There are a number of decisions to make, including when to sell, which method works best for your property, which real estate agent to select to represent you, the best way to prepare your property for sale, and understanding advertising and commission costs.
How quickly you’ll need to proceed depends on your personal circumstances, especially whether you’ve already purchased your next home.
Real estate agents
An agent is your representative when selling your home, and is the one who negotiates the sale with potential buyers. Real estate agents can give you an indication of the current market trends and provide advice to help maximise the outcome of your sale. This may involve minor renovations, de-cluttering, garden maintenance and staging, all designed to increase the appeal of your property.
They will advise you on whether it is preferable to put a price on the property, put it up for auction or for expressions of interest, plus the advantages and
disadvantages of each method.
Marketing
Online, digital and print advertising, as well as brochures and signboards, will be used to help sell your home. Great photography and possibly a video will be the key, as well as a compelling description of the features of the property.
Open homes and auction
Once you and the agent have agreed on your strategy and timing, and the house is ready for inspection, you can put it on the market. Inspections are normally held on Saturdays and sometimes week nights, and potential buyers will submit offers to your agent, who is best equipped to advise you whether to accept or not. If your property is to be sold at auction, this normally happens after the property has been on the market for two – four weeks.
Exchange and settlement
When you decide to accept an offer, you can negotiate terms and timing to suit both you and the buyer. After a settlement period, which can be 30/60/90/120 days or even longer, we will arrange for the deposit, less our costs, to be transferred to your account, or your solicitors trust account. Your solicitor will handle the remainder of the financial transaction and transfers.
Every property is unique and therefore the costs involved with selling a home differ greatly. Agent fees vary based on the individual agent and the value of the home. To determine the costs involved, examine your property and add up all the potential fees so you know what to expect.
These are some considerations you should include on your list:
- Real estate agent’s commission
Negotiable to be agreed between both parties. Typically between 1.5% to 3%.
- Conveyancer or solicitor fees
Approximately $1000 to $1200 plus disbursements.
- Marketing including photography, advertising, and signboards
Varies depending on options but generally no more than 1% of the sale price.
- Auctioneer’s fees
Between $650 to $1000.
- Renovations and repairs
Varies based on the property.
- Home staging
Approximately $2000 to $4000 depending on the size of the home.
- Moving costs
Approximately $400 to $2000 depending on the size of the home and distance.
- Mortgage discharge fees. Varies based on the lender.
- Capital Gains Tax. Varies based on the property and your particular details.
Once you have completed your list, go through it with your agent to ensure nothing is missing, avoiding any nasty surprises in store. Also take into account there will be costs for buying your new house, such as stamp duty, bank charges and solicitor fees.
- Choose the right time of year Spring and autumn are renowned for being the busiest times of year in real estate, but with more properties for sale there is also more competition at this time of year. Winter is a quieter period, and in the middle of summer the real estate market attracts many passive buyers. Optimum prices are often achieved when volumes are low.
- Know your local market
Your real estate agent will be able to update you on the current trends in the local market. They are well-equipped to offer advice on what properties are currently available, how many buyers are actively searching for homes, and which method of sale is best.
- Make smart improvements
Agents can also offer advice on ways to make your property more marketable. They may suggest minor repairs such as refreshing the paintwork, removing some furniture to make rooms appear larger, or tidying the garden. If your house appeals to a broader market, it should lead to a better result.
At Ross-Hunt Real Estate, we will give you our realistic estimate of what your property is likely to achieve in the current market. This is generally given as a price range. We base this on careful research and analysis from recent sales in the vicinity as well as the condition of the home itself and its proximity to amenities, schools and general transport. Seasonal factors may also contribute to pricing fluctuation, along with both domestic and international economic factors.
Our preference is that our Owners Corporations resolve to engage the services of our many trusted, qualified and professional contractors for the best outcome. Should an Owners Corporation wish to engage a contractor that is not a Ross Hunt preferred contractor, we will accommodate this provided the contractor is qualified to carry out the proposed works and carries the requisite insurance.
Yes. Each of our 1150 Owners Corporations has a dedicated portfolio manager. Additionally, with our ‘buddy system’, you will be able to enjoy a continuity of service in an emergency, when the manager is absent.
