How we sell real estate
At Lawyers Real Estate we have identified a number of estate agent procedures as irrelevant, outdated and over-priced.
In their place, we have developed a high quality best practice system of highly effective and transparent services which span the entire transaction from initial listing to settlement.
Our "no-nonsense" approach to real estate sales differs from that of other estate agents in four critical areas:
Fixed-fee service
You do not pay a
commission based on the value of the property. We charge a single
fixed fee, based on the services we provide. You will be invoiced for half of our
fixed fee when the property is listed for sale, and for the remaining half at
settlement. You will not receive a second invoice unless the property is sold. Click on the "Costs" menu above for full details about our fixed fee.
Vendor inspections
Escorted inspections have been replaced with
vendor inspections. Nowadays, potential purchasers prefer the informality of inspecting a property with the
vendor. Understandably, a purchaser wants to be able to ask questions about the property, and to have those questions answered by the person who knows the property best. The true
expert, when it comes to an intimate knowledge of the property, is the
vendor.
Your role as vendor is to show the purchaser around the property, and to answer basic questions about the property and the neighbourhood. Any questions about contracts, price or sale negotiations are dealt with by us.
You will be provided with visitor hand-outs, to be given to each visitor, which explain the sale procedure. The hand-outs also include our contact details, including web address, email address, office telephone and mobile telephone number. You or your visitors can call one of our lawyers at any time for information about contracts, procedures, price and the negotiation process.
Purchaser feedback (see our "Purchaser Testimonials") confirms that most purchasers want to be able to meet and talk with the vendor. The vendor
is the person who knows the most about the property, and who can answer the preliminary questions that any prospective purchaser wants to ask:
"The advertisement says 3 bedrooms plus study - is the study big enough to use as a child's bedroom?"
"I know some homes in your area are connected to the sewerage, is yours sewered or on a septic system?"
"I'll be flying down to Melbourne on Sunday, and I wanted to have a look at your home on Sunday night, is that possible?"
"Is your unit at the front of the block or at the back? I'm a shift-worker and I'm looking for a quiet rear unit."
Having received answers to their preliminary questions, potential purchasers will want to arrange an inspection. The vendor is the
only person who can answer initial queries, and confirm an appointment time in the same phone call.
The mobile phone, voicemail and the internet have created a huge demand for vendor involvement. People expect quick, if not instant, responses to
enquiries, and being able to make direct contact with the vendor satisfies this need. At the same time, the vendor
has more knowledge about the progress of the sale as a result of our
transparent sale process.
Valuation
The estate agent "appraisal" has been replaced with a compulsory valuation. Discovering the current market value of the property is a critical step, not only when considering offers, but also in deciding whether or not to sell in the current market.
It is crucial that the valuation is conducted by a professional valuer, and is not tainted by any conflict of interests. You are free to select the professional valuer of your choice, however we strongly recommend that you select a valuer who is local to the property and who is familiar with the local property market.
If the valuation differs from your estimate as to the worth of your property, you are entitled to discuss the matter with your valuer and to have the reasons for the valuation explained to you. In addition, you are entitled to consult the valuer about any market fluctuations. Having access to a trustworthy and independent expert of your own choosing can be particularly comforting when the market is volatile.
If you are selling the property in collaboration with others, or on behalf of a deceased estate, an independent valuation provides documentary evidence of due diligence and proper market research.
See also Getting a valuation >>
See also Valuation - FAQ >>
See also The valuer >>
Negotiation and sale closure
A real estate sale negotiator requires a thorough knowledge of the laws and regulations affecting real estate, drafting expertise to convert ideas into a written document that will give legal effect to the agreement reached, and the ability to recognise threats to the legality of the sale (and to be able to deal with them if they arise).
Only a lawyer has the ability to properly negotiate the sale of real estate on behalf of a vendor, and the drafting skills to ensure that the final contract of sale contains the terms and conditions of the sale as agreed to by the parties.
See
Real estate sale negotiation - lawyer vs estate agent >>
See also
Negotiation and closure >>
See also
Determining price >>
Legal Notice
All visitors to this website are advised to visit our
Conveyancing Section for real estate consumer information, and to our
Disclaimer regarding the limited use of information provided on this website.
