How to sell properties in Australia

Many people have no idea about what it entails to buy and/or sell properties in Australia. Because of their ignorance, they mostly incur losses once they sell and/or purchase properties. To avoid this, property firms like Hyde Property Group were established in Australia.

Hyde Property Group is a property firm in Australia. The company is in Melbourne and focuses on the purchase and sale of luxurious home properties. They help clients to purchase and sell real estate smoothly without problems.

Property Selling Tips in Australia

Set up your properties for the selling stage

You must put your properties in place before you attach that for sale sign on them. First of all, renovate things that need renovation in the house. This will increase the value of your house during the sale process. Buyers will see that the house is in good condition and would want to buy such a house. Additionally, clear out all your stuff and junks and do a thorough cleaning before list it in the seller’s market. Thereafter, research how much people currently sell their houses in your locality. This will let you know the ideal price range you should set your house in.

Find an agent that specializes in property sales

Ask people around you to recommend a reputable property agent/firm. In addition, go to open house events to seek out property agents in your locality and access their sales methods. Make a list of agents you like and interview them to know the right agent for you. Don’t forget to enquire how much the agents collect for their services and any other extra charges during the interview. Moreover, you can negotiate if their service charge is a bit much for you. Also, find out if the agents are licensed to operate in the area and the country. For example, Hyde Property Group Melbourne has all the required licences to operate in Melbourne and Australia.

Stick to sales techniques and fix a price

If you hire a property firm like Hyde Group, ask if the firm has a particular sales method. If you use Hyde Group, you become their customer, and your house will be among Hyde property lists. The firm will sell your house with their sales technique through auctioning or private treaty. Remember, it’s your agent that will decide to use the best method according to your house type. Furthermore, your agent will have to consider the area the house is located at and the market situation. For auctioned properties, the agent will set guide prices. While for properties that are on private treaties, the agent will set asking prices.

Set up a contract to sell the house and a vendor’s statement

Some places in Australia use a vendor’s statement when people want to sell their properties. It’s a legally binding form that explains if a house is mortgaged, has restrictions, easements, and so on. A property lawyer is needed to set up the statement. The lawyer will then write the vendor’s statement and put in all the necessary details. Otherwise, the document will be invalid. Australia has various requirements for setting up a vendor’s statement in each state. You can go online to verify the specific details for your locality.

Use a sales method

• House Auctioning: A seller will auction off his house/property and sell it to the highest bidder. Auctioned properties have no cooling-off periods, and deposits must be made instantly. The winner of the auction is someone that has bought the house at a price higher than the reserve price. Reserve price means the least price the seller is selling the house for. However, it is possible for the reserve price to be higher than the highest bid. For instance, a house can be reserved at 1 million dollars. However, the highest bid when it was auctioned was 800,000 dollars. In this situation, the reserve price is higher than the highest bid. Then you can decide not to sell the house for 800,000 dollars, because the bid is not enough. However, your agent and the person who wants to purchase the house may negotiate for a price increase.
• By private treaties: Private treaties are not the same with auctions. A seller will put up a sale offer and a potential buyer will accept it. Afterwards, the seller and the buyer will sign a contract with extra copies, and exchange them. Then the buyer will make deposits and would be given a cooling period. This period allows the buyer to get back his deposit should he decide to change his mind.

Each seller/state sets a different cooling-off time, hence, a buyer must know the period before signing the contract.

Conclusion

When all is done and finalized, you need to reach a settlement. This can last for a month or more and usually requires the presence of a lawyer. This stage is when the buyer pays the rest of the money to the seller.

Finally, when you reach a settlement period, it shows that you’ve finally sold your house. Remember, you should use reputable firms like Hyde Property Group to help you settle the sales of your house.