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The preparation you put into getting your property ready for sale can be the difference between getting a standard price and getting a great price. And, the best part is, it’s not hard, time consuming or expensive. For most, the sale of a property comes around every 5-7 years. For others it has become a more regular event, choosing to capitalise on the opportunity of upgrading the family home and make substantial tax free gains in the process. Whatever your motive for selling, the process can either be stress free and lucrative or tense and disappointing. We hope that your experience with CRASTO will be rewarding and we have for you tips for your journey from listing to settlement:
Timing Buyers for good quality property can be found all year round. With the marketing process having become far more sophisticated than in previous times, the issue of timing is less critical today than in the past. The time required to sell property that is accurately priced will typically vary between two and six weeks. Prior to placing your property on the market, allow an additional two weeks to prepare both the property and the marketing material. After Listing your property with CRASTO
Photographers, copywriters and videos are booked (where appropriate), letters and flyers notifying your neighbours are prepared and distributed. Advertisements (including internet) are booked as per your advertising schedule. Additional brochures detailing what you love about your property may also be prepared. Signboards and pointer boards are arranged and the property will be added to our weekly electronic email bulletins. We contact your legal representative requesting the necessary documentation on your behalf. In most cases you will be supplied with a calendar of events so you know what will happen throughout the entire campaign.
Presentation Presentation of your property is a critical factor in achieving the highest possible price. The emotional appeal required to stir the spirit of the buyers is unlikely to be generated by a poorly presented property. And a neglected building sends out ‘warning signals’ to prospective buyers. So it is important to do whatever is possible to have your property looking its absolute best on inspection day. Some of the turn offs for buyers include:
To improve the presentation, seek an outside opinion, as many of these problems can be fixed over a weekend for little expense. Talk to us now about having our in-house Property Stylist to help in preparing your property.
Open For Inspections/ Open Homes
In most cases we recommend holding advertised ‘open for inspections’ to ensure that we get as many people as possible through the property and so buyers feel more comfortable looking at the home without pressure. Also, the more people at the inspection the better, as people realise they have competition. Rather than disrupt you on numerous occasions, you can also plan ahead for these scheduled inspections to ensure the presentation is 100%. A consultant will always be there to speak to everyone who is in attendance allowing us to gain as much feedback as possible that we will report to you. Our team closely observe people inspecting the home and though theft is extremely rare, we recommend that you remove small valuables from sight. The ‘For Sale’ board – how important is it?A large number of buyers live locally or have been told about a property by a local resident so boards are very important. The success of a board is reliant upon quality photographs, a concise and simple description including important attributes not obvious from outside, with clear contact details.
Method of Sale When it comes to selling your property, there are three popular methods to choose from:
Each has its own advantages and it is advisable to speak to your agent about the benefits of each method. Our company has successfully utilised all three methods. Sale Preparation Checklist
Documentation and Other RequirementsContracts and Section 32 ‘Vendor’s Statement’The Standard prescribed contract includes a number of general conditions designed to protect both buyer and seller, and covers most normal land transfer situations. Additionally, a solicitor prepared contract may include additional special conditions which are typically included to protect the vendors interests, or cover any special circumstances surrounding the property – i.e. where probate is still in process of being granted or assigning liability for a notice affecting the property. They may also include a directors guarantee so that if the property is sold to a company, the directors assume personal liability for the completion of the contract, should the company default.The Vendors Statement is required under section 32 of the Sale of Land Act 1962, and provides various details about the property. For a contract to be legally binding on a purchaser, a Vendors Statement, signed by the vendor, must be given to a purchaser before he/she signs a contract. The solicitor or conveyancer preparing a vendors statement on your behalf will likely have a number of questions about your property, and it will be useful to have on hand a rates notice, details of services connected to the property, as well as details of owners corporation (where applicable) and in particular, details of any building works which have been conducted in the past 10 years. There are a number of insurance requirements around major building works, as well as any owner-builder works and renovations, which is often a cause of significant delays with documentation if not identified early. RatesA copy of the council and water rate notice for the current period; ServicesDetails of the services including gas, electricity, water, sewerage and telephone that are connected at the property. Similarly if any services are available to the property but not yet connected to any dwelling please advise them; Selling a UnitAny time that a property being sold is affected by an Owners Corporation (formerly known as a body corporate) the vendors must provide the purchaser with an Owners Corporation Certificate. This is irrespective of whether the Owners Corporation is active or not, and whilst two lot subdivisions are exempt from certain requirements, an Owners Corporation Certificate must still be supplied and be affixed with the common seal of the Owners Corporation. The only sure way to tell if the property is affected by an Owners Corporation is to check the title documents. Failure to include the required certificate in the documentation will give the purchaser the right to avoid the contract at any time up until settlement, so this is an important topic to discuss with your legal advisor. Selling a property which is tenantedIf the property is on a month to month residential tenancy, and is to be sold with vacant possession at settlement, a minimum of sixty days’ notice to vacate must be given to a the tenant by you or the managing agent. If however a fixed term Tenancy Agreement exists, the tenants cannot be required to vacate until the end of the term specified in that written agreement. Building approvalsBuilding approvals for a new house or renovations that have been done to the property in the last ten years must have a copy of Building Approval or, if you do not have a copy, your solicitor will require the Building Approval Number of any building approvals that have been granted in the last ten years. They will also require a copy of any guarantee from the Housing Guarantee Fund or builders insurance (if applicable). Where works are completed by a registered builder, your solicitor will require a copy of the builders warranty insurance, and in the case of owner builder works, a prescribed defect report and provision of home owners warranty insurance in accordance with S.137 of the Building Act 1993. NoticesDetails of any notices received, such as fencing notices, unless otherwise dealt with in the contract of sale you will be responsible for complying with all notices issued prior to the date the contract is signed.
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