A Step-by-Step Guide to the Gold Coast Property Selling Process
Here’s an overview of the process of selling a property on the Gold Coast, from listing to closing:
Preparing Your Property
Before you list your property, it’s essential to make it as appealing as possible to potential buyers. Clean and tidy your property, decluttering and deep cleaning every room. Consider making necessary repairs, such as fixing leaky taps, patching up walls, or replacing outdated fixtures. These small improvements can significantly boost your property’s value.
Common Challenge: Overlooking minor repairs or leaving clutter can lead to negative first impressions.
Solution: Invest time and possibly a small budget in presenting your home in the best possible light. A well-presented property attracts higher offers.
Choose a Good Real Estate Agent
Choose a good local real estate agent with market knowledge and experience. Your agent will advise you on pricing, marketing and the overall sales process.
Common Challenge: Selecting an agent without thorough research can result in inadequate representation.
Solution: Look for an agent with proven experience, positive client testimonials, and a solid marketing plan tailored to your property.
Set the Listing Price
As your agent, I will help you set a competitive and realistic listing price based on a comparative market analysis. Pricing your property correctly is vital; pricing it too high risks scaring off buyers, while pricing it too low may leave money on the table.
Common Challenge: Emotional attachment can lead to overpricing.
Solution: Trust the data-driven advice from your agent and remain objective about your property’s value.
Marketing Your Property
As your agent, I will create a marketing plan designed to showcase your property’s best features. This plan typically includes professional photography, online listings on major real estate websites, and open houses to attract a broad audience.
Common Challenge: Ineffective marketing can result in fewer potential buyers and a longer time on the market.
Solution: Ensure your marketing materials include high-quality visuals and target the right audience through multiple channels. Consider ways to fund your marketing so you’re not selling yourself short.
Receive Offers
Interested buyers will make offers to your agent. Your agent will present these offers to you and guide you through the negotiation process to ensure you secure the best possible deal.
Common Challenge: Receiving low offers or negotiating with difficult buyers.
Solution: Stay patient and work closely with your agent to counteroffer and negotiate terms that are favourable to you.
Accept an Offer
When you accept an offer, both you and the buyer will sign a contract of sale. The buyer typically pays a deposit of 10% of the purchase price, which is held in the real estate agency’s trust account.
Common Challenge: Rushing into accepting an offer without considering all terms.
Solution: Take time to review the contract with your agent and solicitor to ensure it meets your expectations.
Conveyancing and Due Diligence
The buyer’s conveyancer or solicitor will carry out searches and due diligence on the property. This includes verifying the title, zoning, and any encumbrances or charges on the property.
Common Challenge: Issues discovered during due diligence can delay the sale.
Solution: Be proactive by providing all necessary documents promptly and addressing any issues raised during this process.
Building and Pest Inspections
The buyer will typically arrange a building and pest inspection to identify any underlying issues with the property. These inspections can influence the final sale price or even result in the buyer withdrawing from the sale.
Common Challenge: Unexpected findings can reduce the buyer’s offer.
Solution: Consider pre-emptive inspections before listing your property to address potential problems early.
Contract of Sale and Cooling-off Period
In Queensland, the buyer typically has a five-day cooling-off period to cancel the contract without incurring any penalties. This period allows the buyer to reconsider their decision and ensures all conditions are met.
Common Challenge: The buyer withdraws during the cooling-off period.
Solution: Maintain open communication with the buyer and ensure that all conditions are transparent and agreed upon upfront.
Exchange of Contracts
Once due diligence and inspections are complete, both parties sign the contract of sale, and the buyer pays a portion of the purchase price (usually 10%). This is a critical step that legally binds both parties to the sale.
Common Challenge: Misunderstandings or miscommunications can lead to delays.
Solution: Work closely with your solicitor or conveyancer to ensure all details are correct before signing.
Settlement
The settlement date, usually agreed upon during the exchange of contracts, is the final step in the sales process. This date typically falls between 30 and 90 days after the exchange. On settlement day, the remaining balance of the purchase price is paid, and ownership is transferred to the buyer.
Common Challenge: Last-minute complications, such as financial delays or unresolved property issues.
Solution: Maintain regular communication with your solicitor and the buyer’s team to ensure a smooth transition.
Handing Over the Property
On the settlement date, you must ensure the property is vacant and in the agreed-upon condition. The buyer will take possession once the final payment is made.
Common Challenge: Overlooking the final condition of the property, leading to disputes.
Solution: Conduct a thorough walkthrough before handing over the keys to confirm everything is in order.
Finalising the Settlement
Your solicitor or conveyancer will provide you with a settlement statement detailing the costs and proceeds of the sale. This step finalises the financial aspects of the transaction, ensuring you receive the correct amount after all fees and adjustments.
Common Challenge: Confusion over fees and final amounts.
