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At Lawyers Real Estate we have identified a number of estate agent procedures as irrelevant, outdated and over-priced.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 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 service
You do not pay a commission based on the value of the property. We charge a single fixed fee. 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 more information about our fixed fee.
Internet advertising
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, and 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.
Internet 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 available. Every property sold by Lawyers Real Estate is advertised as a "Feature Listing" on www.realestate.com.au and www.domain.com.au. Visitors to these sites are also directed to www.SLOD.com, where they can arrange property inspections, download disclosure documents and bid online.
The cost of internet advertising is included in our fixed fee.
Vendor inspections
Escorted inspections have been replaced with
vendor inspections. Nowadays, 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.
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.
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 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 >>
See also Valuation - FAQ >>
See also The valuer >>
Negotiation and sale closure
All real estate negotiations are dealt with personally by a qualified legal practitioner.
Few consumers realise that real estate negotiation is a legal process, and requires an intimate knowledge of the statutes and common law associated with real estate sales. Knowing how to navigate through the various statutes, regulations and rules, gives us a huge advantage when negotiating through the parties’ requirements to a mutually acceptable conclusion.
Real estate agents (i.e. most of whom are merely "Agent Representatives" or "Sales Consultants") are forced to follow very narrow guidelines when they attempt negotiate real estate sales, and are hampered by their inability to deal with unusual or unique circumstances. Invariably, negotiation becomes something of a “conciliation” process, as the real estate agent attempts to bind the vendor and purchaser into a standard arrangement, before the agency agreement expires, in order to win a commission.
See Real estate sale negotiation - lawyer vs estate agent >>
See also Determining price >>
Legal Notice
All visitors to this website are advised to read our
Disclaimer regarding the limited use of information provided on this website.
© 2010 Lawyers Real Estate
