8 Steps to Selling Property

1. Deciding How to Sell

Find your Agent:

Asking friends and family to recommend a real estate agent they have enjoyed working with in the past can be a great first step. Selling a home is a collaborative process, so having a good, open working relationship with the agent is a must. Choosing an REIQ accreditedagent ensures a seller’s property is handled by a professional committed to adhering to best practice values and a high level of service. Find your local REIQ accredited agencies and agents at reiq.com/findanagent.

Appoint an Agent:

Under Queensland law, there are three types of agent appointment; open listing, sole agency, or exclusive agency. These options are defined on the document you would be using to appoint the agent, known as Form 6. The REIQ recommends the exclusive agency model, because the appointed agent will be dedicated to selling the property and only one set of marketing costs is generated.

Method of Sale:

In residential sales, the most common methods of sale are:

  • Private Treat
  • Auction

Private Treaty

These are marketed either with a price, a price guide/range such as “offers over” or “by negotiation”.

Auction​​

The advantages of selling by auction can include:

  • The seller has the opportunity to sell their property before auction, on the day of auction, or (in the event the property is passed in) after auction; 
  • The reserve price and a settlement date are set to suit the seller;
  • As the reserve price is not disclosed to potential buyers, it gives the seller a chance to test the market;
  • A written marketing plan with agreed appointment times enables the seller to organise their lives during the lead-up period;
  • The auction is conducted under the seller’s terms and conditions and is not subject to finance, building and pest clauses or a cooling-off period;
  • The auction process creates a sense of urgency - buyers have a definite time frame in which they must act. Buyers see other interested parties as their competition rather than the seller.

Marketing and Advertising

It’s no secret that the greater the exposure a property has to the market, the greater the number of buyers who are aware of the listing! When putting together a campaign plan, an agent should consider the most effective marketing methods for the style of property and its attributes. Options include:

  • Property websites
  • Signboards
  • Open houses
  • Local and interstate newspapers
  • Email campaigns
  • Social media
  • Dedicated property magazines

The seller must agree to the campaign prior to any marketing.​​

NEXT STEP

Click through to the second step in the selling process:Deciding on a Listing Price