When people from NSW sell real estate, they need to be aware of all the important details so that they can make a successful sale.
When you’re buying property in New South Wales, it’s completely up to your own financial situation. However, when you’re selling property, you have to take into account outside factors, like the general property market and buyer attitudes. You can try to make things work in your favor by following the selling process step-by-step.
To sell real estate in New South Wales, you need to start by contacting a real estate agent.
Step 1: Choosing Right Real Estate Agent
To sell property in NSW, you’ll need the help of a good real estate agent. Before you sign on with an agent, make sure you check their qualifications and qualities. This document, called an agency agreement, spells out many important details about the sale process, such as the selling price, how commission will be paid, and how long the agent has to sell the property.
When you meet with Haansal Estate to sell your home, be sure to ask for their help. Haansal Estate can help you find the right agent to help you sell your home, and they can help make sure you’re making the best decision.
- Agent’s license
- Agency/Agent’s Professional indemnity insurance
- Fees and the commission to be charged.
- Brief of the Marketing plan and estimated marketing cost.
- Agent’s local market knowledge
- Comparable local sales in the neighborhood.
- Estimated property value/selling price
(It’s also important to consider their attitude and how they’ll work with you, not just the high prices they quoted) - List of services the agent agreed to provide
In order to have an agent help you with your home search, you first need to have a complete picture of what they can offer. Once you’re satisfied with what they have to offer, you can start working with them. At Haansal Estate, we have a lot of experience helping people find homes in the area.
Step 2: Choose a Method of Selling Your Property in NSW
Your Haansal Estate agent will help you choose the best way to sell your property based on the factors listed above. They’ll use recent sales data and your personal preferences to come up with a recommendation.
There are a few different ways you can sell your property. You can either sell it yourself, through a real estate agent, or through an auction.
Private Treaty:
A private treaty sale is when you, as the owner of the property, set a price you want to sell it for and your real estate agent works with other buyers to find a sale that happens as close to this price as possible.
Auction:
An auction is a public sale where an auctioneer sells the property to the public. There is a reserve price, which is the minimum the home will sell for. If bids surpass the reserve, the highest bidder at the close of the auction has to sign the contract right away.
How to Reserve a Price in an Auction?
When you’re selling your home, it’s important to have a realistic reserve price. This is the amount of money you put down as a reserve, in case someone makes an offer that you can’t refuse. You can find out the estimated sales price for similar homes in your area by talking to your agent, checking websites, and attending local auctions. You can also get an independent land valuer to place a price on your home.
Tender:
Selling NSW property by tender is a process where buyers submit single offers. You can then look over these with your agent and accept or reject each of them as you see fit.
Auctions are quite popular in New South Wales, especially when it comes to higher-end houses. They make up about 40 percent of all sales.
Step 3: Agree to a Marketing Plan Discussed with the Agent
Print Media Promotion
Using local newspapers to market your NSW property is a great way to reach people who are interested in buying property in this area. People who are interested in buying property in NSW tend to be more dedicated to finding the right property, so they’re perfect targets for advertising in local newspapers.
Online Promotion
There are many places where you can find homes for sale in New South Wales on websites like realestate.com.au and domain.com.au. If you want your property to look its best, you should get a professional photographer to take pictures of it. Additionally, a good way to show people around your home is by making a video tour.
Step 4: Finalize the Terms of Contract of Sale
To sell a property in New South Wales, you’ll need to create a contract of sale. This document will outline the conditions of sale and set out the rights and responsibilities of both the purchaser and the seller. It can’t be marketed until it’s complete.
Using a lawyer to help you with this part of the process is very important.
- Terms and conditions of sale
- Title documents and the s149 Zoning Certificate
- Compliance certificates for items like pools
- Relevant documents for strata title
- Drainage diagrams
This document tells you what rights you have as a consumer when buying something from a business. It also tells you what businesses are required to follow certain laws, and what you can do if you feel that a business has not followed these laws.
Step 5: Exchange of Contracts and Settlement
When you sell something, you sign a contract with the buyer and agree to the terms. Your lawyer or conveyancer will handle the legal details.
Settlement is when the buyer pays you the remaining money from the sale. It usually happens six weeks after the contracts are exchanged. If you have any questions about selling property in NSW, contact your us.