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Your agent will use his experience, taking into account current market conditions and usingrecent comparable sales to establish a market value for your property.
Ultimately, the market value will be determined by buyers wanting to buy at the time you wish to sell.
Under section 44 of the sale of land act, your agent is required by law to give you an estimate of market value when you engage them to sell your property.
Market Value is defined as a price that a willing but not anxious buyer will pay for a property from a willing but not desperate seller.
Your agent will research the market place and come up with his estimate of selling price. You are not obliged to sell at that price or in that price range, you can set your own price which may be outside the agents estimate.
Legally, your agent cannot change his estimate just because you may want more than the estimate. The agents estimate remains confidential when you set a selling price or reserve.
At Elite, we provide you with recent comparable sales so you can clearly understand how the estimated market value was established.
Notwithstanding the estimated selling price, at Elite we will always recommend a marketing program that will achieve the very best result possible for our vendors.
Selling your home or investment property can be one of the biggest financial decisions you will ever make.
Choosing the right agent, one who will communicate with you regularly, keep you informed and act in your best interests is essential in achieving a stress-free sale.
At Elite, all our staff are committed to keeping the best interests of our vendors first and foremost. We take an empathetic approach in our dealings with you and are determined to achieve not only the highest price, but also the best possible overall result for you.
There is a lot to think about once you have made the decision to sell, and the process can seem quite daunting!
· Should you do any improvements before selling?
· Which agent to use?
· When is the best time to sell?
· Is it better to sell first or buy first?
· Private Sale, Auction, Expression of interest?
· Do you need to engage a vendor’s advocate?
· Do you need to engage a solicitor before the sale?
· Should we keep the tenant or sell once it is vacant?
· What are then costs involved in selling?
· When do we get our money once the property is sold?
There is a lot to consider, especially if you are a first time seller!
At Elite, we will guide you through the entire process and cover all of the above on a one to one basis. We have over 20 years experience and thousands of satisfied customers. Our senior people will guide you every step of the way.
This is one of those most often asked questions, and the answer can quite often vary depending on your personal circumstances!
A better question may be ‘When is the best time to sell to achieve the highest selling price?’
The answer is quite simple. The best time to sell to achieve the highest sale price is when there are more buyers and less properties in the market place. It is a question of supply and demand!
Most sellers wait till Springtime, when the sun is shining and gardens are looking their best, but the problem is that there are usually lots and lots of properties to choose from and quite often more sellers than buyers, often affecting the selling price. The middle of winter may be a great time to sell, if there are more buyers than sellers.
At Elite, our experienced consultants will guide you on the best time to sell taking into account the prevailing economic conditions at that time.
This is an important question and requires careful consideration and discussion with your agent.
Where you own an investment property, here are some advantages and disadvantages to selling when vacant and whilst it is tenanted
· Your agent will have unrestricted access and can show buyers through anytime.
· Hire furniture will have your property presented at its very best, often attracting more buyers and a higher selling price
· Without a lease in place, you will attract both owner occupiers and investors.
· Loss of rent. The selling process may take two or more months and the time to settlement another two or three months. You will have little or no rental income during this period.
· Property may not present at it’s best when vacant.
· The expense of furniture hire can be significant.
The advantages of selling with a tenant in the property include:
· Investors will be confident as the tenant is likely to stay after the sale and they will not need to find a new tenant.
· A quality tenant who maintains and presents the property well will give the buyer confidence to buy.
· No loss of rent for the sale and settlement period.
· No furniture hire fees to consider
The disadvantages of selling with a tenant in the property include:
· Accessing a property with a tenant can be quite difficult at times. As agents we must work with the tenants to ensure they are comfortable with the selling process.
· Quite often the presentation may not always be at its very best
· If the tenancy is long term, then the property can only be sold to other investors, thereby reducing the number of suitable buyers.
There are many things to consider and your Elite consultant has many years experience and will discuss the best options for you and your property.
Agents selling fees are open to discussion and are negotiable under Victorian law.
You can negotiate a reasonable selling fee with your preferred agent that will vary depend on many factors, such as
· Estimated property value
· Method of sale
· Location and type of property to be sold
· Amount of advertising to be spent (This is also open for discussion)
There are also several fee structures that you need to consider.
Some of these include:
· Fixed flat fee
· Fee calculated as a % of the selling price
· Base fee plus a performance or results bonus
Other fees that you will need to consider when selling include:
· Advertising Fees
· Solicitor/Conveyancing costs
All of these fee structures are available for discussion and are usually negotiable as to what suits you...
At Elite, we recognize that each vendor is different, so all of these items are open for discussion, apart from the conveyancing fees, which of course you must discuss with your solicitor/conveyancer.
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