Selling your property with us in Queensland
Here are things you need to know when it comes to the selling process for Queensland real estate.
From the first twinkle of an idea that you might sell to the settlement date can be a long time when you're selling property in Queensland. There is so much to cover and many parties involved in the process - it's easy to get overwhelmed.
But with these resources and the help of your real estate agent, you can cut out a lot of the stress and find yourself working through a straightforward sale process.
Choosing an agent to sell Queensland property
Finding the right real estate agent to sell your Queensland property is a crucial first step in the process. They will provide sound advice on pricing and selling, market the home to attract buyers and negotiate on your behalf to get the best price possible for you.
However, there are many questions you should ask an agent before you sign the appointment form, which is the legally binding contract giving the agent authority to sell your Queensland property on your behalf. Here are some queries to consider:
Are they licensed? Is their agency licensed?
Do they know the local property market? Can they provide sales data for other homes in the area?
How will they advertise and sell your home? Do they have a proven track record for this?
Have they provided an estimate of the sale price? Is this backed up with a comparative market analysis (CMA) of at least three other properties?
What are their commission and fees? Are there potential extra costs? When will these be paid?
Exactly what services will you receive for the stated costs?
Do they have professional indemnity insurance? Do they subscribe to a code of ethics?
Ways to sell Queensland property
There are several different ways to sell your Queensland property, and the best way will depend on market conditions, the type of property, market prices, buyer activity and your own priorities. We will be able to provide an in-depth analysis of each of these methods and the associated risks or benefits, but here is an overview to get you started.
Private treaty
This is a process wherein you determine the sale price of your Queensland property, and buyers come forward with offers to purchase it as it is advertised publicly. Your real estate agent can then negotiate terms and numbers with the buyers until you are satisfied with an offer.
Auction
Auctions are a specific event rather than an ongoing process, overseen on the day by an auctioneer. You set a reserve price in writing, which is the minimum amount you want the home to sell for. Buyers register for the auction and place bids on your home. If it surpasses the reserve, then the highest bidder must complete the transaction there and then.
Setting the reserve appropriately is very important here. We can provide further advice on where to set the reserve and how to manage expectations.
Marketing your property sale in Queensland
How your property is advertised will depend on the market, but there are generally two main channels for this marketing to boost exposure:
Online media
Realesate.com.au is the leading property resource in Australia, with an average of over 12 million visitors each month across the web and mobile. In today’s market, Professional photography and video tours are recommended to make your home stand out in the crowd.
Parallel Realty will provide a free digital marketing material package upon signing a sales listing or a rental listing contract:
Free Marketing Material List on Sales Listing:
Professional Photography Shooting up to 15 high-quality photos for your property. (Normally Cost: $220 - $400)
Drone Shots for surroundings if capable (Normally Cost: $300 - $500)
Video Tour or 3D Virtual Tour (Normally Cost: $800 - $1500)
Free Marketing Material List on Sales Listing:
Professional Photography Shooting up to 15 high-quality photos for your property. (Normally Cost: $220 - $400)
Print media
The Courier-Mail is the biggest newspaper in Brisbane and Queensland, with a Monday-to-Friday readership of 609,000 and a Saturday audience of 602,000. Harnessing this readership, including dedicated readers who buy it specifically for real estate listings, is an excellent way to promote your home. Using newspapers and magazines specific to your suburb will also be helpful.
Contracts of Sale in Queensland
Before your Queensland property sale marketing can begin, the contract of sale must be drawn up. This is effectively a binding summary of your home and will include the following details:
The listed price for the property
Details on the home itself
Any conditions of the sale (whether buyers must have home loan pre-approval or if the sale is subject to inspections, for example)
Details on the cooling-off period (five days in Queensland)
Prospective buyers will also provide contracts of sale when they make an offer, including their own conditions. Both parties must agree to the document before the transaction goes ahead. The Queensland Government has more information on the contract of sale here.
The costs of selling property in Queensland
Forming a budget for your Queensland property sale is going to be an essential step. There are many costs you might not be aware of that we can help you with, but this list provides a brief overview of the associated fees you might encounter:
Agent commission - this will be specified in your agent appointment document
Legal fees for conveyancers and solicitors, which can be up to $3,000
Reimbursing your agent for their expenses throughout the sale process - this should be outlined in writing before you sign your agreement.
A building and pest inspection from the Queensland Building and Construction Commission (between $400 and $600)
Getting a professional valuation (usually between $300 and $500)
Fees for the auctioneer if you are selling Queensland property at auction (about $1,000)
Cosmetic repairs to your home ahead of advertising may only be a few hundred dollars, while a full plumbing renovation can cost $15,000
Moving costs can take home sellers by surprise - anywhere between $500 and $3,500
Paying off the remainder of your mortgage and fees of up to $1,000 if you are switching to a new home loan when you move elsewhere
Swimming pool inspections, which are between $170 and $350
To cover all the details, go over your agreement with the real estate agent and take their advice on what you need to do.
Settlement of a Queensland property sale
The close of your Queensland property sale will differ based on how your agent is selling it:
Private treaty
Your agent passes on offers from prospective buyers, and you both analyze them and any conditions in the contracts of sale. Your agent can negotiate on your behalf for a better price. When an agreement is reached, the contracts of sale are signed and exchanged, and an up to 10 percent deposit is paid to you.
There is a cooling-off period of five days, in which the buyer can back out of the sale.
Auction
If the bidding reaches reserve, the highest bidder signs and exchanges contracts and provides the deposit to you on the day - there is no cooling-off period. If it does not reach the reserve, you may receive offers post-auction or choose to accept offers made prior to the event. We will advise you on the best way forward with this, and they can negotiate for a better price if the reserve is not reached.
You can also make your own bids to boost the sale, but only below the reserve price. These are vendor bids and must be advertised to all prospective bidders.
Once contracts are exchanged and signed, the settlement process takes between 30 and 90 days. On the settlement day, you receive the balance of the property price, transfer the title and hand over the keys and relinquish ownership of the home. You will be responsible for council rates and land tax up until this point.
Some handy tips before leaving your property
Make sure if you are moving into a new home; the agent has provided you with all the keys.
Discontinue the electricity, water, gas and telephone. Do not leave notification of the authorities till the last minute, as in some cases; meters must be read.
Redirect your mail to the post office.
Advise all who need to know of your change of address. As well as family and friends, these may include your bank, solicitor, credit card company, insurance company, telephone company, Social Security, the tax office, your child’s school and all the organizations and clubs you might belong to. Change the address on your driver’s license.
Cancel your deliveries, such as milk, newspapers, etc.