Ross-Hunt manages Owners Corporations across the entire Melbourne Metro Area and also in regional Victoria. We have Owners Corporations from Yarrawonga to Lorne ranging in size from 2 lots up 300+.
Buying a property is one of the most significant decisions you will ever make, and can involve a significant amount of time, money and emotion. It is simply too important not to engage professional help!
The majority of buyers go to a real estate agent for advice; however they are engaged by the vendor and may not act in the buyer’s best interests.
A Buyer’s Advocate represents you, the buyer, in devising and implementing an appropriate strategy and tactics to successfully acquire a particular or suitable property.
Common reasons for engaging a Buyer’s Advocate are:
- To save time by having a professional search the market for you
- Eliminate the stress and frustration of being shown inappropriate and unsuitable properties by selling agents that don’t listen to buyer’s needs
- Use a professional negotiator to obtain the lowest possible price (the vendor has an agent on their side!)
- Gain access to the entire market including off-market listings (not all property is advertised)
- Be the first to receive information about up-coming listings
- Guide first home buyers or investors through the entire purchase process (avoid costly mistakes)
- To receive independent advice to provide you with peace of mind (source the right property with the best prospects for capital growth and, most importantly, purchase at the right price)
- To be professionally represented at all times
As both a Real Estate Agency and Owners Corporation Management Company, Ross-Hunt has elected to be a member of the Real Estate Institute Owners Corporations Chapter.
Ross-Hunt Real Estate is a single office operation of approximately 50 staff members. Though based in Surrey Hills, our Owners Corporation Management Team looks after properties across the entire Metropolitan area and also in parts of Rural Victoria.
As a member of the REIV Owners Corporation Chapter, our contracts of appointment do not feature a schedule of extra fees commonly referred to as schedule 2.2 fees. We do reserve the right to charge fees at an hourly rate of $165 during business hours and $275 outside of business hours. However, these fees are only charged if a manager is required to convene additional general meetings / committee meetings, and / or prepare for & attend at VCAT.
Annual General Meetings are included in our management fee. For Owners Corporations of 2-6 lots, an AGM held outside of business hours is charged at a cost of $275 per meeting. For Owners Corporations greater than 6 lots in size, there is no charge for holding the AGM with the time & location to be mutually agreed.
Our preference is that our Owners Corporations resolve to engage the services of our many trusted, qualified and professional contractors for the best outcome. Should an Owners Corporation wish to engage a contractor that is not a Ross Hunt preferred contractor, we will accommodate this provided the contractor is qualified to carry out the proposed works and carries the requisite insurance.
There is an initial setup fee of $150 to cover the cost of an OC Plaque, Common Seal, Plan of Subdivision and registration with the Titles Office. This once-off fee is included in the initial budget for transparency.
Yes. Each of our 1150 Owners Corporations has a dedicated portfolio manager. Additionally, with our ‘buddy system’, you will be able to enjoy a continuity of service in an emergency, when the manager is absent.
Ross-Hunt manages Owners Corporations across the entire Melbourne Metro Area and also in regional Victoria. We have Owners Corporations from Yarrawonga to Lorne ranging in size from 2 lots up 300+.
Absolutely not! It is a common misconception that Owners Corporation Management Companies, who are also a real estate agency, provide a subpar service. Ross-Hunt Real Estate has been managing Owners Corporations since our agency was established in 1973. We have the experience and the proven track record to provide any prospective clients with the peace of mind that will surpass ‘specialist’ Owners Corporation Management Organisations in Victoria.
Furthermore, we pride ourselves on ensuring that the multifaceted nature of Ross Hunt Real Estate is a benefit to our clients, as we are able to offer a more comprehensive and efficient management service where a unit is managed by Ross-Hunt Rentals and Owners Corporation Department. We also offer special rates to all existing clients if they should be interested in selling or renting through Ross Hunt Real Estate.
No – Our Owners Corporation Managers and admin staff solely operate in the Owners Corporation Department. Your dedicated Manager will not be dividing their time between your Owners Corporation concerns and real estate issues. All Sales and Rentals matters are handled by our dedicated staff members in those separate departments.
Where practical, reporting issues via the committee is preferable, but owners should not be inhibited from contacting the manager directly. Our lines of communication are open to all owners.