Before you sell

Research carefully. To get the best price for your property select an effective and ethical agent. Ask people you know and seek out who is active in your area by checking local newspapers and internet sites, and visiting houses open for inspection.

Shop around. Many consumers engage the first agent they visit and are then stuck with a sole or exclusive agency for 60 days with someone they are unhappy with later. Visit a number of agents to find the one you like and who can do it for a price you are prepared to pay, as fees are negotiable up to the maximum set by the legislation. You should be careful that if you engage an agent for a sole or exclusive agency and then engage other agents you may be liable for two or more commissions.

If you are not sure who to appoint, ask two or three agents to inspect your property and provide you with a listing presentation. This will include an indication of the current market price, an overview of market conditions, and a plan on how the agent will market the property. Don’t be sucked in by an agent who simply says they can get the best price. Look at what they can do for you.

Don’t have unrealistic ideas about the price for your property. If you overprice your property you may never sell it.

Check prices. Look at several real estate agents’ listings. The internet or newspapers to find out the average market price for a property similar to yours.

Follow market changes or downturns that may influence the price you want.

Do not be influenced by an agent who says they can get you the highest price. Some unethical agents use this tactic to lock you into a sole or exclusive agency and then can’t deliver on their valuation. Ask the agent how they arrived at the price and ask them to show you the recent sales and statistics to verify their opinion.

Ask the agent for testimonials from other customers. Contact people and confirm their comments. Also consider whether they are a member of the REIQ.

Find out the different processes and options involved in selling through a real estate agent, auctioneer or as a private seller.

If you have an investment property, talk to an accountant. Ask about any taxation implications to verify claims made by agents seeking to sell your property.

If you consider making improvements to your home before putting it on the market, make sure you engage a suitably licensed electrical contractor to carry out any electrical installation or repair work.

If your home does not already have a safety switch, you may also consider installing one. A safety switch will cost around $200 to purchase and have a licensed electrical contractor install. A safety switch is another small incentive for buyers to purchase your home over another without one, because if a residential property does not have a safety switch the buyer must install one within three months of settlement.

The above information is cited from ©The State of Queensland (Office of Fair Trading, an office of the Department of Tourism, Fair Trading and Wine Industry Development) 2004. Real Estate Realities pge 45..