When appraising the value of your property in any market, an experienced agent has the skill to weigh up a complex combination of factors. Recent sales in your local area offer a guide to what buyers are paying for comparable properties. Location is a key factor, including your suburb, street and desirable features such as beach or river frontage, or a leafy outlook. The credentials of your land will also weigh into a price appraisal, such as overall block size, aspect and view lines. When it comes to a house or apartment, factors that influence price include the age of the residence, the quality of the finishes and fixtures, and amenities such as pools, tennis courts and pontoons. The state of the market also comes into play, including stock levels in your local area and the level of buyer demand, while broader economic factors such as restrictions on lending, interest rates, elections and inflation can all impact what buyers are prepared to pay.

There are three main methods of sale, each with its own merits and the best strategy hinges on factors including location, recent local sales, buyer activity, supply and demand, your personal circumstances, and current market conditions.

AUCTION

An auction campaign usually runs for four weeks with intensive marketing used to build interest and momentum in the lead up to auction. An auction campaign creates urgency by giving buyers a defined timeframe in which to act. No price limitations are placed on your property at auction, which avoids the risk of both over-pricing and under-selling. The direct market feedback provided during an auction campaign adds valuable education to your decision-making and the seller has full control over setting a reserve. Buyers and sellers benefit from the open transparency of the bidding process. A sale made under the hammer is unconditional, giving the seller finality to move on.

EXPRESSIONS OF INTEREST (EOI)

This method of public sale calls for prospective buyers to submit their highest and best offer in writing by a nominated closing date and time, usually within four to six weeks. All offers are confidential and must be submitted to the agent on a Contract of Sale and will include the terms of the offer. Once the EOI period closes, all offers are presented to the seller for consideration. This method allows sellers to gauge what price their property might fetch, particularly when there are no recent sales comparisons available.

PRIVATE TREATY

When selling by private treaty, the seller sets the price they want for their property based on comparable recent sales and advice from your agent. Setting a realistic price is key to a successful sale by private treaty – properties that are priced correctly will attract offers early in the campaign. Your agent can negotiate with buyers on price and terms until a suitable offer is reached. Private treaty is preferred by homeowners with no real urgency to sell and those who prefer to set a clear price.

OFF MARKET

Sellers who choose to list their property off market are usually after either a quick or private sale. The property will not be publicly advertised, with the agency relying on their own network to solicit offers that may be acceptable to the owner. Kollosche’s Off Market portal affords our valued clients the opportunity to secure a private sale with minimum fuss.

The sale of a property is often triggered by a major event, such as divorce, death, debt, a growing family or a new job, which tends to dictate the timing of a sale. While in some markets, property follows seasonal trends the same can’t be said for the Gold Coast. Glorious winter weather tends to attract interstate and overseas visitors or migrants hunting real estate. While many markets shut down over Christmas-New Year holiday period, the Gold Coast is flush with property shoppers who are relaxed and have time to inspect. At Kollosche, we have the skills, expertise and strategies to position your property for a premium price in any market.

Presenting your property to a high standard will go a long way to achieving a premium price. Our agents can offer direct advice on where to spend your time and money based on your property and price expectations. Beyond tending to general maintenance inside and out, there are a range of services available to achieve professional presentation. Kollosche can refer suppliers to assist with property styling, furniture staging, professional cleaning, garden maintenance and landscaping, and general trades.

Kolloche understands that clear and regular communication helps to alleviate the potential anxiety and questions that can arise when selling your home. From the outset, your agent and their team will establish a timeline with touch points and best methods of communication. Regular reporting is factored into each campaign so that you are kept informed at every stage of the selling process right through to settlement.

Sellers who wish to keep the sale of their assets private may choose to pursue a sale off market. Off market listings are shared on Kollosche’s exclusive private portal where a buyer may be found without the need to publicly advertise or conduct open inspections. Collaboration between Kollosche sales agents can also help to secure a suitable offer. As auctions are conducted in the public domain, those results are recorded publicly, however sellers can choose to keep private treaty or EOI sales results from appearing on public listing portals. It should be noted that all property records stored within CoreLogic are publicly available for a fee.

Kollosche serves a global network of clients based in Queensland, interstate and internationally. With a wide range of technology at our disposal, buying and selling property from abroad is now an everyday reality. For an international seller, Kollosche agents and their team are able to take care of everything from preparing a property for sale, completing due diligence such as building and pest reports, arranging all marketing assets and advertising, conducting open inspections, and completing settlement. Our in-house legal team ensures that all contractual obligations are met for a seamless sale.

Buyers in Queensland are not required to have pre-approved finance prior to inspecting a property or making an offer. However, Kollosche recommends buyers speak to a finance professional prior to submitting an offer or attending an auction to ensure there is a clear understanding of borrowing capacity and limitations. It is important to note that a lender can decline a pre-approved finance application if circumstances change prior to purchase.

Kollosche recommends vendors complete a building and pest report prior to listing a property for sale in order to facilitate a smooth buying process. In instances where a vendor has not completed a building and pest report, the buyer should arrange an inspection. Building and pest inspections are not mandatory in Queensland, however it is highly recommended that buyers pursue one prior to entering into an unconditional contract.

For a property with a pool, the onus is on the seller to provide a current pool safety certificate prior to settlement. If the seller does not have a valid pool safety certificate, they must sign and supply a Form 36 notice of no pool safety certificate prior to entering a contract of sale.

