FAQ

We are here to help! in the past we have had many questions and queries from clients and we hope some of these will help you. 

Frequently asked questions

What is the difference between advertising and marketing?


Advertising is just one of the processes through which the message is conveyed that your property is for sale. Marketing is the general term used to cover all the methods which a professional agent would use in order to sell your property.




How much do you charge for Marketing?


We have different packages available to suit sellers different needs and budgets.




Do you have buyers who would be interested in my property?


Every agent should keep a record of all their potential buyers.




How much is the sales commission?


The most that can be charged in Queensland has been legislated by the State Government at a rate of 5% of the first $18000 of the sale price plus 2.5% of the remainder of the sale price.




Do I need a “for sale” sign?


It’s recommended that you have a sign because many local people buy in the area in which they are already living. By driving or walking past and seeing the sign, they know that your property is for sale. It is a “silent salesman”.




How long will it take to sell my property?


Currently the average property is selling within 30 to 45 days.




How do you put a price on a property?


You, together with your agent, should compare the statistics of local, recent sales in your area and choose a price.




Aren’t all agents the same?


No, You need to interview each one, check out their agency website and ask for testimonials if none are featured.
Did you know that the wrong choice of Real Estate Agent could potentially cost you tens of thousands of dollars?
At Local Property 4 Sale, you can rest assured that we have the necessary marketing & negotiation skills to get you the best price possible in the current market.
Being in business science 2013 and having many sales under our belt, the results speak for themselves. But don’t take our word for it; click here to see what our clients have had to say about us.




How am I kept informed about the sale of my property?


You should receive an immediate communication after each inspection and weekly written reports.




Why do you need an agent?


Selling property is a mine field and a professional agent is trained to negotiate all the pitfalls




How long should I list my property with agent?


The maximum period is 60 days.




Who pays the stamp duty?


The buyer pays for this.




Who pays for the building and pest inspections?


Generally in Queensland the purchaser pays for these inspections. In some other states the seller is required to organize the building and pest reports and the local authority approvals.




Should I organize my own building and pest inspection?


It’s recommended that solicitor is used.




Do I need a solicitor?


It is recommended that a solicitor is used.




Why should I have “open houses”?


“Open houses” give the seller the best opportunity for exposure to a number of potential buyers at one time while allowing you to schedule your activities satisfactorily.




What is a “valuation”?


There are 2 types of valuation. The first one is performed by a “sworn valuer” who is able to give a valuation report with supporting data, which could be used for legal/court matters. The second is a “market valuation” or a “market appraisal”. This is carried out by a real estate agent who arrives at a price by comparing data on prices of current settled sales of similar properties in your area.




When would any inspections be carried out?


Inspections should be scheduled at a time to suit both the seller and the proposed buyer.




How do i find out about the sale process?


The agent should walk you through the process and keep you informed of each step.




What methods are used to sell properties?


There are 3 methods of selling a property: auction, private treaty and expressions of interest(tender). With an auction, there is no price advertised and because there is a “time limited” campaign this may result in an expensive marketing programme leading up to a stressful auction day which may or may not attract buyers who are willing to pay the price you have in mind and of which they are unaware. Tenders are very similar to auction but without the auction being held, with an auctioneer. They are very uncommon for residential sales and because of this may not attract buyers. Private treaty allows the price to be advertised and because of this, buyer response can be quickly determined. There is no stressful “auction day” and the property can be sold at a price satisfactory to both seller and buyer at any time.




What is the difference between a real estate agent and a sales representative?


A sales representative is an employee of the real estate agents. The role of a sales representative includes negotiating a real estate transaction or to basically act on behalf of the real estate agent as a representative. A real estate agent is a person who can be defined under the Real Estate & Business Agent’s Act as someone whose business is to act as an agent to mediate between seller and buyer. These people perform tasks such as hosting open homes and assisting with advertising for the prospective sellers and sharing market information and local knowledge as well as negotiating pricing for the buyer. Real estate agents often work on 100% commission based pay so their income is based on their ability to close transactions by adequately assisting their clients.




What is a Buyer's Agent and how can they help me?


A buyer’s agent provides a service that can help you in every aspect of purchasing a new home or investment property. If you aren't 100% confident in your knowledge of fair market prices in your chosen area it is worth investing in a Buyer’s Agent. The responsibilities of your buyer’s agent include sourcing a suitable property for your personal needs and budget, researching and comparing the prices of other properties for sale in that area to ensure you are getting a fair offer and negotiating on the client’s behalf for the BEST possible price.




