Jargon

Interpreting and understanding real estate agents talk

Multiple Offer Situation.
This is where there will be more than one offer being presented to the vendor at the same time. It is in the buyers interest to give their agent there very best offer in a multiple offer situation as they may not get a second chance.
Another point to consider when faced with a multiple offer situation is to eliminate as many clauses as possible and make your agreement unconditional which gives your offer more strength in the eyes of the seller. 

Cash Offer
This is the very best and strongest offer you can give a vendor. It means there are no clauses/conditions and if accepted by the vendor then you have purchased the property and must complete the sale.

Conditional Offer
This is an offer presented to the vendor with one or more clauses included.

Deposit
It is usual practice to pay a deposit of 10% of the purchase price once your agreement becomes unconditional.
This money is held in the Real estate companies Trust Account for 10 days before being released to the vendors solicitor
.

GV.
This refers to the Government Valuation. The Government Valuation (GV) can often be half the actual purchase price. The GV is a rating guide, the lower the GV the lower the rates.

LV.
This stands for Land Valuation. All properties have a Land Valuation and a value of improvements which combined make up the actual GV.

Buying a Property

Your purchase of a home will probably be the largest single investment of your life. To protect that investment, it is important that you work with knowledgeable professionals at each stage of the buying process.

As you shop for your property, it is important for you to liaise with all of the professionals who will have a role in the transaction, not just your agent, but your lender, solicitor and valuer if necessary. We can direct you to the very best in these areas, so you make the right decisions at the end of the day.

Tired of looking for your dream home?

Let a Buyers Consultant do the hard work for you.

What a Buyers Consultant can do for you:

  • Listens to you to ascertain your real estate needs.
  • Helps you ascertain a comfortable level of borrowing and give you access to lending organisations.
  • Provides you with a comprehensive list of suitable properties.
  • Arranges inspections of suitable properties.
  • Provides advice on property values, trends, investment potential, finance options and legal requirements.
  • Provides access to specialists for the arrangement of finance, legal requirements, registered valuations and insurance.
  • Uses her experience to take much of the stress out of the buying process.

Make Your Wish List

Focus on the features you want in a home: 2 bedrooms or 3? 1 bath or 2? Garage or no garage? Knowing what you are looking for will help you focus your search. And it will help your real estate agent too

Now you can really begin house-hunting. Your real estate agent will be able to find listings for you, based on your wish list.

Selling your Property

Selling Methods

We can help you select the best marketing options for your home.

Whether it’s how to sell, which days to place your advertising, or how best to present your home for viewing, our sales consultants can provide you with the right advice.

How you sell your property is a big decision and requires careful consideration.

There are four basic methods:

  • Auction
  • Tender
  • Exclusive listing
  • General listing

Auction is one of the oldest methods of marketing, dating back to Roman times, with potential buyers bidding against each other for your property. A well-run auction programme may mean more time and effort from your consultant, but will ensure that your property gets maximum exposure. Selling by auction is a real opportunity for you to get more for your home than you expect.

The auction marketing campaign that you choose will be tailored to deliver maximum exposure within the first few weeks on the market – the time your property is most likely to sell.

You set a deadline for the sale of your home.This creates a sense of urgency among buyers and sales consultants. It also allows you to plan ahead, knowing a definite date has been set for the sale of your home.

Other benefits of selling by auction:

  • You set the auction terms and conditions, including the possession date.
  • Your home is only open at times which suit you.
  • The level of market interest will help you gauge your reserve price.
  • The “no price” aspect will attract more genuinely interested, cash-in-hand buyers.
  • The competitive auction environment offers the greatest chance for a premium price.
  • You have the option to accept offers prior to auction day.
  • If your property is passed in, it will be exposed on the open market as an exclusive listing.

Tender

When you offer your property for sale by tender, everyone with an interest to purchase must seal their offer (tender) in an envelope and deposit it with us by a predetermined date and time. All tenders are opened together and you choose the one most favourable to you.

Tender is another opportunity for you to create a competitive situation without stating a price. You set the terms, conditions and the deadline, and prospective buyers have only one opportunity to put forward their most competitive bid.

Because tender is another method of marketing without a price, it increases the number of enquiries and inspections, as well as the opportunity to obtain the very best price for your property.

Exclusive Listing

When you list exclusively, you put your trust in one organisation, which takes on sole responsibility for the sale of your home. At Harcourts Queenstown, we make sure we earn your trust before we ask you to list exclusively with us. And we make sure that we fulfil our responsibilities.

When you entrust Harcourts Queenstown with the sale of your home, you approve a personal marketing plan, which will provide promotional services designed to get your property noticed by the right people.

General Listing

This involves several sales consultants from different companies all trying to sell your home. It might sound good, but the reality is that your property becomes everyone’s listing and no-one’s responsibility.

General listing can work – sometimes. Many people who choose this method experience a lot of frustration and disappointment, which Harcourts Queenstown wants to help you avoid.

Highland Real Estate Group Ltd.  Licensed REAA 2008.  All rights reserved

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