A ‘Letter of Offer’ form will be provided by the selling agent to the potential buyer to complete when they are ready to make an offer. This form presents the buyer with the chance to outline their full offer including purchase price, initial deposit, special conditions and settlement period.

The vendor may alter the ‘Letter of Offer’ and send it back to the buyer for review. This negotiation process can go back and forth between parties until final terms are agreed. Once the final offer has been signed by both parties, it becomes a legally binding document.
If the contract entered into is conditional on finance, building and pest, or any other special condition, a time frame will be prescribed in the contract to meet the requirements of the conditions (often 14 days, but this can be longer or shorter).

It is the buyer’s responsibility to complete due diligence, book in a building and pest inspection if needed, and liaise with their financer. If the buyer is satisfied with the outcome of any conditions outlined in the contract, the buyer’s solicitor should notify the seller’s solicitor that the contract can become unconditional.

Once a contract is unconditional, the balance deposit outlined in the contract will become payable and final searches will be conducted by the buyer’s conveyancer to make necessary arrangements for settlement. The bank will liaise directly with the conveyancer to arrange the transfer of funds on settlement day.

It is recommended for buyers to conduct a pre-settlement inspection on the morning that settlement is due to ensure the property is empty and in the same condition as when it was initially inspected. If there are any issues, it is important to raise them prior to settlement.

When an offer is accepted with special conditions, the buyer has a specified timeframe to confirm all conditions are satisfied. Once this timeframe has passed and confirmation has been received that special conditions have been met, the contract becomes unconditional.

An unconditional contract does not have conditional clauses attached to it. This means that outside of the buyer’s rights under legislation, settlement must proceed regardless of finance approval and the physical condition of the property.

Properties purchased at auction are unconditional in nature, so it is important that buyers complete their due diligence prior to bidding.

In a multiple offer situation, the selling agent/s will adhere to the professional standards outlined by the Real Estate Institute of Queensland and distribute an ‘Acknowledgement of Multiple Offers’ form to all buyers. This form gives buyers a final opportunity to submit their best offer.

Submitting the highest offer does not guarantee a sale. Factors such as finance, inspections, deposits, and settlement timeframes can also influence a seller’s decision.

Buyers wishing to bid on a property at auction should notify the selling agent of their intention and provide their contact details. You can also request to be kept informed by the agent in the event that offers are being considered for the property prior to auction.

Those who register to bid at auction must have finance approval in place and be in a position to transfer a deposit in the event of a winning bid. If a building and pest report is not made available by the seller, buyers should arrange their own inspection to satisfy themselves of the property’s condition prior to bidding.

Buyer’s can inspect the contract and certificate of title at the agent’s office three days prior to auction date or at the auction location 30 minutes prior. It is advisable to obtain legal advice on the terms and conditions of the contract prior to bidding.

In Queensland, buyers must register a minimum of 30 minutes prior to the auction if they intend on bidding. In order to register, buyers must provide a photo ID or passport and have a clear understanding of what name or entity the property is being purchased under. If the buyer cannot be present at the time of the auction, bids can be placed on the buyer’s behalf when a proxy form is signed prior to auction.

Making an offer prior to auction can be a strategic move to eliminate the competition. Buyers who succeed with this approach are generally making an offer that is high enough to persuade the seller that it is their best option. Sellers who are seeking a quick result are more likely to accept offers. Buyers are welcome to submit an offer prior to auction. From there, it is ultimately up to the seller if they choose to accept the offer or take the property to auction.

Queensland legislation prohibits an agent or seller offering a price guide to buyers for properties being sold by auction, as this can influence (intentionally or not) the eventual sale price of the property and be misleading to consumers if the final price is significantly higher or lower.

This method of public sale calls for prospective buyers to submit their highest and best offer in writing by a nominated closing date and time, usually within four to six weeks. All offers are confidential and must be submitted to the agent on a Contract of Sale and will include the terms of the offer. Once the EOI period closes, all offers are presented to the seller for consideration. This method allows sellers to gauge what price their property might fetch, particularly when there are no recent sales comparisons available.

Sellers wanting a quick or private sale may choose to sell their property off market. These properties are not advertised to the general public and are usually sold via an agent’s own network or database. Kollosche’s exclusive off market portal provides opportunities to purchase properties that aren’t advertised publicly for sale. If you would like exclusive access to our off market listings, register your interest here.

Foreigners can buy investment property in Australia, however limitations, rules and regulations apply. In Australia, foreign property purchases are regulated by the Foreign Investment Review Board (FIRB) which must give approval prior to purchase.

Kollosche lists the Gold Coast’s most prestigious properties and our team includes bilingual agents who can help to facilitate transactions for our international clients. Our in-house legal team is also able to offer guidance on more technical transactions.

Kollosche conducts all transactions with respect for the privacy of both buyers and sellers. Buyers who wish to keep the details of a sale private should inform the selling agent/s and their solicitor to ensure the right steps are taken during the buying process. A confidentiality agreement alongside the purchasing agreement can also offer peace of mind.

Buyers who wish to purchase a property within a specified timeframe may wish to engage the services of a Buyer’s Agent who specialise in searching, evaluating and negotiating the purchase of property on behalf of the buyer. Kollosche can refer you to reputable Buyers Agents on the Gold Coast. You may wish to sign up to our weekly newsletter for new and current listings or keep a close eye on the Buy section of this website.