Is it better to save more or buy now?


There are advantages to argue that borrowing for your down-payment so you may purchase your home sooner, may be beneficial for you. Being able to move out of your rental home and into your own home means that less money is being sunken into rental payments weekly. This way you can focus on paying off your own mortgage instead of someone else’s. You are also able to buy your desired property at a time where the cost is going to be the cheapest it will ever be in the foreseeable future before housing prices rise above and beyond what you can afford. As a result, you will be working towards paying off your home earlier which can lead to substantial savings in the future. Unfortunately, however, there are many advantages of saving for your down-payment too which leaves us with a subjective answer depending on circumstances budget and location.




Private sale or auction?


There are both benefits and limitations associated with each of these options making this a highly debated topic in the real estate industry. Choosing to auction your property may involve additional costs to sell the property such as covering the cost to hire a specialist auctioneer. As well as this, special conditions of sale apply if the seller has chosen to auction, meaning that more often than not, bids are unconditional. This limits the potential for higher rates of interest that your property could appeal to. Keeping all of this in mind, there are also limitations that come alongside the decision to privately sell your property such as the ‘cooling off period’ which gives your buyer the freedom to change their mind after the contracts have been signed. Privately selling your property may also involve a much larger waiting period on the market. This is because, unlike auctioning, there is no specific end date to give prospective buyers a sense of urgency. Generally, with private sales, buyers will try negotiating the price down as much as they possibly can where-as during an auction the price is on a constant rise.




Why should I do a final inspection/ what do I look for?


As tempting as it may be to sit back and relax after the contracts have been signed it is important to remember that problems can still crop up in the period between signing the contract and settlement date. Unfortunately, buyers who fail to properly inspect their property before settlement can find themselves in the situation where the property is no longer in the same condition it was in on the day of the sale. Most pre-settlement disputes relate to the properties permanent fixtures and fittings. The typically include things like appliances, carpet, blinds, aerials awnings and light fittings. During the final inspection, a building inspection report and photographic documentation play a huge role in determining whether or not and major damage has come to the property in the time between sale and settlement. Any major new damage should be brought to the attention of the vendor immediately, preferably by your solicitor contacting the vendor’s solicitor and agent.




What factors help determine the price of a property?


Location: Location is the key indicator of what your property value might be. For example, homes that are within a close proximity to a beach, shopping centre, university or public transport generally sell for more as there is a higher demand for properties in that area in comparison to a home that is a decent travel distance from anything. A majority of people prefer to live close to where they work so that transit time in the mornings can be at a minimum so it is far more common for busy residential supply and demand to take place closer to a CBD or public transport stop. Parking: If a home includes either a garage or multiple parking spaces it will immediately increase the value of the property, especially in a busy city like Brisbane where free parking close to the city can be quite rare. Generally, if a couple are looking to purchase a home together and they both own a vehicle, the number of parking spaces is one of the first factors taken into consideration when choosing a place to live. Potential for growth: A key issue in determining the price of a property falls in whether or not the building has the potential to be manipulated to accommodate for more space or residents in the future. For example, this can relate to the potential to add another storey, sub-divide bedrooms, make more floor space or build a room over the garage. Increasing the size of the property consequently increases the price of the property. Home Improvements: The general aesthetics of a property are an important factor in determining the price. For this reason, if you are looking to sell your home, it is worth investing some time and savings into addressing the areas of the property that have room for improvement. This may include updating the kitchen, replacing carpets repainting walls. However, be sure to keep in mind that prior to making any drastic improvements, it is advised that you consult your real estate agent so that you can budget and use your money wisely to avoid over-spending and not getting the return on investment when the house is sold. Supply and Demand: It is worth doing some research to find a collection of recently sold properties in your area so that comparisons can be made to find an indicator of an average price. One of the simplest factors in determining the price of a property is the contrast of supply and demand in that area. In the housing market, the law of supply and demand states that when a service is of high demand, the price of the service rises. If there is a large supply of good service, the demand with consequently drop. A suburb that is close to the city, for example, will have a higher rate of demand than supply as inner-city living is commonly far more popular as residents prefer to live close to work. Location is not the only thing to consider as well, demographics, higher incomes and lower interest rates will also play a big part on how your property fits into the supply and demand of real estate.





Local Real Estate Agency

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Copyright © 2018 - by ​Local Property 4 Sale Pty Ltd.  - ABN: 58 161 944 136

PO Box 1231, Springwood, QLD, 4127