you in coming to a decision.
5/ Sign a Sole Agency Agreement with your agent of choice. After steps 2, 3 & 4 you will both be in a position to sign off on method of sale, marketing strategy, selling price and agents fees and marketing budget.
6/ Make arrangements to get your Vendors Statement completed by a solicitor or conveyancer. Many solicitors and conveyancers will have a list of documents etc. they require to compile your Vendor Statement. This document is often referred to as a Section 32 Document and a Section 32 Document and a Vendors Statement are the same document.
7/ Your agent will be putting in place the marketing as per your agreed strategy. This will involve photos being taken, ad copy written and you should get the opportunity to approve all these items prior to your property being advertised.
8/ It’s now happening. Once the property is advertised your agent will be getting buyer enquiries. Many buyers will decide to attend open homes (if open homes are part of your strategy) while other buyers through your agent will arrange private inspection times.
9/ Negotiations for the sale will now commence. Your agent will be acting on your behalf to obtain the best possible price from interested buyers.
10/ When a mutually acceptable price is agreed and any terms and conditions are acceptable to both parties your agent will get both buyers and sellers to sign a contract of sale and will get a deposit from the buyers to have banked into the agency trust account. At this time your property is considered to be ‘Under Contract’ or ‘Under offer’.
11/ Your agent will work with all concerned parties to get the contract of sale to the stage where it becomes ‘unconditional’. This may mean the agent manages the inspections for building and pest contractors, arranges access for bank valuers, etc. Once your property becomes ‘unconditionally sold’ the SOLD sticker goes on the For Sale board and all advertising, the buyers importantly pay the full deposit and both the sellers and buyers solicitors (conveyancers) will arrange necessary paperwork for settlement date.
12/ Mission accomplished! On settlement day your agent will arrange hand over of the keys to the incoming owners, but only after the agent has been notified by your solicitor (conveyancer) that the buyers have paid the sale price in full.
Source Materials: 30 years personal experience, realestate.com.au