Step 1 - The Appraisal
At Coleman and Co. Real Estate we offer a no obligation free appraisals for all clients, we can also arrange a for our clients to have a professional valuation, professional valuations are completed by an independant company and they do charge a fee for this service.
An Appraisal is an estimate on your property from a real estate agent based on the current selling prices in your area for your home type.
A professional valuation is a very precise process of valuing a property, which takes in several points and is conducted by a professional independant valuer. We do not receive any form of payment or commissions from these valuations. This fee is payable to the valuer either directly or if you prefer we can make the arrangments on your behalf. You may choose a Valuer of your choice or we can arrange for the Valuation with an Independent Valuer for you.
Step 2 - Agency Agreement
Coleman and Co. Real Estate Agent and the Vendors come to the final arrangements on an Advertising and Marketing Campaign, Selling Price and method of selling, either Private Treaty or Auction and then an Exclusive agency agreement is signed, this allows the agent to start the process of advertising and marketing your property.
Step 3 - Contract of Sale
The Vendors arrange with their legal representitive for the Contract of Sale to be prepared and forwarded to Coleman and Co. Real Estate.
Note: Agents cannot market or attempt to promote a property without a copy of the Contract of Sale. This is the legal requirement in Australia.
www.austlii.edu.au/au/legis/nsw/consol_act/psabaa2002385/s63.html
Step 4 - Marketing and Advertising
Coleman and Co. Real Estate Agent and the Vendors agree to an Advertising and Marketing Campaign.
We arrange signage, brochures and a photographer, the client has the option of the type of signage they would like and if they would like to use a professional photography service, we have contacts in the industry that offer competitive pricing. We do not make any commission or margins on these products, they are offered to you by an independant organisation.
Newspapers in your local area, once again this is an independent service and we do not make any margins or commissions from these costs.
We begin the campaign and arrange for your highlighted listing on realestate.com.au.
Step 5 - Open House/Open for Inspection
Coleman and Co. Real Estate Agent and the Vendors decide on a day and time each week for the Open for Inspection.
On these scheduled days, the agent will arrive at the property about 10-15 minutes prior to the time for the open. This gives the owners and agent some time to briefly go over the process. At the time of the open, the vendors generally leave the premises, however they are welcome to stay if they wish.
The agent will have the property open to potential buyers for a period of 30 - 45 minutes. During the open the agent will take down names, numbers and contact information from all buyers that arrive to the open. Agent will be available to potential buyers for questions and information on the property. Agent may also take offers during open for inspections. During this time the agent will also ask for feedback on the property and also phone potential buyers in the week proceeding the open to discuss feedback and interest in the property.
Agent will take any offers and discuss them with the client on their return to the home. Home owners usually return to the home after 30 minutes to discuss the success of the open and if there were any offers made.
If any offer made is accepted by the client the agent will contact the potential buyer to proceed with the sale.
If property is going to Auction the owner can accept offers prior to auction however if an Auctioneer has been appointed the Auctioneers fee is still payable.
Note: Auctioneers must be booked on average four weeks in advance.
Step 6 - Sale by Private Treaty Option
When Coleman and Co. Real Estate Agent have been successful in the negotiating the sale of the property, the purchaser will sign a contract and thereafter they will have a 5 day cooling off period and time to perform, pest and building inspections, or valuations for the purpose of a bank loan, 10% deposit will be paid to the Vendors Solicitor/Conveyancor and will be held in trust until the day of settlement. Once the 10% deposit is paid the sold sign will be placed on the board. Property settlement is usually within 30-90 days and will be clearly indicated in the Contract of Sale.
Once the cooling off period has passed the Solicitor or Conveyancor will take on the settlement process.
Step 6 - Auction Option
If the home owner has decided to take the property to Auction, on the day of the Auction, the Coleman and Co. Agent will arrive prior to the Auction and go through the expectations of the Auction Process with the home owner.
The Auctioneer will arrive there will be an open house on the day of Auction, during Auction the home owners are welcome to stay at the premises.
The Auctioneer will meet with you and discuss the process, they will discuss your reserve price and vendors bid. After the Auctioneer has met with the Vendors and all final decisions have been made the Auctioneer will begin the Auction. Once the Auction begins, and the reserve is met the property goes on the market and will be sold to the highest bidder. If the reserve is not met then the Agent, Auctioneer, Vendor and highest bidder will negotiate a and negotiate a final selling price, if there is no agreement between the Vendor and Purchaser the property will be passed in and the Auction process is complete. When the property sells the purchaser is required to leave a 10% deposit on the day of Auction. There is no cooling off period for either party.
The process there after goes to the Solicitor or Conveyancor for Settlement.
Step 7 - Settlement
Congratulations! Once the Settlement is complete you will be notified by your solicitor/Coleman and Co. Real Estate Agent informing you that the settlement was successfully completed. The Agent will meet with you to accept the keys and inspect the property is left in a presentable manner. The keys are handed to the agent and the property is handed over.
If any damage occurs to the property prior to settlement the agent, solicitor and buyer must be notified immediately.
Congratulations on selling your home!
The Selling Process with Coleman & Co.