Selling a property to most is daunting. The stress can be the same as a death in the family or divorce. It might also be why real estate sales agents have such a bad reputation and issues with trust.
I hope to change that with my detailed article about selling a property. I’ve sold hundreds.
1. Selling A Property : Organise a property appraisal
Naturally you are going to need to know what your potential sale price will be. Most people have real estate sales agents do an appraisal on the property. For some, one is enough. For others, they might like to get up to 4, so they can compare.
Of course, you can also use online tools for an idea or even engage a property valuer. A real estate appraisal from a sales agent will be free of charge.
However, you do need to be careful as unfortunately some real estate agents have been trained to misguide owners by inflating the price to try and secure the business. It’s a strategy that is still really common today.
You can read about getting a free property appraisal for your home here.
2. Commission & fees
Commission in Qld seem to range from fixed rates of around $8,000 or a percentage of the sale price from $1.5% all the way up to $3.3%.
An average fee is 2.85% inc GST.
I tell my clients “that the sales agent with the cheapest fees is often the most expensive”.
What I mean by that is if a sales agent is not able to protect their fee or has to offer a low fee, they probably don’t have the skills to protect the sale price and negotiate the highest price possible for your home.
In fact, I see this happen all the time.
Fee traps to look out for
Not including GST:
While it is illegal to not include GST when quoting. Many agents do just that. They will tell you they will do it for 2.5% and not explain that it does not include the GST .
WARNING: If a sales agent does this. BOOM. They have just shown you their integrity, so look for another agent that’s honest .
Cheap fees:
They offer cheap fees because of the low skills to protect their income and will not be able to protect your sale price.
Discounting their fee:
Here is a great test to see how good they are at negotiating. Ask if they would reduce their fee. It’s a trick question. Because if they answer yes or no. They have shown you they are not very good at negotiating.
Why ?
You have not even chosen them yet. It’s common for an agent to reduce their fee and still not get the business.
What should they do instead ? I explain to sellers I would be happy to negotiate my fee once they have made the decisions to engage my services and my fee if the last thing that’s stopping them from signing with me.
3. Selling A Property : Advertising your home
The worst thing a seller can do is under market one of their biggest assets, I still see this all the time. How owners engage a sales agent with poor marketing. The property either does not sell or sells for less than they had hoped. Of course, you can still over spend on marketing.
Photography
You will need this. Not all real estate photographers are the same. I have sold properties that other agents were not able to sell and sometimes all I did was organise better quality photos.
Floor plans
Since around the year 2000 I have been offering floor plans. So for over 25 years now. These are expected and important
Video
Optional: But interstate buyers love these. I have seen a lot of high profile agencies say they have an online video, and it’s just a slide show of photos. So check with your sales agent what video options you have.
Brochure
Yes it’s now possible to sell a property without any brochure at all. Personally I still do like them though to ensure everyone that comes to inspect the property privately or at an open home takes something home.
Signboard
Interestingly, these have not been that important for years. These days they really are just a way to promote the sales agent in the street. Buyers know where to go because of the map on their phone.
Social Media
Yes. Social media is good. But it’s still not an essential tool for buyers. It’s more a way to promote the sales agent.
Styling
Styling can be as little as you moving large furniture to your garage to create more space all the up to hiring furniture.
Online marketing
Free sites
Real Estate agents have the ability to advertise on a bunch of websites for free. All a waste of time
Domain
Here in Qld domain.com.au is still not very popular. When I advertise on domain I still get about 2 buyers enquire through it
Realestate.com.au
It’s the site you need to be on. What’s confusing though is they have 4 ad sizes. For over 15 years now I have only ever used their biggest ad size called a premier property. Anyone selling one of their most valuable assets would be nuts to advertise their property in any of the cheaper ad sizes. Trust me
Print Advertising
I have not advised in Print since about 2008.
Free marketing vs paid marketing
Some sales agents offer free marketing. Which is very tempting. Free marketing is fine , if it’s the right marketing. When an agent offers marketing for free. you need to really understand exactly what you are getting
4. Selling A Property : House presentation
People ask me. Is there anything we should do to our home before selling?
So I then ask. Is there anything you plan to do ?
It’s not about what people should do.
It’s about what they are comfortable doing.
Furthermore, it’s pointless if I suggest new carpet, paint and styling if they have no intention of doing anything and would prefer to sell it as is:
5. Selling A Property : Sales method
If you plan to advertise with a price, It’s really important you have spent the time to understand the price your home will sell for
Fixed price
- $1.2M . Buyer will come and offer less and negotiate
Offer over
Offers over $1.1M. The idea is buyers will offer over this. Sometimes they won’t.
No Price
Ideal when it’s hard to know what your property will sell for
Auction
- Every property is suitable to be auctioned. Not every owner should auction though as it can be stressful.
6. Advertised selling price of your home
An accurate appraisal is really important to ensure you’ve priced the property correctly. If you price it too high, buyers won’t engage. too low and you will undersell it. Of course an Auction does solve this issue.