Solution: Review the settlement statement carefully with your solicitor to clarify any discrepancies.
Completion of Settlement
The settlement is completed, and you receive the proceeds of the sale minus any outstanding costs.
Notifying Relevant Parties
After the sale is complete, it’s essential to notify relevant parties such as utility companies, the local council, and other organisations about the change in ownership. This ensures all accounts are settled and transferred appropriately.
Common Challenge: Overlooking important notifications can lead to complications for the new owner.
Solution: Create a checklist of all necessary notifications and address them promptly after the sale.
Post-Sale Considerations
After the sale, you may need to consider your tax obligations, particularly Capital Gains Tax (CGT). However, various exemptions and reliefs might apply. It’s also a good time to think about how you’ll use the proceeds from the sale, whether reinvesting in property or other ventures.
Common Challenge: Failing to consider tax implications can result in unexpected financial obligations.
Solution: Consult with a financial advisor to understand your tax responsibilities and plan your next steps wisely.
Careful Planning
Selling your home with local independent real estate agents involves careful planning, attention to detail, and effective communication with all parties involved.
By understanding the process and proactively addressing potential challenges, such as neighbour fencing disputes, you can ensure a smooth and successful sale. Whether you’re moving on to a new property or simply liquidating an asset, the experience can be both rewarding and straightforward with the right approach.
THIS IS HOW YOUR JOURNEY TO A SUCCESSFUL GOLD COAST PROPERTY SALE STARTS
My simplified guide below will take you through a 20-step process for selling your property anywhere on the Gold Coast;
I proudly sell homes across the entire coast.
1. PREPARING YOUR GOLD COAST PROPERTY FOR SALE + SOME OF THE LEGAL REQUIREMENTS
- Tidying gardens and decluttering everything inside and out.
- All homes for sale, are legally required to have hardwired photoelectric, interconnected smoke alarms.
Non-removable 10-year battery smoke alarms can be installed as an alternative.
- By law, you are required to complete a pre-contractual seller’s disclosure statement: generally related to limitations, restraints, or defects in the property title, such as easements, covenants, leasing, zoning, etc.
- A pool safety certificate is also required if you have a swimming pool or if the property has a shared swimming pool (Body Corporate).
2. COMPARATIVE MARKET ANALYSIS REPORT FOR YOUR GOLD COAST PROPERTY
After showing me around your property, I will provide you with a Comparative Market Analysis (CMA) report. This is a detailed, legally required analysis of your home’s market value.
The CMA is based on recently sold and for-sale properties similar to yours in the immediate area. I will need to view your home to prepare this report.
3. SETTING A MARKETING BUDGET FOR YOUR GOLD COAST HOME
The third step in selling your home is to create a marketing budget.
By law, this must be based on actual costs.
There are various marketing options to consider, such as:
– Internal, External and Drone Photography.
– Property and House Plans show potential buyers the exact layout of your home and property.
– Internet Advertising on platforms such as RealEstate.com.au, Domain.com.au, Facebook.com, Instagram.com, etc.
– For Sale Sign on the street is still essential to attracting potential buyers. Even though many buyers start their search online, they often drive around neighbourhoods to see what’s available.
A simple fact: Not having a For Sale sign can significantly reduce the number of people who see your property and may be interested in buying it.
4. PREPARING AND APPROVING THE FORM 6 AGREEMENT WHEN SELLING A GOLD COAST PROPERTY
A Form 6 Agreement is a document provided by the Queensland State Government. It outlines all relevant details of the property sale, including the marketing budget.
Our administration team will prepare this form for you and send it for your review and approval.
5. PAYING THE MARKETING BUDGET FOR YOUR GOLD COAST PROPERTY
Once you have approved the Form 6 Agreement, the next step is to pay for the marketing budget that you have chosen.
6. STARTING THE ADVERTISING PROCESS
Once your payment is received, the advertising campaign will commence.
Advertising strategies will align with the choices you made within your marketing budget.
7. MONITORING MARKET RESPONSE
If your property hasn’t received offers within 30 days, don’t assume there’s no interest.
It often means the price isn’t aligned with what buyers are willing to pay at this time.
This is your signal to review and adjust your pricing strategy so your home remains competitive and receives the attention it deserves.
8. ARRANGING BUYER VIEWINGS
When buyers express interest in your property, viewings will be arranged to allow them to see your home in person; you need to be away from the property during these viewings.
This helps potential buyers feel relaxed and visualise themselves as the new owners, thereby forming a deeper connection with your property.
9. CONSIDERING A BUYER’S OFFER
When you receive an offer on your home, it means a buyer is serious and ready to move forward at a certain price.
This is a key moment in your selling journey. Take the time to go over the offer carefully.
Look beyond the price; check the terms, conditions, and settlement timeframes. Make sure it works for you before accepting, countering, or declining.
