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Making the Sale

The Easy 5 Step Process

1. The Marketing Plan

The marketing plan will be designed to achieve specific goals. It will generate awareness in the market that your property is for sale. It will attract inquiries about your property. It will be targeted to our database of prospective purchasers and other potential buyers in the area. Depending on the method of sale and your budget it may use a variety of tools such as display advertising, internet websites, signboard, direct mail and letterbox drops. Your Ray White sales consultant will recommend the best marketing plan for both the property and your budget.

2. Open Days And Inspections

Open days and inspections serve well in a competitive market to maximize viewings and reduce the stress and inconvenience to you as the homeowner. Prospective buyers like the convenience and pressure-free environment of open homes. Some final touches to your home on open days will help create a welcoming atmosphere. (see Presenting your Home Check List)

3. Dealing With Offers
Private Treaty

It is most important that your agent conducts all negotiations on your behalf. Offers will be discussed with you in detail so that you can decide if all the details such as price, settlement date and finance are satisfactory. Important points to remember are:

  • You are not obliged to accept any offer even if it is at the advertised price (although this is unusual).
  • If you accept a verbal offer, any holding deposit paid to the agent is fully refundable if the buyer changes their mind.
  • Conversely, the same buyer cannot hold you to the offer made if you decide to sign contracts with another buyer.
  • The agreed deposit (usually 10% of the purchase price) is held in the agent’s Trust Account as stakeholder.
  • In Victoria a three day cooling off period can apply in which the buyer may withdraw from the contract forfeiting only a small penalty payment.

4. Auction

Unless you have accepted an offer before the day of the auction, it will be on that day that your sale is most likely to be made, although some sales do occur after the auction and within the auction agency period.

Based on buyer feedback, the state of the market and other factors, your agent will assist you with setting a realistic reserve price for the auction.

Don’t be too disappointed if the property fails to sell on the day “under the hammer”. Many sales take place immediately following the auction or within the auction agency period. Important points to note are:

  • You are entitled to have a bid or bids made on your behalf during the auction. This can be useful to either open the bidding or to end it. This is to protect you and ensure realistic bidding.
  • Your reserve price protects you from underselling your property.
  • If your property is sold at auction it is on your terms and conditions. However, the terms and conditions can be negotiated by the purchaser following the auction if the property is passed in.
  • If your property sells at auction, the deposit is paid and contracts signed on the spot. There is no cooling off period.

5. After The Sale
Settlement Period

The deposit paid by the purchaser will generally be placed either in the agent’s Trust Account pending settlement. In most cases, settlement is between 30-60 days from the date of exchange. When all the formalities have been completed, the settlement amount will be accounted to you, according to your instructions. Stamp duty is paid by the purchaser.