Many factors determine a properties price including; supply and demand, market sentiment, population growth, our mining sector, interest rates, just to name a few. The overall combination of these factors determine at any one time how the property market is performing.
Using sound judgement, research and experience, your agent will be able to determine the right price for your home.
An experienced agent will be able to provide competent and reliable advise to ensure you make the best possible decision when selling your home. Who you appoint to represent you when selling your home is absolutely critical to ensure the best outcome can be achieved.
The most important thing for the owners to do is to ensure that the presentation of the house is as best as it can be, both inside and out.
Buyers first impressions are crucial to securing the best outcome, so ensuring the house is presenting to its best capacity is crucial. When people visit the home it’s imperative the outside is welcoming with lawns cut, garden beds weeded and mulched.
The inside of the house needs to be de-cluttered and cleaned and any maintenance issues attended to eg. painting, carpets professionally cleaned, if needed leaking taps attended to, loose fittings repaired etc.
Your real estate agent should advise you what needs to be done and if necessary help you find a suitable contractor should you need one. Great presentation will assist in achieving the best price, so take your time to ensure everything is the best it can be!!
When the house is ready for sale your marketing plan is implemented. Your agent will work through your marketing plan with you in order to ensure your home is marketed correctly, within your budget and to a professional, welcoming standard.
An effective, strategic marketing plan is critical to ensure your target market is reached, which will enable every potential buyer, access to your home. More buyers, more offers, more money for you!!
Open for inspections are usually for a 30 to 40-minute duration during the weekend which enables all prospective purchasers to attend at the one time frame.
Sometimes buyers are unable to attend an open for inspection and therefore a private viewing can be arranged. A competent agent will ask the prospective buyer questions regarding their borrowing position, time frame to purchase and keys features they are looking for when purchasing a property. This will ensure a genuine, qualified buyer will be viewing your home during this appointment.
Your agent meets with the prospective purchaser to write up an offer and acceptance and any special conditions which may form part of the contract. These conditions could be a finance clause, structural report, items that remain with the property following settlement etc. The agent will then commence negotiation on price. They should negotiate the best possible offer from the buyer. This will likely involve some ‘back and forth” between the agent and the owners and the agent and the buyers until such time the best purchase price is reached.
If the owners are happy with the final offer, then all parties sign and initial the offer and acceptance document. Once the purchaser has been informed their offer has been accepted the document becomes a legally binding contract.
The agent will assist both the owners and the purchasers to ensure all conditions are met. If the offer is subject to finance, the purchaser will need to lodge all necessary paperwork with their broker or bank to allow them to assess the application to borrow the money to buy the house. During this period the property is officially under offer and generally another offer cannot be accepted, and the house is no longer on the market. An “under offer” sticker is placed on the signboard. It is a t this time that a settlement agent needs to be engaged by the sellers. The agent should be able to assist in recommending one for you. Once the finance has been approved the house is sold and moves to the settlement period.
Once finance is approved a “sold” sticker is placed on the signboard, (generally a happy time), and the owners can then prepare to move. Other conditions may need to be satisfied, such as a building inspection or pest control inspection. Once these have been completed the next step is the pre-settlement inspection. This is when the buyers, sellers and agent meet at the house and check that all those things that should be working, are working. This includes such things as lights, air conditioning, oven, hotplates, reticulation, hot water system to name just a few. If there any items that require fixing as part of the contract conditions, then it is the owners responsibility to have them rectified prior to settlement.
As the owner, it is time to prepare the big move. You may need to engage a removalist to assist so book them early. Make sure that you still look after the home and ensure that is cleaned properly prior to you vacating. Inform the utility services that you are moving eg. gas, electric, telephone, internet provider etc.
Your settlement agent will also be doing their job in preparation for settlement.
Once the property has settled the buyer can have access to the house as long as you have moved out. You are permitted to be in property until the latest, 12pm the day following settlement. This allows you to move and clean that day if necessary. Its now time to start celebrating!
Appointing a highly skilled, competent Real Estate Agent with a successful selling history, is crucial to ensure the best outcome can be achieved for your home. The agent who you employ to represent you is such an important decision for a seller as agents abilities can vary substantially. Focusing on the information provided, actual role and case studies demonstrated by the agent ensures a seller has all the necessary information to make an informed decision around appointing an agent.
The team at Bailey Devine Real Estate welcome the opportunity to come to your home and provide you with a professional, complimentary evaluation.
Once you have decided on the best agent and agency to represent you to sell your property a Selling Agency Agreement must be signed by all parties on the title.
This is a legally binding document that will allow the agency to act on your behalf. The selling agency agreement will outline the costs associated with selling the property, including the selling fee and marketing costs payable.
The selling fee is generally a percentage of the eventual selling price of the home and the marketing is a real cost associated with all the advertising components when the property hits the market.
