STAGES OF LISTING
STAGE 1 APPRAISAL
An appraisal is where we meet you to discuss the current market value of your property. We prefer to do this face to face to answer any queries you may have, however, we can also do this by telephone, email or video conference. We will discuss:
1. The current market value of your property based on recent sales in your area. We present this in written form in a Current Market Appraisal (CMA) which we source from CoreLogic via PropertyGuru and REINZ via PropertySmarts
2. Possible marketing options and the total cost
3. Our commission rates
4. The target market and buyer for your property
An appraisal is NOT a listing agreement and you are under no obligation to sign anything. It is simply a discussion between you and an agent about what that agent can do for you and your property. It is a good idea to prepare questions for any agent you intend to meet with. A few examples are:
Other than on the internet what other forms of advertising are you going to use to attract out of town buyers?
What properties have you sold in the last six months in my price range or that are similar to mine?
What other properties have you got listed in my price range?
What happens with my property if for any reason you are away or unable to work?
What are buyers looking for at the moment?
Where is the demand coming from?
On average what difference from vendor expectation to actual result are you achieving?
Why would we list with you above all other agents?
STAGE 2: LISTING
If you believe we are the best people to market your property to realise the full potential we can then draw up the agency agreement between yourself (the Vendor/Client) and NZSIR BOP Limited, Trading As New Zealand Sotheby’s International Realty, a licensed real estate agent, REAA 2008 (the Agent). This absolutely has to be signed completely by ALL listing parties. The listing documents can be long, but it helps to ensure we have all the information required to market your property to its best and ensure our buyers are fully informed and able to make a confident decision. Another important part of completing your agency agreement is our requirements under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT) but we can look at that later.
Within this pack is the Real Estate Authority (REA) guides to the Agency Agreement to help guide you through what an agency agreement is, and obviously we can go through these with you thoroughly to ensure you understand it completely. The main points covered in the agency are:
STAGE 3: MARKETING
The marketing stage is very straightforward. Your agency will determine an agreed investment and we will send you a calendar of your print and digital marketing and an invoice. Prior to us booking anything we require full payment of marketing to enable us to pay our suppliers.
STAGE 4: AUCTION
After your final open home we will send your final feedback report, which is a summary of the previous reports, with all interest to date as well as any price feedback from the market. We will also then have one week without advertising to allow any interested parties that may have come through later in the campaign enough time to complete their due diligence. Because parties bidding at auction have to make unconditional offers, this week off marketing before the auction allows them the time to get their ducks in a row.
Another important thing we will need to do before your auction is set the reserve. This is the lowest price you would accept at auction. Once done you can sit back as we rally interest and prepare the buyers for the auction.
If you have never been to an auction before here is a quick rundown of the day. Your property may not be the only one going to auction that day and if your auction is going to be in our auction rooms at Sotheby’s Tauranga office we recommend showing up early to ensure you get a good park and have time to settle in prior. A small but important thing to note is we have a lovely café just downstairs. We will update you fully on how the auction is looking before the auctioneer begins. We will ensure you are booked either in a private room or in a place from which you can observe.
When the auction begins the auctioneer will take bids until the reserve is reached and will continue until the bids are at their highest. Congratulations your property just sold!
However, if the reserve is not reached they will stop the auction and you will have an opportunity to decide what you would like to do from there. If there are bids you can negotiate, if there are not you can open the property up to offers, passing the auction and dealing with all interested parties.
STAGE 5: SOLD
While this seems simple even at this point there is a lot to do. The buyers have the legal right to one final legal inspection which is normally carried out as close to settlement as physically possible. With all property, but in particular lifestyle properties where there are a lot of intricacies, I always try to encourage the exchange of details and a good relationship between buyer and vendor. Things such as water pumps, filters, pool equipment are not always straight forward.
With all sales we like to also get some form of testimonial as every experience offers another angle or experience that appeals to a future client.