Buying, selling, building or investing?
Buying, selling, building or investing in Gold Coast Real Estate?
Here you'll find a range of valuable information about the Gold Coasts's property market. We've made it easy to find the property that's right for you. Check legal considerations, costs, statistics and more.
Our regular investment tips and property news will help you make a well-informed decision.
The basic steps to selling a property
When you're selling a property, you want to get the best possible price with a minimum amount of problems.
The Real Estate Institute of Queensland (REIQ) recommends following these basic steps when you are selling your property:
- Decide on a method of sale.
- Agree on a marketing/advertising program.
- Decide on a desired list price.
- Sign a PAMD Appointment to Act form with the nominated agent.
- Prepare your property for inspection.
- Prospective buyers inspect your property.
- Agree on the price offered by the buyer or nominate the reserve price in the case of an auction.
- Sign a Contract of Sale.
- Arrange with solicitor/financial institution for transfer of property.
- Pay commission to the agent.
The Property Agents and Motor Dealers Amendment Act 2001, effective from October 29, introduced new forms affecting the buyer and the seller.
The following forms are relevant to the seller:
- Form PAMD 21 - Sole or Exclusive Agency Notice for Sale of Property (Real Estate Agent)
- Form PAMD 22 - Appointment to Act as a Real Estate Agent
- Form PAMD 23 - Sole or Exclusive Agency Notice for Sale of Property (Auctioneer)
- Form PAMD 24 - Appointment to Act as an Auctioneer
- Form PAMD 25 - Sole or Exclusive Agency Notice for Sale of Property (Pastoral House)
- Form PAMD 26 - Appointment to Act as Pastoral House
- Form PAMD 28 - Disclosure of Beneficial Interest to Seller
Ways of Selling a Property
1. Sole or Exclusive Agency
The REIQ recommends these methods of selling property as the two most effective.
By appointing a real estate agent under a Sole or Exclusive Agency agreement, a single agent is responsible for selling your property.
The Sole or Exclusive Agency method is recommended over the Open Listing method because the sale of the property is in the hands of one agent. This saves the seller the confusion of having to liaise with more than one agent. It also saves the seller time and money involved in advertising and marketing costs when a number of agents are trying to sell the property.
Under the new Property Agents and Motor Dealers Act (PAMD) 2000, a seller can only appoint an agent under this arrangement for up to 60 calendar days. During those 60 days the seller can decide not to renew the appointment if the property has not sold. The seller can agree to make a further 60-day appointment. This renewal cannot be made earlier than 14 days before the term expires. Under a sole agency agreement, if the seller succeeds in selling the property by their own efforts after the 60 days, they are not required to pay the original agent any commission.
Under an Exclusive arrangement, the sellers pay commission to the agent regardless of whether the sellers eventually sell the property by themselves.
Under any selling arrangement using a real estate agent, the seller and agent must sign a PAMD form 22 - Appointment to Act as a Real Estate Agent.
This form legally sets the terms of the selling agreement. If signing a sole or exclusive agency a PAMD Form 21 is also signed.
2. Multilist
A Multilist agreement is also an exclusive agency agreement.
The seller appoints one agent and that agent agrees to work in conjunction with other Multilist agents to sell your property.
When the property is sold, the agent's commission is divided between the original listing agent and the agent that introduced the successful buyer to the property.
The total commission payable by the seller is no more than it would be if it were only being paid to one agent.
3. Auction
Selling by auction is also an Exclusive Agency agreement and so is subject to the 60-calendar day agreement period.
The seller pays the agent to arrange an effective marketing plan to advertise the property and its auction date to potential buyers.
Under the auction system, the seller agrees to pay commission to the listing agent if the property sells before the date of the auction, at the auction or in an agreed period after the auction.
The same conditions that apply to the auction process will also apply to the tender process.
4. Open Listing
An open listing is where the seller lists their property with a number of real estate agents in the local area.
Under an open listing agreement, each agent can sell the property individually or work with another agent to sell the property. Only the agent that introduces the buyer to the property will receive the commission from the seller.
Preparing your home for inspection
To get the best possible price for your property, you'll need to make sure that your place looks good from the street as well as inside. Here are a few hints to help you make your home more appealing to potential buyers.
Fences
Make sure the fences are in good condition. Carry out minor repairs such as straightening loose posts and repairing holes.
Lawns
Make sure you keep your lawns neatly trimmed, including the edges. It also adds appeal if your lawns are green and weed free.
Paths, driveways and paved areas
Clean up any grease or oil marks. Remove all weeds from any cracks or joins. Keep these areas swept and tidy while your property is on the market.