10. ACCEPT, COUNTER, REJECT
When an offer is presented, you will need to respond by accepting, countering, or rejecting it.
Accepting locks in the agreed-upon price and terms.
Countering proposes changes and initiates further negotiations. If countering, present revised terms clearly; open, respectful communication is key for a smooth sale.
Rejecting means the offer is unacceptable; in this case, respond promptly and professionally, explaining your reasoning for the decision.
11. YOUR LEGALITIES
When you finally accept an offer, you will engage your conveyancer or solicitor to facilitate the legal requirements to complete the sale.
If you are part of a Body Corporate, you will need to provide a Disclosure Statement from them.
Your solicitor will use PEXA to settle your property. Part of the process requires Verification of Identity. Also, anyone selling a property must complete an ATO Clearance Certificate.
12. BUYER’S DEPOSIT
The buyer’s deposit is a crucial step in the property purchase process; it will be held in the agency’s Trust account.
This is a tangible expression of the buyer’s commitment to purchase your property.
13. BUILDING AND PEST INSPECTIONS
Typically, a buyer will arrange for a building and pest inspection report to be completed, usually within 14 days of the contract date.
Additionally, they may have the contract subject to finance, which is generally applicable for 21 days from the contract date.
14. COMPLETING YOUR GOLD COAST PROPERTY SALE
Based on the outcome of the building and pest inspection report, as well as any finance being sought, the buyer will proceed with their offer or withdraw it.
At this point, the sale either falls through or becomes unconditional.
15. LOOKING FOR YOUR NEW PROPERTY
If the sale becomes unconditional, it is time to start looking for a new property. Remember, there is no need to rush.
It is essential that you take your time, as this needs to be a very considered purchase.
Your new home is of substantial value and can be costly if you change your mind. Something you may want to investigate is Short-Term Bridging Loans.
16. ALTERNATIVES YOU SHOULD CONSIDER
An alternative to seriously consider when deciding where to live between selling and buying is renting while you look for a new property.
Renting for a short period gives you breathing room; it allows you time to clear your head, make a confident, considered decision, and ultimately buy where you truly want to live, with no pressure or panic.
17. TIME FOR YOU TO MOVE
Leaving your home opens doors to a new chapter full of new beginnings. Embrace the excitement of a fresh start and cherish the memories you’ve made.
Every box you pack brings you one step closer to a new adventure full of possibilities that lie ahead.
18. YOUR SALE CONCLUDES
The culmination of the property sale is settlement; it marks the transfer of the property to the new buyer.
As the final chapter concludes, this marks a sense of achievement: your property has now SOLD.
19. YOUR FUTURE OPTIONS
If you have chosen to rent, you will continue to look for and eventually purchase a property, apartment, or perhaps even buy land and build; now there’s something to consider.
20. TIME TO UNWIND AND MAKE YOUR NEW HOME YOUR OWN
As you unpack and furnish your new home, embrace the gradual process of creating your haven.
Enjoy the transformation, one room at a time.
Relax in the tranquillity of your surroundings and immerse yourself in the gentle sounds of your new neighbourhood.
Explore the nearby parks and cafes; enjoy the unique charm of your new community.
Remember, settling in is a journey in itself; it’s not a race. Embrace the process of creating a home that reflects your unique style and personality.
Whether you’re downsizing, relocating or just ready to move on, I’ll guide you through every step of selling your Gold Coast home with confidence and ease.
Navigating the intricacies of selling your property can be complex, but it doesn’t have to be.
My 20-step guide provides a simplified general overview; as you would naturally expect, your steps may vary.
Author – Craig Douglas
Are you ready for a conversation about selling your Gold Coast home?
Let’s get you Selling
LET’S GET YOU SOLD
Craig Douglas 0418 189 963
Professional | Knowledgeable | Experienced
You can find me working at a Boutique Real Estate Agency
These are just some of the suburbs that I proudly sell homes in:
Merrimac
Please Note: The information contained in this document is for general information purposes only and does not constitute legal advice. The laws and regulations governing the sale of property in Queensland are complex and constantly changing. It is important to seek the advice of a qualified property lawyer or conveyancer before making any decisions about the sale of your property. This document does not take into account your individual circumstances and may not apply to your situation. By reading this document you agree that you have not relied on the information contained herein and that you will seek independent legal advice before taking any action.
This page was proudly created by Craig Douglas, your local independent Gold Coast real estate agent, working for a Boutique Real Estate Agency. Selling residential and commercial properties, from those that are awe-inspiring, through to a diamond-in-the-rough, otherwise known as a “renovator’s delight“.
I negotiate and sell on behalf of property owners who want to get the best possible price, with the least amount of hassle. Let’s talk about the process of selling your property over a coffee to get you started – 0418 189 963