The marketing costs include professional photography, sign board and the placement of the property on the major real estate portals realestate.com, reiwa.com and domain.com
Your conveyancer / settlement agent is in charge of the legal process of transferring the ownership of the property and money. They make sure that everything is legally correct as the property transfers from one owner to another.
Settlement refers to the actual date ownership is transferred from the previous owner to the purchaser.
This is generally the day that you provide vacant possession of the property and the keys are provided to the buyer of your property. However, if this was your primary place of residence, you are entitled to remain in the property until the following day at 12:00. This is the day to start celebrating and pop the champagne!
You are well within your rights to sell the property whilst it is currently leased, however it is crucial that any potential buyer is advised that there is currently a lease in place. This must be included as a special condition to any offer & acceptance. The buyer must be fully aware that the property will not be sold with vacant possession.
The tenant has the right to continue to occupy the property until the end of the lease agreement. However if all parties negotiate and agree they may terminate the existing lease agreement. Having tenants in a property that take great care, and are reliable may appeal to prospective investors.
An exclusive listing is where you have provided only the one agency the rights to sell your property. If the property is sold during the fixed timeframe of the agreement the agent is then entitled to be paid a commission. Exclusive listings are most commonly used when selling residential properties.
Real Estate sales is an all year round business. People buy and sell houses for all different reasons, they might get married, divorced, deceased, have babies, wanting to move closer to the school, workplace transfer or moving from overstate. No matter what time of the year, people are in the Real Estate market as dictated by their personal circumstances. A well presented home looks good no matter what season we are in. As everyone’s personal and financial situation is different we say, the best time to sell your property is when it suits you. Don’t worry about the small factors or seasons, there are always buyers ready to buy.
It is best to start by finding out exactly how much you can borrow.
Approach your bank direct or ask for Bailey Devine’s mortgage broker to visit you before you start the journey.
The next step will be to identify what areas you would like to live in, or can afford to live in, and then start searching for properties within your price range in those suburbs. The easiest and most efficient way of finding potentially suitable homes is to look at real estate websites online.
There are a number of options here.
You can contact a team member from Bailey Devine who will assist you personally to find your ideal property – we will do the leg work for you and take the stress out of the whole process;
You can contact the real estate agent directly to make an appointment to view the property; or
Find out when the property is going to be open for inspection and attend during that time. Generally these open for inspections are over the weekend.
No. If there is a successful negotiation, then the agent dealing on your behalf will be compensated by the sales agency selling the property. This is what we call a “conjunctional arrangement”. There is one exception to this and that is if the buyer is dealing directly with a “Buyers Agent”, who is compensated directly by the buyer on the successful purchase of a property. A contract between both the buyer and Buyers Agent would have to entered prior to the agent assisting the buyer in the search for a suitable property.
You enter into a conversation with the sales agent and discuss your potential offer. They will complete an Offer & Acceptance document on your behalf. This offer includes the price that you are willing to pay, your finance clauses and any special conditions or reports you would like completed and a settlement date.
Placing an offer may not secure the property however it shows the owner that you are serious about the purchase. Then the negotiations begin.
Our Bailey Devine sales agent will guide you through the whole process and ensure that both yourself and the owner are happy and fully understand the contract prior to signing and acceptance.
Once all signatures and initials have been obtained and you have been informed of that fact, then the document becomes a legally binding contract. At this point you will need to pay the agreed deposit which is held in the agency’s trust account until settlement. It is then time to submit the offer to your bank / broker and obtain finance approval if that is a condition of the offer. You will also need to satisfy any other conditions that are listed on the offer, for example, termite and building inspections.
If you have made an application and have a letter stipulating that the finance has been declined then the contract generally comes to an end and the deposit will be returned.
At the time of writing the offer some of the general conditions you may wish to include are:
If it is an item that should be working as per the contract and it is discovered during the inspection then it is the owner’s responsibility to ensure it is fixed prior to settlement.
Settlement refers to the actual date which the property is formally sold, and ownership is transferred from the previous owner to you as the buyer. This is generally the day you receive the keys to your new property and you take possession (some properties are subject to 12pm the following day for key handover). It’s now time to start celebrating!
Your conveyancer / settlement agent oversees the legal process of transferring the ownership of the property and money. They make sure that everything is legally correct as the property transfers from one owner to another. A settlement agent will ensure that all local authority accounts, land taxes, water authority will be finalised at settlement.
Stamp Duty is a government tax on financial transactions in Australia. The more expensive a property, the higher stamp duty rate that must be paid. Stamp duty is invested into the economy by the state and territory governments which collect it.
