Hi everyone. Hope you all had a very Merry Christmas and that 2013 is a safe and exciting year for you all !!
I'm after some help, i am looking at selling my IP1 and i just dont know where to start. Ive never sold a property before! Its currently vacant, tenants have just moved out. we were originally going to re-rent it out but after looking over the numbers we are considering taking this opportunity to off -load it now. So we will be sprucing it up for sale, but is it just a matter of approaching agents to see if they have any current buyers looking ?? Or are they going to try to sign me up and do the whole marketing campaign ?? As it is vacant, i will be looking for a quick sale. Ideally i don't even really want it advertised. Am i free to talk to to multiple agents at the same time ?? Do i need to talk to a solicitor and have a contract of sale drawn up ?? or do i just use the real estate agents, which i know are quite generic. Like i said i have no experience in this, and am after some tips, so please be gentle ! Thanks in anticipation.
Hi
You will need a contract of sale drawn up before the agent can start marketting the property. But I would first talk to some agents to get a feel for the market and what price rhey could achieve. Take 10% off whatever they tell you too.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
As Terry has mentioned Yes in most States you may need a Contract drawn up first prior to marketing the property although not in Qld.
In Qld the Disclosure documents will need to be drawn up but the Contract is normally drawn up by the selling agent once you have a interested buyer.
The Selling agent will normally do a Title Search on the property to make sure the Vendors names etc are correct and have the property descriptions to hand.
With regards to marketing the property thru multiple agents i am not sure this is a preferred method as I am not convinced an agent will put in the same amount of effort as they would do if they were to receive 100% of the sale commission.
Certainly talk to a couple of agents to get an indication of their anticipated market value and also on how you get on with the selling agent him / her self. This i believe is just as important as you need to feel comfortable that the agent will work for you.
Good luck and hope you re-join the investing community again soon.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
eilatan28 wrote:is it just a matter of approaching agents to see if they have any current buyers looking ??Basically, you can either contact agents directly or via site like 'sell my castle' who will email several agents who will provide (generic) proposals and market appraisals.
eilatan28 wrote:Or are they going to try to sign me up and do the whole marketing campaign ?? As it is vacant, i will be looking for a quick sale. Ideally i don't even really want it advertised.As soon as an agent sets foot in your door they will do the sell on you – how else do they get to spruik their wares to a willing audience. They will come to the property, have a look around, tell you about themselves, what they have done, what they can do for you etc. Then come back to you with an appraisal/estimate of what they believe they can achieve (based on other recent sales in the area). Then follow you up, two or three times at least.
Advertising is a necessity, every agent will tell you that they have a current database filled with 'cashed up buyers/actively seeking'' etc, the truth of the matter is they collect names/numbers/email addresses at every open house that they hold, they vet these prospects and rate them as to their ability to buy or just as tyre kickers etc. Advertising ensures that the property goes out to the market ie everyone who may be looking for a property, not just those on the agent's database. Buyers don't care much for the agent, if they see a property advert of interest, they will respond.
eilatan28 wrote:Am i free to talk to to multiple agents at the same time ??Talk is cheap. You are under no obligation to any agent until you sign an exclusive agency agreement – so you can invite as few or as many agents over as you wish.
eilatan28 wrote:or do i just use the real estate agents, which i know are quite generic.Every agent is different although what they offer you will be similar ie a result. Don't necessarily go for the cheapest, they may be incompetent or they could be lacking stock so their offer being keener than others. THere are many things to weigh up about the agent like do you believe that this person is the best one to represent your property?
Thanks for the replies guys, So the agent we select can organise the selling contract, but do i need to employ a solicitor or conveyencer ?? to look over it for me first ?? Or can a solicitor help me draw one up ?? Ive organised a couple of agents to come look at the place , so i guess i will go from there! Still got my foot in the door with another property Richard, and hoping this move of selling this property will open up more opportunities for us !!
it depends on what state the property is in. i am a solicitor and sold a property in tasmania last year, the agent did most of the contract. before i knew it he had a contract prepared and a signature on it so i just countersigned and that was it.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
You must be logged in to reply to this topic. If you don't have an account, you can register here.