Gardens
Keep your garden weed free and make sure your plants look healthy. Put down fresh mulch to make the gardens look well cared for, inhibit weed growth and reduce the amount of watering needed. If you've got bare patches, consider picking up some bright flowers. Trim back any climbing plants that may have got out of control.
Trees and shrubs
Trim back any branches are dead or too 'leggy'. Remove any limbs that block sun to windows. This will help make your home more appealing inside.
Pools and ponds
Make sure your pool is clean and sparkling. Any fishponds and birdbaths need to be clean and clear of weeds.
Patios and decks
To make these areas look their look best, make sure furniture is in good repair. The area should be clean and free from clutter. A few pot plants can add extra appeal.
The building exterior
Wash the walls, eaves and windows, or hire a professional to do it. If the paintwork is flaking don't decide to repaint without discussing it with your agent - it may not be worth the cost involved. Repair any broken windows and replace damaged fly screens.
The yard - general
Make sure there is no rubbish or junk left lying around. If you have compost heaps, make sure they are neat and not attracting vermin or bugs. Make sure your sprinkler system is in good working order.
Garage or carport
Remove as much clutter as possible to make these areas look larger. Check the garage door moves smoothly and any locks are in working condition.
Drains and guttering
Make sure your guttering and drains are clean and clear of leaves or any other blockages.
Indoors
Give each room a thorough cleaning and clear away any clutter. Consider having your carpets steam cleaned. Fix any loose or squeaky flooring. Check that all the doors and windows open easily and that all door handles are in good repair. Clean all windows to allow in maximum light. You'll need to repair any damaged tiling or wallpaper and you should think about painting any chipped walls.
Storage areas
Make sure these are tidy and well arranged to give the impression of more space. This is a good time to get rid of odds and ends.
Plumbing, air-conditioning and fans
Make sure there are no dripping taps or pipes. Consider having air conditioners serviced before you put your property on the market. All ceiling fans need to be operational, clean and run quietly.
Plants
These can add a lot to the appeal of a house. If you haven't got any, think about buying some to brighten up your property.
Lights and light fittings
Check that all the lights are working and replace any blown globes. The fittings and switches need to be clean and in good condition too.
Carpets
If you have carpets, you should have them professionally cleaned to make them look their best.
Kitchen
The stove, refrigerator and sink all need to be at their sparkling best to make this room attractive. Clear the benches as much as possible to make it look larger.
Just before inspection
Put clean towels in the bathroom and clean tea towels in the kitchen. If your budget will stretch to it, buy new towels in a colour that complements your bathroom and put them out during inspections. Make sure the house smells good. You could put a few drops of vanilla essence in a hot oven, brew some coffee or light an oil burner. Open all the curtains and blinds and switch on inside lights to make the house look light and airy. Restrain any pets - unfortunately not everyone is an animal lover. Switch off the television. You might want to put some quiet background music on.
Finally, leave the house before inspection time. If the current owner is there, buyers may not take the time to look through a house properly because they feel they are intruding on the owners' territory. Go out and relax, and let your agent their job.
The cost of selling
Advertising and marketing costs
Real estate agents charge fees for advertising and marketing your property in order to achieve for you the highest possible price. This includes advertising your property in local newspapers, on property websites or in property magazines. GST is payable on advertising charges and will be included in the seller's advertising account.
The agent must itemise these costs before the seller signs the Appointment to Act (PAMD 22) form.
Both parties must sign the Advertising Schedule agreeing to the advertising and marketing items and their costs.
Advertising and marketing is essential if you decide to auction your property.
The more people who are aware of the auction date, the more likely it is you will achieve a high turnout on the day and so get the best price for your property.
Legal costs
Sellers will need to use a solicitor for checking the contract, calculating settlement amount and a property search.
Sometimes sellers are required to procure the Title Deed to their property through a solicitor.
Solicitor's fees are negotiable, so it's advisable to shop around and compare prices.
As with choosing an agent, ask friends, relatives or colleagues for their recommendations.
Financial institution fees
When you sell a property, your bank or financial institution may charge you for their attendance at the property settlement to receive and discharge the mortgage. Fees vary between institutions.
Valuation report
In some cases the seller is responsible for organising a valuation of their property to give to potential buyers. If the Contract of Sale stipulates it, the buyer pays for cost of the valuation.
Inspections and other miscellaneous items
Sometimes real estate agents will encourage sellers to procure a pre-sale building and pest inspection report from a licensed professional.
This can help save time when selling the property, as buyers are able to appreciate the condition of the property up front. Miscellaneous costs to the seller can include cleaning, gardening, painting and maintenance services to prepare the property for sale.
Selling 
