Selling Your Home By Private Treaty
Private Treaty is when your home has an asking price and is sold by negotiation.
Benefits Of This Method Of Sale:
- You are able to reflect on the buyer's offer.
- The buyer does not know what other buyers have offered.
- Not as stressful for the seller as an auction may be.
When choosing to sell your home by private treaty, buyers will submit offers to your agent. As the seller, you may choose to accept the offer or negotiate with the buyer by way of a counter offer. Your agent will act on your behalf in the negotiation process until an agreed price is reached. Should the buyer wish to negotiate any changes to the contract such as the settlement date, inclusions and cooling-off periods, you will need to advise your solicitor of the agreed changes to the contract of sale.
Exchange Of Contract:
The exchange of contracts is when you and the buyer each sign a copy of the contract of sale and then physically exchange the contracts. This process is completed by your solicitor, conveyancer or agent. Upon exchange, the buyer is required to pay the deposit which is normally 10% of the purchase price.
The deposit is normally 10% of the purchase price. This is held in a trust account by the agent or solicitor until settlement date.
Once the property is exchanged, there is usually a 5 day cooling-off period unless this period is waivered. There is no cooling-off period when purchasing a property at auction.
Settlement is when the buyer pays the balance of the purchase price and becomes the legal owner of the property. The settlement period can be anywhere from 21 days after the signing of the contract depending on the conditions in the contract of sale. Once the settlement is complete, your solicitor will instruct the agent to hand over the keys to the new purchaser.
Selling Your Home At Auction
At auction buyers bid against each other in a public forum. As the seller, you will have a reserve price prior to the auction. This is the minimum amount you will accept for your home.
Benefits Of An Auction:
- Buyers bidding against each other can maximise your sale price.
- With each emotion on auction day, buyers can become very competitive.
- Auction provides a final day, enticing and encouraging buyers to act quickly.
- Promotes a stronger advertising campaign to reach buyers.
- Allows you to negotiate with the highest bidder if your home is passed in on auction day.
Prior To Auction Day:
Leading up to the auction day, you should have a strong marketing campaign in place. This is normally a 4 week campaign. Some buyers may try and secure your home prior to auction day by submitting an offer, however it is important to discuss with your agent whether they feel the offer is in line with the current market. If you are happy with the offer, contracts can be exchanged prior to the auction but under the auction conditions.
If your home goes to auction, you will need to set a reserve price. This will be the minimum amount that you will accept as the sale price of your home. The reserve price is set prior to the auction and is not disclosed.
On The Day Of The Auction:
On the auction day, your auctioneer will have the right to have one vendor bid on behalf of you, the vendor; the auctioneer will announce that "This is a vendor bid". When the bidding reaches the reserve price, the highest bidder will be committed to purchase your home on the fall of the hammer. If bidding does not reach the reserve price and your home is 'passed in', the highest bidder will then have the right to negotiate with yourself and your agent.
Signing The Contract Of Sale:
The successful bidder must sign the contract of sale and pay the nominated deposit which is normally 10% unless otherwise negotiated prior to the auction. There is no cooling-off period for homes or property sold under auction conditions.
Presenting Your Property For Sale
We Believe Presentation Sells!
Presentation is vitally important to showcase the unique features of your home. You only get one opportunity to make a lasting impression with buyers, many of whom will encounter your property for the first time online or by driving past.
There are plenty of small, cost-effective things you can do to increase your properties market appeal that will make it stand out from the crowd.
At Bowmans Real Estate, our experienced sales consultants know exactly what it takes to achieve outstanding results and together we have helped hundreds of sellers prepare their properties for an optimal sales outcome.
We know that presentation sells.
At Bowmans Real Estate, the difference is the experience!!!
To discuss the presentation and the sale of your property with your local, experienced agent, call us on (02) 6964 3222 today!
PROPERTY PRESENTATION CHECKLIST !!!
In The Garden:
- Do a complete garden clean up; weed all garden beds, trim hedges, prune trees and tidy edges.
- Replace tired looking plants with new ones.
- Add fresh mulch or wood chips to garden beds.
- Use a high pressure hose to clean driveways and pathways.
- Replace or re-seed worn patches in the lawn.
At The Front Of The Property:
- Repair damaged fencing.
- Replace the mailbox if it has seen better days.
- Tidy the entrance and remove any clutter near the front door.
- Remove all cobwebs.
- Clean all windows.
- Wash windows and curtains and dust blinds to let in maximum light.
- Deodorise the air to get rid of offensive smells such as pets, cigarette smoke.
- Consider replacing old door knobs and cupboard handles if they're very dated.
- Tidy inside cupboards and storage spaces - buyers will look there too!
- Add fresh flowers to your kitchen bench top or table.
- Clean carpets and polish floorboards.
- Replace tired looking pot plants.
- Fix dripping taps.
At The Rear Of The Property:
- Ensure outdoor entertaining areas are polished, clean and look appealing and inviting.
- Clean the pool and surrounding tiled and/or paved areas.
- Add new pot plants if necessary.
- Clean all windows and doors.
- Remove cobwebs.
- Tidy all garden beds, trim any overgrown trees and ensure lawns are mowed and edges are trimmed.
- Pack away all tools and unnecessary outdoor furniture or kids toys.
Our Great, Effective Advertising Campaigns
When advertising your investment property for rent or your home for sale, we make sure it is marketed effectively to allow maximum exposure for everyone to see. You will see your property advertised in the following ways;
On our agency website and a number of other Real Estate websites such as Domain.com.au, realestateview.com.au, HomeHound.com.au, Rent.com.au, onthehouse.com.au, Realestateworld.com.au and allhomes.com.au - Internet technology helps us to accurately target buyers so that when they inspect your property, it is likely to suit their expectations. Real Estate websites, in particular our very own, is simple to navigate around. Our website assists people in finding the home they are looking for. We ensure all of the properties on display are regularly updated and include high-quality photographs and concise, easy-to-read information to help potential purchasers really get a feel for the home.
In our large window shop front (you would be amazed how many people walking past our office will actually stop to browse the brochures) - Working 24 hours a day, 7 days a week, the window display is a wonderful medium located in the high pedestrian traffic area such as the location of the Bowmans Real Estate office. Buyers have the opportunity to browse in peace in their own time.
A4 or A3 size brochures - stylishly designed brochures are an essential part of our marketing campaign. These brochures are given out to all interested parties, whether they visit the open house inspections or enquire at the front office desk. Our property brochures provide a full colour showcase for your property and feature prominently in our window display.
On the flat screen TV displayed in our office.
In display frames around our office walls.
In the Domain guide* that appears in every Friday's edition of the local paper, The Area News - print advertising is an integral part of the marketing mix to ensure maximum exposure for your property. We have been advertising in The Area News for some time now and it has some 15,000 copies distributed throughout the area. Our agency has access to prominent displays for exclusive properties.
In our sale property brochure folders and stands on display for our clients to browse through or grab a copy.
A TV commercial*
Large signboards* with property information and photos - these signboards are erected at the front of your home so everyone driving past can get a sneak peek of your home.
Professional photography* - we can offer our clients, mainly vendors of our sale properties, the opportunity to get a professional photographer through their property to capture stunning professional photos. Professional photos are fantastic and will show the true colours and help to maximise the WOW-factor of your home or the property you are selling. Bearing in mind, first impressions are lasting impressions and in today's 'buyers market', presentation is a must.
On our Facebook page.
*Please note - the above campaigns marked with a * mean there are fixed fees associated with it. Please speak to our sales consultant for further details.