Last week I took you through the first steps of listing your property with a licensed salesperson.
This week I will cover some of the other items that need to be included on the listing authority.
3. The listing agent should ask you if there are any defects on the title, hazards you are aware of, or there are any requistions on the property.
Do you know what this means? Before you answer their questions be sure you fully understand what you are answering. You must be honest and ensure any details you provide are factual and completely accurate.
You can leave yourself open to legal action if you knowingly provide misleading information. If you require legal advice or are unsure of any thing you are signing please see your Solicitor.
The link below is also very information and may help answer any basic questions.
4. Next you need to decide what method of sale you are going to use for your property. Normally the Sales person will give you their advice on what method they think would be most beneficial and suitable to your situation. Advertised price, Negotiation, Tender or Auction are the main methods generally used.
Advertised Price – The property will be marketed in all media (paper, internet, flyers etc) with a price. You can either fix a dollar amount or you may see the following :
Offers or Offers Over ( O/O ) – If your property is marketed like this and you get an offer you must seriously consider the offer.
Expressions of Interest (EOI) – The buyer will offer you what they think your property is worth to them. You are then able to negotiate or counter sign. This does put some buyers off though as they may not feel confident that their price will be anywhere near what you the owner is expecting.
Buyer Enquiry Over $ ( BEO) – This at least gives a ball park figure but you must be willing to consider an offer at this level.
Price by Negotiation ( PBN) - Similar to EOI. – Usually seen on properties in the higher price brackets or unique properties that have no comparable sales.
5. Marketing – This is a very important step you need to go over in detail with your Salesperson. With the appraisal they should have outlined a marketing plan for your property advising you on how they think your property needs to be advertised. You need to sit down with them and ask for a detailed plan with publication dates, sizes, whether professional photos are needed, and what webites your property will be loaded on to. Most companys will offer a certain amount of complimentary advertising but it is normal to be expected to pay for a portion of the advertising bill.
Once you have agreed on a marketing plan you will be asked to sign on the listing authority that you consent to pay for it- If the advertising is used up prior to selling your property you must once again be asked to consent for further advertising before the Saleperson can book more. Also if the property sells before the marketing has all been used you should receive the balance back from the agency. ( Booking deadlines apply )
NEXT WEEK -I will go over Agency agreements and what they mean.