Selling Tips
Selling your property is one of the most financially and personally significant challenges that you will face. At Challenge Mercantile we have developed an approach that gives you a professional, carefully planned, stress free and ultimately profitable experience.

We are proud that Challenge Mercantile agents are recognised for being the best in the business and are always delighted to help you with your enquiries.

The preparation you put into getting your property ready for sale can be the difference between getting a standard price and getting a great price. And, the best part is, it is not hard, time consuming or expensive.

  • Timing
  • Presentation
  • Method of Sale
  • Sale preparation checklist
The process, or indeed art, of presenting your property for sale is an important one to master. For most, the sale of a property comes around every five to seven years. For others it has become a more regular event, choosing to capitalise on the opportunity of upgrading the family home and make substantial tax free gains in the process.

Whatever your motive for selling, the process can either be stress free and lucrative or tense and disappointing. The good news is that you have the ability to choose.

Timing
Buyers for good quality property can be found all year round. With the marketing process having become more sophisticated than in previous times, the issue of timing is less critical today than in the past. However there are some important points you may wish to consider.

If your property is located in of Brisbane’s beachside suburbs our research indicates that the Spring and Summer months produce superior results, particularly October and February. In major centres avoid the Christmas holiday period. In tourist destinations however, this same period can be the best time for the sale of property.

The time required to sell property that is accurately priced will typically vary between two to six weeks. Prior to putting your property on the market, allow an extra 2 weeks to prepare both the property & the marketing material.

Presentation
Presentation of your property is a critical factor in achieving the highest possible price. This is similar to detailing your car before your sell it. The emotional appeal required to stir the spirit of the buyers is unlikely to be generated by a poorly presented property. And a neglected building sends out ‘warning signals’ to prospective buyers.

So it is important to do whatever is possible to have your property looking its absolute best on inspection day. Some of the turn-offs for buyers include:
  • Animal odours in the house
  • Evidence of damp or moisture in the walls
  • Cigarette or strong food odours
  • Doors, windows or gates that stick
  • Cracked glass
  • Too much furniture or personal belongings cluttering the space
  • Stained carpet and grimy bathrooms
To improve presentation, seek an outside opinion, as many of these problems can be fixed over a weekend at little expense. We believe the process is very important. Buyers see repairs as expensive!

Minor repairs that need doing may only cost a few dollars to fix, but may cost you thousands of dollars in your final sale price, so:
  • DO fix leaking taps
  • DO repaint the patio floor (pay particular attention to the entrance)
  • DO oil squeaky hinges and windows
  • DO repair broken or torn fly screens
  • DO tighten loose doorknobs
  • DO repair minor cracks
  • DO NOT carry out major expensive repairs without consulting us first
For vacant properties, we would recommend the use of some furniture for the period of the sale. The small cost to furnish a home is an excellent investment in maximising the sale price

Method of Sale
When it comes to selling your property, there are three popular methods to choose from
  • Private Treaty (sale)
  • Public Auction
  • Public Tender
Each has its own advantages and it is advisable to speak to us about the benefits of each method.

Challenge Mercantile has successfully utilised all three methods, however we have found that sale by Public Auction to be the most effective method. Auction is effective in the event of there being difficulty in clearly determining the value of a property whereby a value range may be more practical.

Also, where a property is likely to attract more than one qualified buyer in the marketplace, Auction allows competitive bidding to increase the final sale price. In the event that you chose to submit your property for sale by Auction, research the success of the company’s auctioneers, as a skilled auctioneer can add significantly to your end result.

Most Auction marketing periods run for about four weeks.

The benefits of an Auction
  • No price barrier
  • Competition – ensures the best possible price
  • No delays – Contracts are ready with a definite time limit
  • No negotiations on the term and conditions
  • Maximum exposure
  • A concentrated and approved advertising program
  • Market teaser
  • You do not have to disclose the reserve price before the Auction
  • Immediate exchange of Contracts
  • The Auction is exclusive
  • Devoted representative time
  • Determine your own date of sale
  • More inspections because the price is unknown
  • Purchasers know that the vendor is genuine
An average Auction cost should be about 2.5% of the Reserve Price but never less than $2,000.00. In many circumstances and depending on the property, this amount is more than sufficient. The final decision should be left to the consultant’s own experience.

Steps involved in selling Real Estate
  • 1. Choose a Real Estate Agent
  • 2. Decide on a method of sale
  • 3. Agree on an appropriate marketing/advertising program
  • 4. Decide on a desired list price
  • 5. Sign a PAMD Appointment of Real Estate Agent (sales & purchases) Form 22a with a nominated agent
  • 6. Prepare your property for sale
  • 7. Arrange for buyers to inspect your property
  • 8. Agree on the price offered by the buyer or nominate the reserve price in the case of an Auction
  • 9. Sign a Contract of Sale
  • 10. Make arrangements with your solicitor & financial institution for the transfer of the property
  • 11. Pay commission to the Agent

Forms used Real Estate Transactions in Queensland
Relating to the Seller

Form PAMD 22a – appointment of Real Estate Agent (sales and purchases)
Form PAMD 28 – disclosure of beneficial interest to the seller

This is the process
  • 1. PAMD Forms 30c Buyers Notification of Cooling Off Period in QLD needs to be signed by the buyer/s
  • 2. PAMD For 27c Selling Agents Disclosure to buyer/s needs to be signed by the buyer/s
  • 3. Contracts must be signed and initialled by the buyer/s and seller/s
  • 4. Copies of the PAMD 30c, PAMD 27b and Contracts for house and land are given to the buyer/s
  • 5. Contracts are delivered to both party’s solicitors

Sale Preparation Checklist
  • 1. Get the property detailed thoroughly
  • 2. A few hundred dollars spent sprucing up the property will increase the sale price
  • 3. A property stylist can improve the appeal of your property by enhancing its appearance. This helps in obtaining a higher sale price.
  • 4. Obtain a building and pest inspection report. This allows you to have necessary repair work done prior to sale. A 100% clear report can be used as a selling feature for buyers.
  • 5. The Contract for Sale should be prepared with all the essential terms and conditions.
  • 6. A certificate of compliance should be obtained from the Local Council if you have recently undertaken major building works.
  • 7. It is advisable to have a survey of the land and buildings available if required when selling a property.
  • 8. If there is a current lease, check the expiry dates and termination requirements and advise your solicitor.
  • 9. Make a note of all the inclusions. That is, everything that will be included in the purchase price and remaining at the property after completion. Standard items include light fittings, floor coverings, curtains and blinds. These can be excluded if you prefer but it should be noted in the Contract of Sale.

Sellers Checklist
As soon as the Agency Agreements have been signed, we can get started. The following items are not essential, but would be a great help, so if you can supply as much of the following list to us as soon as possible, it would be greatly appreciated.
  • Your work and home phone and fax numbers
  • Your mobile phone number
  • Your email address (if applicable)
  • List if exclusions (any fixtures that you will be taking with you)
  • List of inclusions (anything you are leaving other than normal)
  • How much the rates are each year
  • Your solicitors name and address (if you have one already)
  • A set of house keys
  • A list of ‘hidden features’ your house has that you think people would like to know about
  • A list alarms or dogs etc that may be a problem
  • Anything else you feel that may be helpful

Standard Items
  • 1. Our system of commission, and when commission is payable Our standard rate of commission is 5% of the first $18,000.00 and 2.5% of the balance + GST
  • 2. At Challenge Mercantile our policy on commission is payable upon settlement
  • 3. For townhouses and units, under the Body Corporate and Community Management Act, we must provide a ‘disclosure statement’ detailing Body Corporate Information. This information is compulsory.