Frequently Asked Questions
What makes Balmaine Real Estate Different?
Everyone you come in contact with, from agent to reception, gives you top priority. Everyone understands their role and does it with an enthusiasm you’ll notice straight away.
Aren’t agents only interested in commission?
We know that your goodwill is much more important than our commission. Commission is a reward for a successful result. A happy customer means a successful future!
How do I know you tell buyers and sellers the same thing?
Selling should be simple, but many agents complicate it. Transparency puts everyone on the same page, and means everyone gets the best result – and that includes us.
What are the three critical aspects of achieving the best price for my property?
Qualified buyers inspecting your house will provide real price feedback. Competition, regardless of the process will drive the price. An individual with knowledge and experience can negate and support your position.
Will advertising help sell my house?
Good advertising arouses emotion in a buyer, taking them on a journey, and helping you stand out from the crowd. But even more important is knowing where to advertise.
The value of my house is the most important thing when selling.
Yes we agree! This is also the area that is manipulated the most by agents. Everyone deserves the best price possible. This is achieved by experienced agents with superior product knowledge, not by those who ‘sell ice to Eskimos.’
I’ve heard a lot of agents focus all their attention on sellers.
There are two parts to every sale. Our success comes from introducing the right buyers to the right sellers. And that comes from getting to know the needs of both parties – intimately.
Successful agents understand this.
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.
The best part is, it’s not hard, time consuming or expensive.
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 5-7 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.
Buyers for good quality property can be found all year round. With the marketing process having become far 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 one of Melbourne’s beachside or holiday 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 between 15 December and 15 January.
In tourist destinations however, this same period can be the best time for the sale of property. Properties near landmarks or destinations that attract many people may benefit from the exposure.
The time required to sell property that is accurately priced will typically vary between two and six weeks. Prior to placing your property on the market, allow an additional two weeks to prepare both the property and the marketing material.
Presentation of your property is a critical factor in achieving the highest possible price. This is similar to detailing a car before you sell it. The emotional appeal required to stir the spirit of the buyers is unlikely to be generated by a poorly presented property. 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
To improve the presentation, seek an outside opinion, as many of these problems can be fixed over a weekend for little expense. We believe the process is so important that we offer our clients access to the services of specialist Property Stylists to help in preparing the property.
For vacant properties, we would also recommend the use of decorator furniture for the period of the sale. Our stylists can also offer advice on the best type of furniture. The average cost to furnish a typical three bedroom house for six weeks is likely to be in the range of $4,000-$6,000 – in our experience an excellent investment in maximising the sale price of your property.
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 your agent about the benefits of each method.
Our company has successfully utilised all three methods, however we have found sale by Public Auction to be the most effective method for properties located in the inner suburbs. 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 choose to submit your property for sale by auction, research the success of each company’s auctioneers, as a skilled auctioneer can add significantly to your end result.
Most auction marketing periods run for about four weeks.
Private Treaty (Sale) methods are also popular, especially in a market where the price for a property is easily determined. This is common in the inner city, and outer suburbs, where demand is varied from the inner suburbs. We also recommend this method of sale, as it increases transparency on both ends of the spectrum.
Sale Preparation Checklist
- Get the property detailed thoroughly.
- A few hundred dollars spent sprucing up the property will increase the saleability and more than likely increase the sale price.
- A property stylist can improve the appeal of your property by enhancing its appearance. This helps in obtaining a higher sale price.
- 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.
- The Contract for Sale and Vendors Statement (Section 32) should be prepared by your solicitor or conveyancer with all the essential terms and conditions. In Victoria, the law requires that a Vendors Statement be presented to the purchase prior to them signing an offer.
- A certificate of compliance should be obtained from the Local Council if you have recently undertaken major building works.
- It is advisable to have a survey of the land and buildings available if required when selling a property.
- If there is a current lease, check the expiry date and termination requirements and advise your solicitor.
- 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 also be excluded if you prefer but it should be noted in the contract for sale.
Why Co Real Estate?
Success in the competitive world of real estate requires serious planning, dedication and focus.
It means staying on the cutting edge of technology and marketing, having the ability to recruit the right people and to react quickly to changing industry and marketing trends. At Co we take a flexible approach to our customers needs. We understand that different people need different things from us as an agent and tailor our services to meet those individual needs.
- The people at Co Real Estate are real estate professionals working in the market every day which means they have a real (and current) understanding of what agents go through in the field.
- We offer a competitive fee structure – for example, we are happy to beat our competitors written prices.
- We are committed to constantly evolving our marketing approach to ensure your property is held above the rest.
- Co offers a dynamic and supportive culture. Our employees enjoy feeling as they are part of a united team.
- Co is a high profile group with a name that is synonymous with quality, and far from wanting an office in every suburb we have a strict recruitment criteria that ensures only like-minded people join our team.
- We don’t employ ‘managers’ that are then required to be experts in all areas. Instead, we engage the services of a range of consultants that are experts in their field. For example, our Marketing Consultant helps agents target their marketing in a cost effective manner, our Sales Management Consultant works with sales executives to ensure they build a profile in their local area, and our consigned Business & Performance Coach works with Managers and their teams to help set out and reach their goals.
- Co is progressive. We are always looking to improve the products and services that we provided to our clients. We spend time in the field talking to clients and their family members, directors and their employees, so we have a real understanding of what their needs actually are. Moreover, being a small group means that we can react quickly when the market changes, when new technology becomes available, and when advertising needs to be refreshed. There is no red-tape or long winded approval process – the Corporate staff have the ability to make quick decisions and make things happen.
- With Co the sales agents are not limited to working in a specific area. We have specifically targeted agents with the ability to travel, and offer our exclusive service beyond the normal realms of a suburban estate agent.
- A range of training sessions are regularly provided to facilitate the accumulation of all required REIV Membership Continuing Professional Development points.
- We are passionate and committed to helping our agents achieve their goals.
We offer a total solution approach.
Our specialist teams include Residential Sales & Leasing, Commercial Sales & Leasing, Home Loans, Property Management, Asset Management, Portfolio Management, Project Marketing, Conveyancing and more.