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Frequently Asked Questions- Sellers
 

The following is a list of many of the questions that are often asked by prospective sellers and owners. 

1)    How long do I list my house for?
Usually we ask for a 100 day listing authority. Less means that the buyers will know that the owner and the agent need a quick sale. This can mean a lower price. More than 100 days usually means the agent and the owner are exhausted afterwards. Every property should be able to sell if it is marketed properly, priced right and presented well within 6-8 weeks, and a 90-100 day listing authority is the best way to achieve this.
 
2)    Shouldn’t I use more than one agent?
It is not recommended to do this. The theory may be that it creates competition. The opposite usually occurs. You usually end up “defacto” to the worst agent. The buyers will call both agents, and the agent they perceive the “softest touch” will get the offer, as the buyer would prefer to deal with the weakest agent. Find one agent you trust, who is competent and give 100% support and commitment to that one agent. That agent should conjunct with all other local agents anyway.
 
3)    How much is and who pays stamp duty?
The buyer pays for the stamp duty. The seller pays selling fees and settlement agent fees. (A stamp duty calculator is here.)
 
4)    Who pays for marketing and advertising costs?
Usually, the seller pays to market their own property. This is negotiated property by property depending on the following. *
  • Listing term
  • How close to market price the owner sets
  • How motivated to sell the owner is
  • What you get (Some marketing is very basic and cheap)
5)    What are the benefits of a for sale sign?
The for sale sign is the “silent salesperson”. It is there 24 hours a day. Often buyers drive the streets that they would like to live, or friends and neighbours notice the sign and inform others that they know want to live in a particular location. The negative of neighbours knowing that you are selling, should be countered by the more rapid chance of getting the best buyers, therefore reducing stress. As soon as an agent's car appears at a house, or a home open is conducted, all of your neighbours will know you are selling. The old saying is you can’t sell a secret. Besides, who cares if the neighbours know you are moving? We recommend a for sale sign in most instances.
 
6)    What are the advantages for home opens?
Some buyers will not come for an open by appointment, as they feel scared of the whole process. We have sold many homes to people that walked into a home open, liked the property and made an offer that day. Yes, nosey neighbours will come through. Does that really matter if you really want to move?
 
7)    What are the average days on market?
In Perth, the current average days on market are approaching 80 days. (11 weeks), in some market segments it is around 200 days plus. Check with us for the specific reference to your property.
 
8)    Is it better to sell first or buy first?
This point would be the most misunderstood by buyers. It is very difficult, in this market; to have a subject to sale offer, even after being accepted, result in a successful settlement. Often, buyers get heartbroken and deflated, not to mention stressed under the pressure of the "48-hour clause", only to see better unconditional offers resulting in the original successful bidder being disappointed. More than ever, I have seen buyers trying to do this back to front, with one of two likely outcomes usually resulting.
  • Paying 5-10% more in the changeover costs (Sell less and pay more)
  • Missing out and becoming disappointed, stressed or worse.
We recommend that in most cases, (90%) you are better off to sell first. This is covered in detail in the FREE E-Book titled "The 21 Top Essential Buying Tips". This is available to load direct onto your computer or print. Click here for a FREE copy.
 
9)    After offer accepted, what are the typical settlement periods?

Typically, the following are guides

  • Subject to finance (21 -28 days)
  • Subject to sale (30 days minimum up to maybe 90-120 days++)
  • Settlement after unconditional (21 days minimum to several months).

10)  Are all agents the same?
No. As in life and all businesses, some are good, some are bad and most mediocre. Interview an agent like you would any professional. 80% of agents struggle to earn a decent living. You don’t want to train an agent with your home. The best agents cost no more, in fact are cheaper, and will cause less stress and give you a greater chance of a successful outcome.

SUMMARY:
We hope that you have found this article helpful. They are the views of Evolution Realty and are intended to be informational and helpful only. * All selling fees and marketing is deregulated and subject to negotiation. Thank you. (c)
 
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