Selling Tips

Like buying a home, selling is also a very big decision to make and it is important that you understand your rights and how to exercise them.

 

Here are some selling tips to assist with the process;

 

Sale agency agreements

If you decide to engage an agent, there must be a signed written agreement (a sales agency agreement) between you and the agent, authorising the agent to act on your behalf. You will receive a copy of the signed agreement which will detail what the agent has agreed to do for you and the fees you will be charged.

The sale agency agreement will show the following:

  • Duration of agreement
  • How and on what grounds it can be terminated by you or the agent
  • Commission rate
  • Proposed marketing strategy and associated fees
  • Estimated sale price or price range the agent has quoted you.

Once you have signed the agreement it is binding and there is no right to cancel.

There are two main types of agency agreements:

  • Sole agency agreements, and
  • General (or open listing) agreements.

 

Sole agency agreements

Sole agency agreements are the most common form of agreement. Under a sole agency agreement the agent has the exclusive right to sell the property and is entitled to receive the agreed commission whether or not it is the agent who actually sells the house. Therefore, if you happen to sell the house yourself, you will still have to pay the agent their commission.

 

General or open listing agreements

Under general open agency agreements the agent is only entitled to commission if he/she sells the property. You can open list your property with several agents and you can cancel the agreement at any time by giving written notice to the agent.

 

Open inspections

Advertising your property informs prospective buyers of the times it is open for inspection. This will generally be for 30 to 45 minutes once a week or fortnight. Buyers may wish to arrange a private inspection and you will be asked to consider allowing them to inspect your property at an alternative time.

You can request the agent to take contact details of the prospective buyers attending inspections. This will assist in protecting the security of your property. If there is anything you don’t want the public to see, you should store the items out of view and all valuables should be locked away.

It is recommended to present your property in the best possible way. First impressions mean a lot. Mow the lawns, add plants, maintain the garden and remove any old rubbish, keep the house clean and tidy, de-clutter living areas, and consider repainting the walls. While it is acceptable to present a property in a good light, it is not acceptable to cover up, misrepresent or in any way mislead a buyer about the true nature of your property.

 

Need more information?

For further information and to obtain a free copy of‘On the house’ the Government of South Australia’s guide to assist you with the buying and selling of your home, contact our office on phone: (08) 8398 3291 or email: admin@ahre.com.au to arrange a free copy to be sent to you.