The Sales Process

What is your property worth?

One of the major decisions when selling your property is setting the price.

Be wary of any agent who tells you that he or she can achieve a high price without substantiating it with facts. Overpricing is the most common reason properties fail to sell.

At Weston Properties, the market opinion that we provide you with will be made based on evidence from:

  • property data
  • recent sales negotiated by our office
  • sales made by other agents; and/or
  • any valuation from a registered valuer
  • recent advertisements

It is important that you agree on the price set and that we believe it is realistic. If the price is unrealistically high, enquiry will be limited and the sales process will faulter.

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Private Treaty

Traditionally the most common way property is sold. Your property price is set either at a range or set price, based on our recommendation. The price considers comparable sales and current market trends. We welcome buyers for your property and then negotiate offers to secure the best possible outcome.

Benefits: Less pressure – offers can be considered in your time without the stress of an auction to contend with. There is flexibility for negotiation, you can determine the pace of the sale process.

Buyers may feel more comfortable knowing there is a cooling-off period (if available). Some purchasers prefer the private treaty sales process. Potential buyers are not aware of what other interested parties are offering which encourages them to put in their best offer.

Expressions Of Interest

This style of campaign often referred to as EOI, is a process whereby prospective buyers are invited to submit their highest and best offer in writing to purchase a particular property, on/or before a nominated closing date and time. A price guide may be advertised, however some campaigns may not advertise a price guide at all. Generally, a property will be on the market for approximately four weeks, to ensure ample time is given to market your property and for buyers to look through the home, finalise their finance and decide on a price.

Benefits: Serious buyers may make offers higher than expected. Buyers and sellers can negotiate a sale before the EOI timeline closes. If no acceptable offers are received, the property could go back onto the market for Private Treaty sale. All offers are confidential. You have control over the process. Buyers can make a conditional offer, subject to finance or a building inspection or other.

Auction

Auctions can generate a competitive bidding environment which may result in a sales price exceeding your reserve. Auctions are transparent and final. Buyers can see firsthand what the market is prepared to pay. There is no cooling-off period under Auction conditions, which make it a fast and efficient way to sell your home.

Benefits: High chance of a successful sale either before or on Auction day. Immediate exchange of contracts takes place. Auctions are competitive – the pressure is on buyers to make a good pre-auction offer. When executed correctly, promotional campaigns can attract the maximum number of buyers. Shorter selling periods mean auctions can be more convenient and less disruptive. The property cannot be sold below the reserve price without the approval of the vendor.

Negotiating and accepting an offer

Experience and qualifying skills are vital when negotiating the sale of a property. Each of our sales agents have, if not decades, many years of experience in Real Estate and it is important that we manage this part of the transaction. If you are approached by a buyer, you should refer them directly to us.

It is our job to qualify the buyer and ensure they are in a position to buy immediately. Once the buyer is qualified and an offer is received, we will refer to you for instructions.

We can provide advice on whether the offer is fair and should be accepted but ultimately it is up to you.

Settlement

Settlement usually takes place between 30 and 90 days after contracts are signed. At settlement the buyer officially becomes the owner of the property and all responsibility is passed from the vendor to the buyer. Until settlement the property is still the vendor’s responsibility so it is important that you keep insurances and rates paid up to date. Any rates paid past the settlement date will be refunded back to you via your conveyancer (pro-rata).

Conveyancing

Deciding on a conveyancer for selling a house, land or other type of property is an important choice.

Conveyancing services enable the execution of a conveyancing transaction, facilitating the transfer of real property rights, title, and interest from one legal entity to another when selling a house. A skilled conveyancer, can simplify the process by coordinating with your real estate agent, financial institution, and other relevant parties to ensure a seamless property sale.

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