Selling A House - Frequently Asked Questions
We understand that selling your house is an emotional and complex decision - and can be overwhelming at the best of times. To help you through this journey, our real estate experts have collated answers to a series of questions frequently asked by sellers.
How do I begin the process of selling my property?
To begin the process of selling your property, you first need to engage the services of a real estate salesperson. Your salesperson can complete an appraisal on your home, to help assess current market value. They will recommend a suitable method of sale and help with any suggestions to present your home and maximise the sale result. You will be supplied with an appraisal and a recommendation on your next steps.
Your appraisal and recommendations for selling will include;
- An analysis of your home
- Any comparative sales in the area
- Comparative property currently on the market for sale
- A likely selling range
- Associated commission estimations
- Recommended method of sale and marketing
Your salesperson may also advise you on any presentation techniques and any remediations that may add value before bringing your property to the market.
What are my obligations regarding any disclosures that relate to the property?
As a property owner, you need to disclose all relevant information about the property, including any potential issues that may impact the property or new owner. Your EVES salesperson will be able to advise you on the relevance of any issues and on any obligation to disclose information. You should seek legal advice around your obligations regarding disclosures however generally, agency agreements require the vendor to confirm any defects and confirm the nature of any known defects. If you fail to disclose serious issues, you could face legal action further down the track. For more information visit https://www.settled.govt.nz/blog/disclosure-for-sellers/
How to sell a property?
Successfully selling your property involves engaging the specialist skills of your local EVES salesperson, consider their advice in regard to the best marketing and method of sale, and presenting your property to the best of its ability to attract buyers.
How long will it take to sell my property?
The length of time it takes to sell your property can depend on a number of factors such as market conditions at the time of sale, possibly the time of year you wish to sell, and how intensively the property is marketed. An auction campaign typically includes four weeks of advertising prior to auction day, the property is marketed intensively to generate maximum interest. If the property is marketed with an asking price, historical data shows that the time taken to sell may be a longer period. Seasonal highs and lows, the current economic climate and financial lending mandates can also impact the time to sell.
What is the difference between a real estate agent and a real estate salesperson?
- A real estate ‘agent’ holds an Agent’s Licence, an agents license allows them to conduct real estate agency work on their own or as a business.
- A real estate ‘salesperson’ holds a Salespersons License and works for, or on behalf of, someone that holds an agent’s licence (a company).
Salespeople are required to be supervised by agents, or their branch managers. A real estate salesperson cannot work independently on their own, without an agent level of license.
How much does it cost to sell my property?
The main costs involved with selling are the commission fees for the real estate agency, the marketing costs, and solicitors’ fees for processing the transaction. Costs can vary depending on the real estate agency you sell with, the chosen marketing campaign and your individual solicitor.
How can I get the best price?
Achieving the best possible price for the sale of your home comes down to a combination of factors. Choosing the right agency and salesperson, presenting your property well and using effective marketing alongside the appropriate method of sale - all contribute to achieving a premium price.
How can I choose the best salesperson?
When choosing the right real estate salesperson, do your research and find someone familiar with the neighbourhood, someone who has a good level of knowledge and expertise with residential property in the area.
Your salesperson should have a strong sales team around them; extensive company resources and good management support are essential to achieving the very best result for you.
How do I compare real estate agents?
When comparing real estate agents, consider brand presence and trust in the marketplace. Look at clean, effective, and modern marketing. What brand has a strong presence in all sectors of the media? Ask about results!
When you make initial enquiry, how did you find the response, overall service, and follow up? Ask friends, colleagues and trusted professionals for a recommendation or a referral.
When is the best time to sell my property?
Spring, followed by summer, are widely regarded as the most popular seasons to sell your home. This is due largely to the desire to showcase properties in their best light, and spring brings about new growth in the garden and more daylight hours for both buyers and sellers. The colder months generally induce a slight lull in new stock to the market, however it’s important to remember that buyers looking for their dream home are shopping all year round.
Furthermore, the best time to sell your property could really depend more on personal circumstances - when you need it sold. If you have already made plans to relocate, or perhaps have even found and purchased a new home, subject to selling your current home, then get in touch with your trusted EVES salesperson to commence the process. Your salesperson will be able to best advise you on the current market climate, the current level of demand for your particular property, and the type of marketing campaign that is best suited to achieving your goals. It’s important to give your salesperson an understanding of what you want to achieve in the sale of your home, what factors are driving you to sell, and any time sensitive factors too.
Do I have to pay capital gains tax on property that I sell?
There is currently no Capital Gains Tax applied to residential property that has been occupied as your own home. If you purchase and sell a residential investment (rental) property within the ‘Bright Line’ period, you will likely have to pay tax on any profit made. You should speak to your legal and financial professionals with respect to any potential tax implications prior to selling your property.
What are real estate commission fees?
Commission/ fees refer to the fee the real estate agency charges for the sale transaction. The vendor pays the commission to the real estate agency for the service provided. Commission/ fees are generally deducted from the vendors deposit, so you will only be charged upon the unconditional sale of the property. The level of commission can vary across different real estate companies, so it’s important to remember to compare the full service that the real estate company is able to offer.
We hope these FAQ's assist you throughout your home selling journey. If you'd like to have a one on one chat with one of our real estate experts, head over to our contact us page.