7. Funding the sale of your home
Upfront cost
The cost you would need to pay up front is any of the marketing. A title search and if you choose to do your own B&P. You would need to transfer the funds into the agency’s trust account where they will give you a trust receipt.
Campaign Agent is now very popular. Almost all my clients use this. They will find your marketing for you. For a very reasonable price. and then you pay campaign agent the day of settlement
Costs to be paid on settlement
- Solicitor fees, agents fees, bank fees, all need to be paid on settlement, and it’s handled by your solicitor
8. Choosing a sales agent
Have fun with this one. If you are on the Sunshine Coast of course pick me.
At least consider me. I will give you not pressure. Just friendly professional advice. You don’t need to use a sales agent in your area.
Selling a home is the same in any suburb. Some people just get me in. Others get up to 4 agents then choose who they prefer. If you plan to do a private sale then you don’t need to worry about this.
Although I don’t suggest any seller of a home sells it themselves, mainly due to managing potential buyers.
9. Time frame of the selling process
You need to consider when you will go to market, and how long it will take to sell your home. What will the settlement time frame usually be?
Depending on the market often average days on market are 30 days.
Sometimes 90. When the market is really terrible it can take over 120 days to sell.
Speak to your agent about all this. Or me, even if it’s just for some friendly advice.
10. Signing the agency agreement when selling a property
In Queensland before a sales agent can legally represent a property to buyers legal paperwork needs to be signed called a form 6. Usually these are an exclusive agreement for 90 days. It’s important they indicate the agent’s fees and all marketing. You can see the offical Form 6 paperwork where on the Qld government website.
11. Sell your home or buy first ?
If you are selling to buy another property, you also need to work out what your plan is. Are you selling first then going to buy? Have you already bought it? Do you hope to buy subject to sale ?
12. You will need a queensland solicitor
You will need a Qld solicitor. You will need to have chosen one by the time you are already to sign the sales contract with the buyer.
13. Diary
It’s a good idea to have a plan with the sales agent on some key dates. So everyone has a plan they are working towards.
14. Open & private inspections
It’s my preference to have an open home every Saturday until sold.
However, I have had many clients that have asked us to have no open homes and only do private inspections.
If you hold an open home on Saturdays at 11am.
It’s best to keep that time slot for the entire duration of the campaign.
15. Buyer and seller negotiating the price
Buyers will come in and make offers. If you get a low offer it is so tempting to dismiss it. But you do need to play the game and give them a counteroffer. I have never used an offer form. I usually put all offers onto an official sales contract. Even the very low ones
16. Prospective buyers conditions on sales contract
The price negotiation is just one part of the sales contract. You also need to consider conditions. Normal conditions are 7 days Building and pest clause. 14 days of finance. 30 day settlement. an initial deposit and final deposit.
17. Deposits
In Queensland there are two deposits
Initial deposit
this is refundable to the buyer if there are issues with their conditions for example finance can’t be approved.
Deposit
Usually a larger amount is payable once all conditions are met.
18. Contract signing
The sales contract will state you should have your solicitor view this.
If the conditions are straight forward it’s not really required.
However, if the conditions are not standard then yes you need your solicitor to review.
Especially if it’s subject to sales and there are ways to structure the contract to ensure you’re not locked in forever.
19. Mortgage
If you still have a mortgage you need to inform your bank the property is now under contract. You need to send them a copy of the contract the day you sign it. Banks need time to schedule the discharge of the portage and the more time they have the better
20. Moving out
You need to start to plan moving out. Even before the sales contract is not unconditional it’s a good idea to start planning for this.
Once the sale is unconditional you now have a very small amount of time to vacate.
The buyer will expect that you have removed all rubbish from the property, including under your house and down the size.
Legally you don’t have to clean the house. Sure it’s a nice thing to do and I would suggest you do it.
21. Property settlement
Usually the day of the settlement the buyer will want to do a final inspection.
To ensure the property is in the same condition as when they sign the contract.
No holes in the walls, Dishwasher and oven still there.
Keep the power on until the day after settlement to allow the buyer to check the lights and other terms are all working.
Questions people asks
Do you pay stamp duty when you sell a property in Australia?
No. When you sell a property there is no stamp duty . You pay stamp duty when buying a property. The amount you pay depends on the state the property is in. If you will be living in the property or if it’s an investment.
What do you have to disclose when selling a house in Queensland?
In Queensland on the sales contract you need to disclose easements, smoke alarm compliance & if you have disputes with neighbours. If the property has a tenant and when the lease expires, pool safety certificate. Later in 2025 . More information will need to be disclosed
Do you need to notify the bank when selling a house?
Yes you do. They need time to prepare to discharge your mortgage.
Other helpful information
Byron Miller has over 25 years experience in the real estate industry. A licensed real estate agent in Qld. Byron is based on the Sunshine Coast and sells properties for home owners and property investors . Ranked in the top 6% of real estate agents in Australia by realestate.com.au. Winder of 7 Rate My Agent Award. Sold 35+ Properties for record sale prices. Solid 30+ properties where pother sales agents tried to sell and failed.
