Selling Your Property in Queensland

Selling your property can be a daunting task, from the initial idea to the settlement date. With so many aspects to consider and numerous parties involved, it’s easy to feel overwhelmed. However, fear not! In this comprehensive guide, we’ll walk you through the entire selling process, making it as straightforward and stress-free as possible.

Choosing the Right Agent

The first and most crucial step in selling your Queensland property is selecting the right real estate agent. Your agent will provide expert advice on pricing, market your property effectively, and negotiate on your behalf to secure the best possible price. Before you sign any contracts, here are some essential questions to ask prospective agents:

• Are they licensed, and is their agency licensed?
• Do they have in-depth knowledge of the local property market and access to sales data for similar properties in the area?
• What is their marketing strategy, and do they have a proven track record?
• Have they provided an estimated sale price, supported by a Comparative Market Analysis (CMA) of at least three similar properties?
• What are their commission rates and any additional fees? When are these fees due?
• What specific services will you receive for the fees agreed upon?
• Will they be the sole agent responsible for selling your property?
• Do they have professional indemnity insurance and adhere to a code of ethics?

Once you’ve found the right agent, you can sign a contract outlining their responsibilities and associated costs.

Methods of Selling Your Property

There are several methods to sell your Queensland property, each with its advantages and considerations.

1. Private Treaty: You set the sale price, and interested buyers submit offers. Your agent negotiates with buyers until you agree on a price.
2. Auction: An auctioneer oversees a specific event where you set a reserve price. Buyers bid on your property, and if the reserve is met, the highest bidder must complete the transaction immediately.
3. Tender: You advertise a closing date for offers on your property. Buyers submit offers with a deposit, and you can review and approve the most suitable offer.

Your choice of selling method will depend on market conditions, property type, pricing, buyer activity, and your goals.

Marketing Your Property Sale

Marketing your property effectively is crucial for attracting potential buyers. There are two primary channels for property marketing in Queensland:

1. Print Media: Utilize newspapers like The Courier Mail, which reaches a vast readership. Local newspapers and magazines can also be valuable.
2. Online Media: Leverage online platforms such as realestate.com.au, domain.com.au, and professionalscollective.com.au. Professional photography and video tours can help your property stand out.

Contracts of Sale

Before marketing your Queensland property, you must draft a contract of sale. This document provides essential details, including:

• Listed property price
• Property details
• Conditions of sale (e.g., home loan pre-approval, inspections)
• Cooling-off period (typically five days in Queensland)

Prospective buyers will also provide their own conditions and submit them with their offers. Both parties must agree to the contract before proceeding with the sale.

Costs of Selling Property in Queensland

Creating a budget for your property sale is essential, as there are various associated costs. These may include:

• Agent commission (as specified in the agent appointment document)
• Legal fees for conveyancers and solicitors (up to $3,000)
• Reimbursement of agent expenses
• Building and pest inspection (between $400 and $600)
• Professional property valuation (typically between $300 and $500)
• Auctioneer fees (around $1,000 for auctions)
• Repair costs (ranging from a few hundred dollars to several thousand)
• Moving costs (between $500 and $3,500)
• Mortgage settlement fees (up to $1,000 when switching loans)
• Swimming pool inspection (between $170 and $350)

Review your agreement with your real estate agent to ensure you account for all these expenses.

Settlement of Your Property Sale

The settlement process varies based on the selling method:

• Private Treaty: Offers are negotiated, contracts are signed, and a 10% deposit is paid. There is a five-day cooling-off period.
• Auction: If the reserve price is met, the highest bidder signs and exchanges contracts, providing the deposit on the same day. There is no cooling-off period. If the reserve isn’t reached, you can consider post-auction offers.

The settlement typically takes 30 to 90 days, with you receiving the remaining property price, transferring the title, and handing over the keys. You’ll be responsible for council rates and land tax until this point.

Congratulations! You’ve successfully sold your Queensland property, and with the help of Professionals Collective, the process will be smoother than you ever could imagine. Selling your property doesn’t have to be overwhelming when you have the right guidance and expertise by your side.

Ready to take the next step in your journey? Whether you’re looking to buy, sell, or simply need expert advice on real estate matters, our dedicated team is here to assist you. Contact us today to unlock the doors to your real estate aspirations. Let’s make your dreams a reality!

Disclaimer: The information provided in this communication is for general informational purposes only. It should not be construed as legal, financial, or real estate advice. Any reliance you place on the information provided is strictly at your own risk.