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How we sell real estateAt Lawyers Real Estate we have identified a number of estate agent procedures as irrelevant, outdated and over-priced.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 quality endorsed 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 five critical areas:
Fixed fee serviceAs lawyers, we charge a fixed fee on the basis of the services we provide, while an estate agent charges a commission based on the value of your property. We believe the value of your property is irrelevant in determining the fee for the services we provide. Even though, as lawyers, we provide more services than an estate agent can, and the quality of our service exceeds that of estate agents, we believe this does not entitle us to a per centage of the value of your property. You will be invoiced for $2,200 of our fixed fee when your property is listed for sale, and for the remaining $3,300 at settlement. You will not receive a second invoice unless the property is sold. Click on the "Costs" menu above for more information about our fixed fee. Internet advertisingInternet advertising is by far the most effective way to advertise real estate, and it is crucial that any property being sold is advertised on the two most popular real estate portals. Every property sold by Lawyers Real Estate is advertised on www.domain.com.au and as a "Feature Listing" on www.realestate.com.au. Properties are also listed on www.SLOD.com, our purpose built, online bidding website, where purchasers can arrange property inspections, download disclosure documents and bid online. We do not require an advertising "budget". Newspapers, real estate magazines etc. are simply a means by which estate agencies advertise themselves at their clients' cost. Legislation was required to stop print media from paying lucrative "rebates" to estate agents as their popularity and effectiveness declined. Research has proven conclusively that print advertising is now no longer an effective way to advertise real estate. The cost of internet advertising is included in our fixed fee. Vendor inspectionsYour 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. The vendor is the only person who can answer initial queries, and confirm an appointment time in the same phone call, at a time that is convenient for you. You will be provided with a Vendor Inspection Pack which includes vendor checklist and hand-outs for prospective purchasers, to inform them about our 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. Potential purchasers prefer the transparency and 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. 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 property and its features. ValuationThe 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 real estate 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 >> Negotiation and sale closureAll real estate negotiations are dealt with personally by a qualified legal practitioner. We combine the services of trained and qualified lawyers with the use of the latest technology to expertly negotiate the sale of your property and achieve the best possible outcome for you in terms of price and the terms and conditions in the contract of sale. Through the use of our purpose built online bidding system www.SLOD.com.au, potential purchasers can place non-binding expressions of interest in the form of online or hard-copy bids. This innovation exposes the property to pure market forces at the very beginning of the negotiation process, rather than in the closing stages as is the practice of non-lawyer estate agents. When the competitive bidding process has taken the price to a level that is acceptable to the vendor, formal negotiations determine the final terms and conditions of the sale. You, the client remain in control at all times and no action is taken without your express instructions. The agreement between the parties is put into written form and agreed to by the parties and their lawyers, then executed as a formal and binding contract of sale. What makes lawyers expert negotiators is the fact that we know and understand the legal significance and implications of all components of a real estate sale (see Negotiation Skills - Comparing Lawyers With Estate Agents" for more information about the way lawyers conduct sale negotiations) See Real estate sale negotiation - lawyer vs estate agent >> Legal Notice |
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