Firstly do you want or need to sell. If the market is depressed, and there is no pressing need to sell, you should really consider holding the property. There is no real impact on you in a depressed market, unless you actually sell in that market. Look at a property investment like you look at a share investment. The share market goes up and down every day but you only take a loss if you actually sell the shares when they are down.
If for whatever reason you choose to sell, your next responsibility is to do your homework and determine what is a reasonably achievanble price in the current market. There is a very old addage in real estate "Does the owner want to list the property or sell the property." If you genuinely want to sell, real estate is the same as every other commodity; the best priced product sell first and more quickly. If you need information on recent sales in the complex or in adjacent complexes, your RAAS manager has access to the full database of recent sales in Queensland. As the on site manager, they are also usually privy to sales information in the complex that is yet to be recorded. They are also more likely to know the specifics of a unit sale that might hep you better assess your asking price. For example an adjacent unit may have sold more cheaply but the manager might be aware that this unit had not been refurbished like the others and/or was sold unfurnished where others had been sold furnished. If you want a completely unbiased/professional opinion, youcan of course always pay a Licensed Valuer to prepare a report for you.
Your next decision is to choose your agent and there are a host of reasons why you should choose your RAAS manager to sell your property. (Look at the specific area of this web site titled "Selling - Why deal with RAAS?") If you agree with the host of benefits that go with listing with RAAS, your manager will require you to sign a written Appointment to Act in the Government's prescribed form. It is now a legal requirement to obtain the appoitment in writing and "verbal" appointments are a breach of the law.If your property is tenanted or holiday let, you should extend your RAAS manager an exclusive agency so that he can better liaise with the units occupiers and so better maintain the rental income during the sale process.
The next step is to prepare your property for sale. This involves 4 items.
- Physical preparation such as cleaning, paint touch up, carpet cleaning etc, Your RAAS member can arrange this in their other capacity as on site manager/letting agent.
- Making provision for access to the property if it is tenanted or holiday let.
- Arranging the sale documentation. As well as signing the Appointment to Act with the RAAS member/agent, you should also arrange to have the Body Corporate Manager produce a Body Corporate Disclosure Statement. A current version of this document contains details on the body corporate fees and other relevant information and is required to draw up contracts of sale.
- Promotional exposure by way of advertising be this internet and E-Marketing, print media and signage if permitted. RAAS is aware that 9 out of 10 people looking for a property now use the internet, this is why we focus the majority of ourmarketing endeavours into this effective marketing medium.
Once the process is underway, maintain good communication with the RAAS manager. Knowledge is power and even if the news is bad, its best to remain fully aware of how the sale process is unfolding.