The Residential Tenancies Act (RTA) is legislation by the Western Australian Parliament to regulate the relationship between owners and tenants. It was first established in 1987, but was modernised, updated and amended in 2013. It establishes the rule of law to ensure the business relationship between the property owner and the tenants is fair and reasonable to both parties. It applies rights and responsibilities on both parties that must be adhered to. The most recent amendments to the RTA came into effect on 1 July 2013.
After viewing the property, you can then make an application for it using standardised forms. These will be provided by the Bailey Devine Real Estate Property Manager. The application form requires you to confirm your identity, provide references and referees, provide evidence of your financial status and to commit to the terms of the agreement as explained to you by the owner and Bailey Devine Real Estate Property Manager. The application also provides you with the opportunity to put forward any special conditions you want included in the lease agreement as well as consider any special conditions the owner may want to include in the lease agreement.
Once the Property Manager has processed your application, we will consult with the owner of the property, usually within one or two days, you will be contacted and advised of the outcome. If successful, you can then decide to meet with the Bailey Devine Real Estate property manager to sign a Lease Agreement. You will also be required to pay two week’s rents in advance, plus a security bond of four week’s rent. If you are permitted to keep a pet, then your security bond can be increased by an extra $260.
A lease agreement sets out the terms and conditions of the lease. The owner via the Bailey Devine Real Estate Property Manager and the tenants agree on matters such as the amount of rent per week, when the rent will be paid, the method of paying the rent, the number of people who can live in the premises, whether pets can live at the premises, the length of the lease and payment of electricity and water consumption.
Up to the end of the fixed term tenancy agreement the tenant or the owner must provide 30 days’ notice to either party. If both the tenant and the owner provide different notices, then the earlier of the two dates will apply. If no notice is given prior to the expiry date of the fixed term tenancy, then the tenancy will continue as a periodic tenancy until either party wishes to terminate the lease. In this instance, the tenant is required to give 21 days’ notice and the owner is required to give 60 days’ notice.
Routine inspections are conducted once within the first six weeks of a new tenancy and every 12 weeks thereafter, however not more than four times each year.
Routine inspections are conducted between 9am and 5pm Monday to Friday. Our Bailey Devine Real Estate Property Manager will negotiate a suitable time with the tenants to perform the inspection.
This is a common question that is difficult to answer as it always depends upon the set of circumstances.
Reasonable wear and tear is generally considered to be;
A definition commonly enforced by the court system is that; “reasonable wear and tear means the reasonable use of the house by the tenant and the ordinary operation of natural forces.”
Examples of what could be considered wear and tear include:
It’s the question every landlord wants to know. Searching for comparable properties on sites like realestate.com.au or reiwa.com.au is a great way to see what similar properties are being advertised for, however, this should not be the deciding factor of how your property is priced when going to market. Similar homes that are leased, provides a more accurate rental amount likely to be achieved.
Bailey Devine Real Estate has access to property data software that provides us access to produce a Comparative Rental Analysis (CRA) prior to your property being advertised for rent. A CRA will show exactly what similar properties are rented for and how long they took to rent.
More importantly this report will show any difference between the original advertised price and the price it eventually rented for which can sometimes be quite a gap. How much a property is advertised for is not always the price it rents for and sometimes the difference can be quite significant. It is important to also consider how long comparable properties are taking to rent, especially if your property is vacant.
The length of time a rental property is on the market will reflect how it is priced to comparable properties, how it is presented to prospective tenants and the demand from the market for properties such as your home.
If a maintenance issue arises at your property, the tenants are required to advise us of the problem in writing. Upon receipt of a maintenance request, we will contact you to discuss the matter further, provide you with options and arrange the repairs as per your instructions.
In the event of an emergency, we will still try to contact you in the first instance however, we use a common-sense approach to handle the matter on your behalf if you are not contactable immediately. An invoice will be sent to our office by the contractor and this will be deducted from your rental account funds.
So that Bailey Devine Real Estate can manage your property with minimal effort on your part, rates and other accounts can be paid from the rent received on your behalf into our trust account. These accounts include; water rates, council rates, strata levies, landlord insurance and maintenance accounts.
At the end of every month all monies held, unless instructed otherwise, are paid to you by electronic funds transfer into your nominated bank account. A statement is issued at the same time outlining the debits and credits for that month.
At the end of each financial year you will also receive an easy to read annual statement summarising your income and expense for the financial year. Just take it with you when you go to see your tax accountant, simple!
Routine inspections are conducted regularly to check that the property is being kept in a reasonable condition. Your Bailey Devine Property Manager will provide a written report after each inspection, including photographs of the inside and outside of the property.
To comply with the Regulations, owners must ensure that the smoke alarm(s):
The BCA requires smoke alarms to be interconnected where there is more than one alarm. However interconnection of smoke alarms is not applicable to dwellings that were approved for construction prior to 1 May 2015.
Owners who rent or hire their dwelling are required by law to maintain the smoke alarms. This includes ensuring the smoke alarm: