How To Choose The Best Real Estate Agent
13 Key Characteristics to Look For In Your Agent
This blog will take you through all the essential steps on how to choose the best Real Estate Agent so you can get the best results whether you are buying, selling or renting Real Estate. Buying, selling or renting out your property can be a complex process, and knowing how to choose the best real estate agent (and agency) is a critical. A reliable and experienced Real Estate Agent can make a significant difference in the success of your property transaction. Here’s a comprehensive guide to help you navigate the process and show you how to choose the best real estate agent tailored to your needs.
1. Best Real Estate Agents Come From Research and Recommendations
Your journey on how to choose the best Real Estate Agent should begin by seeking recommendations from your network (family, friends, colleagues) or online platforms (socials – Facebook, Instagram, LinkedIn). Recommendations from individuals who have had recent experiences with real estate transactions can provide valuable insights into trustworthy agents in your area.
Research can begin on resourceful websites such as listed below.
realestate.com.au: One of the largest property websites in Australia, it offers a “Find Agents” section where you can search for agents by location and expertise.
domain.com.au: Similar to realestate.com.au, Domain also provides a search feature to find real estate agents based on location and specializations.
ratemyagent.com.au: This website allows you to search for agents and view reviews and ratings provided by past clients. It’s a helpful resource to gauge an agent’s reputation and performance.
OpenAgent: OpenAgent allows users to search for and compare real estate agents based on location and property type. It provides agent profiles, reviews, and information on recent sales.
Homely: Homely offers a search feature to find real estate agents based on location. Users can view agent profiles, contact details, and read reviews from clients.
Real Estate Institutes (REIs) in Australian states offer a search function on their websites. Many REIs provide a directory or search feature on their websites that allows users to look up licensed agents by name, agency, suburb, or specific criteria such as specialties or languages spoken. Users can usually access this tool by visiting the website of the relevant Real Estate Institute for their state.
Real Estate Institute of New South Wales (REINSW): Website: REINSW
Real Estate Institute of Victoria (REIV): Website: REINSW
Real Estate Institute of Queensland (REIQ): Website: REIQ
Real Estate Institute of South Australia (REISA): Website: REISA
Real Estate Institute of Western Australia (REIWA): Website: REIWA
Real Estate Institute of Tasmania (REIT): Website: REIT
Real Estate Institute of the Australian Capital Territory (REIACT): Website: REIACT
Real Estate Institute of Northern Territory (REINT): Website: REINT
These websites are the primary online platforms for their respective state or territory’s Real Estate Institute. (They also provide information about the real estate industry, professional development, market trends, and often offer resources for both real estate professionals and consumers, including property listings and agent searches – so a really good resource to keep tabs on)
Google for your Local property listings and agency websites: Sometimes, checking local property listings or the websites of specific real estate agencies in your area can also provide information about agents working in your locality.
These websites often offer search filters based on location, specialties, and reviews, allowing you to find agents who best match your criteria. Additionally, they might provide contact details, agent profiles, and links to agency websites for further exploration.
When using these sites, consider cross-referencing information and conducting additional research to ensure you’re choosing an agent that aligns with your needs and preferences.
As you are working through researching sites to gather your agent information for a list of relevant agents in your area, this would be the time I would put together a spreadsheet (love a good spreadsheet) that will allow you the one place to put this information in. Make several columns to collect and collate the information to help you sift through all the available information. The below points are what I would include in your spreadsheet
- Agents name
- Contact details of agent
- Agency name
- Address and Ph of office
- What suburbs they seem to be experts in (check where the majority of their listings are)
- Some sites offer how many sales in an area an agent has – put this in.
- Fees and costs – sales fee commission % or amount plus cost of advertising package.
- Price of listings (range) – some agencies have a “flavour” and will have a particular market they trend towards. This can show up in the areas they work in, or the properties they regularly attract.
- Comments – for other information that you find on your research that may be relevant to you choosing who to contact first. Ie – social media presence, good marketing, dresses well and professional, has lots of listings, has had lots of sales, ratings of agents etc. you could also do extra columns for things that are relevant in your search.
2. Best Real Estate Agents have the Best Local Market Knowledge
Part of how to choose the best real estate agent should be an agent’s understanding of the local market – this is paramount. Look for someone well-versed in the nuances of your specific neighbourhood or area, knowledgeable about recent sales, pricing trends, and the local community.
A Real Estate agent showcasing their local knowledge can manifest in various ways, demonstrating a deep understanding of the area they operate in. Here are some examples of how an agent might prove their local knowledge:
Accurate Pricing: A knowledgeable agent will accurately price properties based on current market trends, recent sales, and the specific characteristics of the neighbourhood. They can provide evidence of similar properties sold in the area and explain how those sales relate to the property in question.
Neighbourhood Insights: An agent might share comprehensive insights about the neighbourhood, including schools, parks, public transportation, amenities, upcoming developments, or any local plans that might impact property values.
Historical and Future Trends: They can discuss historical trends in the area’s property market, such as how property values have evolved over the years. Additionally, they might have insights into future developments or infrastructure projects that could impact property values positively or negatively.
Local Networks and Connections: A well-connected agent will have established relationships with other agents, local businesses, contractors, and service providers. They can recommend trusted professionals for repairs, renovations, or legal matters related to property transactions.
Community Involvement: An agent involved in the community might participate in local events, sponsorships, or neighbourhood organizations. This involvement can showcase their commitment to and knowledge of the area.
Specific Property Insights: They can provide detailed information about specific properties, including their history, unique selling points, potential challenges, or opportunities for improvement based on the neighbourhood’s characteristics.
Personal Experiences and Stories: Sharing personal experiences or stories about successful sales in the area can demonstrate their expertise. They might recount challenges faced during previous transactions and how they overcame them.
Customized Marketing Strategies: An agent with local knowledge will tailor marketing strategies specific to the area, highlighting unique features or attractions that might appeal to potential buyers.
Timely and Relevant Information: Providing timely updates on market changes, new regulations, or shifts in buyer preferences within the local area showcases an agent’s ongoing commitment to staying informed and educating their clients.
Client Testimonials: Positive testimonials and reviews from satisfied clients specifically mentioning the agent’s understanding of the local market can be a strong indicator of their expertise. Ask for these from an agent you’re thinking about engaging.
A combination of these elements demonstrates an agent’s depth of local knowledge and can instil confidence in their ability to effectively navigate the local real estate landscape for their clients. I have seen a number of times where an agent can’t give me an answer to a simple sales or comparable question in the area without having to go back to their computer to check, this isn’t what I would be looking for. How they interact and answer your questions is how they will be doing the same with the clients either buying or renting your home.
3. Best Real Estate Agents have Experience and A Track Record
Consider when your looking at how to choose the best real estate agent for you, you look at an agent’s experience and track record. These can often be outlined in the websites listed in section 1.
Review the following
- Look for evidence of successful sales in your area as it often reflects expertise, negotiation skills, and the ability to navigate various market conditions.
- Look for how many listings they have on their agency’s “books“ on their website and how many that particular agent has.
- Observe for the particular type of property they are selling or renting out (ie is it mostly residential, commercial, units, Townhouses, family homes, waterfront, acreage etc)
4. Best Real Estate Agents have their Licensing and Credentials
When looking at how to choose the best real estate agent in Australia, real estate agents must hold specific licensing credentials to sell or rent out properties legally.
Ensure the agent is licensed and affiliated with reputable real estate associations in Australia, such as the Real Estate Institute of Australia (REIA), guaranteeing professionalism and adherence to industry standards.
Who will you be dealing with the majority of the time? With the agent or with the assistant. Dont forget the credentials and experience of the assistant matter as well.
Licensing requirements can vary slightly between states and territories, but generally, the following qualifications are necessary:
Real Estate Agent License: To operate as a real estate agent and handle property sales or rentals, individuals must obtain a real estate agent license. This license allows them to act on behalf of clients in property transactions.
Certificate of Registration (Sales or Property Management): Before obtaining a full real estate agent license, individuals usually need to obtain a Certificate of Registration in either sales or property management. This allows them to work under the supervision of a licensed real estate agent.
Completion of Approved Courses: To qualify for these licenses, individuals must complete accredited courses in real estate practice. These courses cover legal and ethical responsibilities, property law, sales techniques, property management, and relevant state/territory legislation.
Police Checks and Character References: Applicants for real estate licenses are often required to undergo police checks and provide character references to ensure they meet the suitability criteria to work in the industry.
Continuing Professional Development (CPD): Real estate agents are typically required to undertake ongoing CPD courses to keep their knowledge and skills up-to-date. These courses ensure agents remain informed about changes in legislation, industry practices, and market trends.
Membership in a Real Estate Institute: While not a mandatory licensing requirement, many real estate agents choose to become members of their state’s Real Estate Institute (REI). Membership often provides access to professional development resources, networking opportunities, and industry support
5. The Best Real Estate Agents have the Best Communication Skills
When looking at how to choose the best Real Estate Agent, then effective communication is key to a successful relationship with your agent. Choose someone who actively listens to your needs, provides clear information, and promptly addresses your concerns.
An agent with excellent communication skills demonstrates several qualities that make them stand out in the real estate industry. Here are some examples of how a real estate agent might showcase strong communication skills: and one of the most important skills if you working the ont How
Active Listening: They listen attentively to their clients’ needs, concerns, and preferences. An agent who takes the time to understand what their clients want and need is better equipped to meet their expectations.
Clear and Timely Communication: They communicate clearly, providing information in a straightforward manner without using jargon. Additionally, they respond promptly to calls, emails, and inquiries, keeping clients informed at every step of the process.
Adaptability in Communication Styles: A skilled agent can adapt their communication style to suit their clients. They can explain complex real estate terms to first-time buyers or convey detailed market analysis to experienced investors in a way that’s easy to understand.
Transparency: They are honest and transparent about all aspects of the transaction, including potential challenges or drawbacks of a property. They keep clients informed about any developments or changes that may impact their decisions.
Negotiation Skills: Effective communication is crucial during negotiations. A skilled agent can effectively represent their clients’ interests, convey offers and counteroffers, and navigate negotiations diplomatically.
Empathy and Understanding: They show empathy towards their clients’ emotions and concerns, especially during stressful moments in the buying or selling process. They strive to alleviate concerns and provide reassurance.
Educational Approach: They take the time to educate their clients about the real estate process, explaining each step thoroughly. This empowers clients to make informed decisions.
Availability and Accessibility: They are accessible and available to their clients, accommodating their schedules and being present when needed. This availability fosters trust and confidence in their services.
Follow-up and Feedback: A good agent follows up with clients after transactions, seeking feedback and ensuring client satisfaction. They use this feedback to continuously improve their services.
Conflict Resolution: In case of disagreements or issues during the transaction, they effectively manage conflicts by facilitating discussions and finding mutually beneficial solutions.
By exemplifying these communication skills, a real estate agent can establish strong relationships with clients, enhance their reputation, and ensure a smoother and more successful real estate transaction experience.
6. The Best Real Estate Agents have the Best Marketing Strategies
When going through the processes of how to choose the best Real Estate agent, tts very important to inquire about an agent’s marketing plan for your property and the cost of this. A proficient agent should have a comprehensive strategy to promote your property effectively to potential buyers.
Here are some examples of marketing strategies that agents commonly implement:
Professional Photography and Videography: High-quality photos and videos showcasing the property’s best features can significantly impact a listing’s attractiveness. Aerial shots or virtual tours can provide a more immersive experience for potential buyers.
Compelling Property Descriptions: Well-written property descriptions highlighting unique features, amenities, and the neighborhood’s benefits can captivate potential buyers. Descriptions should be engaging and informative.
Online Listings on Real Estate Portals: Agents list properties on popular real estate websites such as realestate.com.au, domain.com.au, and others. These platforms reach a broad audience of potential buyers searching for properties online.
Social Media Marketing: Utilizing social media platforms like Facebook, Instagram, LinkedIn, and “X” (Twitter) to showcase properties through photos, videos, virtual tours, and engaging content. Agents can create targeted ads to reach specific demographics.
Email Marketing Campaigns: Building an email list of potential buyers and sending regular newsletters or property updates can keep interested parties informed about new listings or price reductions.
Open Houses and Property Showings: Organizing open houses or private showings to allow potential buyers to physically experience the property can generate interest and offers.
Print Advertising: Traditional marketing methods like newspaper or magazine advertisements in local or industry-specific publications can still be effective in reaching certain demographics.
Direct Mail Campaigns: Sending targeted postcards or flyers to potential buyers or residents in the area can attract attention to the property.
Networking and Referrals: Leveraging professional networks and relationships with other agents, brokers, and industry contacts to spread the word about the property among their clients or potential buyers.
Staging and Presentation: Recommending or providing staging services to showcase the property in its best light. A well-staged home can make a significant difference in attracting buyers.
Community Involvement and Events: Participating in local events, sponsoring community activities, or hosting property-related seminars can increase visibility and attract potential buyers.
Use of Technology: Implementing cutting-edge technologies such as 3D virtual tours, augmented reality apps, or drone photography to offer innovative and immersive property experiences.
Combining several of these marketing strategies can maximize exposure for a property, attract more potential buyers, and ultimately lead to a successful sale. The choice of strategies often depends on the property type, target audience, local market conditions and cost. Its not about how much you spend but how effective it is. Everyone has access to the free viewings on the Real Estate portals these days, so how will your agent make sure your property sticks out to attract the right buyer more effectively than other properties and lead to a sale quicker.
7. Personality Fit
Establishing a good rapport is essential to how to choose the best real estate agent. Select an agent you feel comfortable with and trust. A professional demeanour and alignment with your goals can facilitate a smoother transaction.
You want to be comfortable to speak to your agent at any time about any topic (property related), this is a major event financially and most times, emotionally, in someone’s life, so be ok with wanting to be comfortable around this person.
8. The Best Real Estate Agents have the Best Negotiation Skills
An agent’s negotiation prowess can significantly impact the final deal. When you look at how to choose the best real estate agent, look for someone skilled in negotiations to ensure you get the best possible outcome.
I would go and visit the agent while they are running another open home experience. Check out how they handle and engage with potential buyers, how they answer questions. Are they present or wondering off? How they present at the open home says a lot for how they go about the deal. We want someone who will work for you and get you the best price, not someone who just wants to get paid their commission and is only thinking of themselves at the end of the day.
Also ask any previous clients about the negotiation process of their home – what they wanted as an outcome of the sale price, what the agent put it on the market for (or reserved at auction), what was the eventual outcome of the sale and what they thought of the process
9. Fee Structure
Understand the agent’s fees and commission structure upfront. While comparing fees is important, how to choose the best real estate agent might involve prioritizing expertise and quality of service over the lowest costs.
Real estate agents typically charge for their services through commission based on the final sale price of a property. The commission is a percentage of the property’s sale price and is agreed upon between the seller and the agent before the property is listed for sale. Here are some common ways agents charge for their services:
Commission-Based Fees: This is the most prevalent method. Agents receive a percentage (often between 1% to 3%) of the final sale price as their commission. The commission covers the agent’s services, marketing expenses, negotiation, and facilitating the sale.
Fixed Fee: In some cases, agents may charge a fixed fee instead of a commission. This fixed fee structure might be suitable for specific services like property marketing or specific types of transactions.
Tiered Commission: Agents may implement a tiered commission structure where the percentage of commission decreases as the sale price of the property increases. For example, they might charge a higher percentage for the first tier of the sale price and a lower percentage for any amount exceeding that tier.
Performance-Based Fee: Occasionally, agents might negotiate a performance-based fee. This could involve a bonus if the property sells within a certain timeframe or achieves a sale price above a set target.
Additional Fees: Sometimes, agents may charge additional fees for specific services not covered by the standard commission. For instance, marketing expenses, professional photography, or administrative costs might be billed separately.
Before engaging an agent, it’s advisable to clarify the commission structure, any additional fees (ie. for advertising ), and the services included in their package. This ensures transparency and helps both parties understand the financial aspects of the transaction.
These fees are negotiable and can vary based on the property’s location, market conditions, the agent’s experience, and the services provided. Its also important to know when these fees have to be paid – upfront, during or after the settlement of the property. These aspects can also be negotiable.
10. To Get the Best Real Estate Agent, Interview Multiple Agents
How to choose the best real estate agent involves taking the time to interview multiple agents before making a decision. I can’t stress this enough. You won’t be able to gauge a lot of the above without actually meeting and interviewing the agent.
Use this opportunity to understand their strategies, recent successes, and how they plan to handle your property.
Have an “Agent Cheat Sheet” ready to go (printed out or on your device) with questions you can ask each agent. I do this for a couple of reasons.
- Once you interview a number of agents, you won’t remember the answers to all of the questions from each agent, so make sure you write these down and take notes at each interview.
- You then can compare each agent across a set of parameters and the same criteria, rather than judging one agent by 1 set of criteria and another agent with a different set of questions.
- You know you have what you want to ask an agent up front rather than trying to remember the questions you need to ask to get the answers you need to review later.
A little forward planning for these interviews is essential and will really pay dividends when deciding what agent to engage in selling your largest asset or renting it out to the right tenants.
11. Get the Best Real Estate Agents References
Request references or case studies from past clients. This insight can offer a glimpse into an agent’s performance and client satisfaction.
12. Technology Adoption
A tech-savvy agent who utilizes modern tools can provide an edge that your looking for when looking at how to choose thr best real estate agent. In reaching potential buyers, Real estate agents these days, utilize various modern technologies to streamline processes, enhance marketing strategies, and provide better services to their clients. Some of the modern technologies commonly used by real estate agents include:
Virtual Reality (VR) and Augmented Reality (AR): Agents use VR and AR to create immersive experiences for potential buyers. Virtual property tours allow clients to explore properties remotely, providing a realistic feel of the space without physically being there.
Drones: Drones are used to capture aerial footage and images of properties, showcasing the property’s exterior, surrounding landscape, and neighbourhood amenities from unique perspectives.
Customer Relationship Management (CRM) Software: Agents use CRM systems to manage client databases, track interactions, schedule follow-ups, and personalize communications with clients. These platforms help in maintaining relationships and staying organized. They would often come into play when an agent talks about a “soft sell” and can contact his data base of existing clients who are ready and looking to make a purchase now, before spending a heft amount on marketing.
Professional Photography and Video Equipment: High-quality cameras, drones, and video equipment help agents capture visually appealing images and videos to market properties effectively across various online platforms and social media. Good photos make a big different to your post on Real Estate platforms.
3D Floor Plans and Rendering: Agents employ 3D floor plans and rendering software to create detailed, interactive visualizations of properties. This allows clients to visualize the layout and potential design options. These are very common now and really add to the depth of the information available on your property.
Mobile Apps and Platforms: Agents use mobile apps designed for real estate to access property listings, update information on the go, communicate with clients, and manage transactions from anywhere.
Online Listing Platforms and Websites: Agents leverage online listing platforms like realestate.com.au, domain.com.au, and their own websites to showcase properties, reach a wider audience, and provide detailed information to potential buyers.
Social Media Marketing: Utilizing social media platforms such as Facebook, Instagram, LinkedIn, and Twitter for property promotion, targeted advertising, and engaging with clients. Agents create compelling content, including videos, virtual tours, and property highlights, to attract potential buyers. I’ve seen some agents go above and beyond in this area and it makes for great engagement.
Electronic Signatures and Document Management: Agents use electronic signature software and document management systems to streamline paperwork and contracts, allowing for quicker and more efficient transactions.
Data Analytics and Market Insights: Tools that provide market analytics, trends, and insights help agents make data-driven decisions regarding pricing, marketing strategies, and understanding buyer behaviour. What they show you and how they explain it to you also represents the agents knowledge on how to interpret these and the information they use to make sure they have it right for your property.
Artificial Intelligence (AI) and Chatbots: Some agents employ AI-driven chatbots on their websites or platforms to provide instant responses to common inquiries and assist visitors in finding relevant information.
Blockchain Technology: look out for this new (ish) and innovative form of technology that could possibly revolutionise the industry. Though less common, some agents explore blockchain with an aim to increase transparency and security in real estate transactions. In short it’s a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network – hence the better security when it comes to the transaction itself. Think property ownership and title records, smart contracts, enables fractional ownership of properties (allowing investors to purchase smaller shares of high-value properties), property listing and verification, secure and transparent transactions and can include streamlining property management. With the hackers getting smarter and more brazen, being on top of security in such a high price transaction is a big deal. I’m sure you would have heard stories about people depositing funds for a purchase into fraudsters accounts, and illegal selling of properties under the guise of impersonating the owner on the title.
Real estate agents who embrace these modern technologies can provide a more seamless and enhanced experience for their clients while staying competitive in the ever-evolving real estate industry.
13. Contract Terms
Before committing, thoroughly review the terms of the contract. Seek legal advice if needed to ensure you understand all obligations and commitments.
See the basic items to discuss and check in the contract with the agent before signing :
An Agency Sales Agreement: between Property Owner and Agency/Agent for selling the property.
Understanding Agency Types: Discuss the type of agency agreement the agent offers, such as exclusive agency, sole agency, or open listing. Each type has different implications regarding commission, representation, and the agent’s exclusivity in selling the property.
Commission and Fees: Clarify the commission rate or fees the agent charges for their services. Understand what services are included in the commission and if there are additional costs for marketing or advertising.
Duration and Termination: Review the duration of the agency agreement. Understand the terms for terminating the agreement if the relationship isn’t satisfactory or if the property doesn’t sell within a specified period.
Marketing Strategy: Discuss the agent’s marketing plan for the property. Inquire about their approach, including online listings, print advertising, open houses, and any innovative marketing techniques they intend to use. Note is it the same as what was discussed previously in the initial interview or is it different, and note the costs associated with the marketing plan.
Comparable Sales and Pricing Strategy: Request information on recent comparable sales in the area and the agent’s strategy for pricing your property competitively in the current market.
Legal and Regulatory Compliance: Ensure the agency agreement complies with relevant real estate laws and regulations in your area. Understand your rights and obligations as a seller under the agreement.
A Property Management Agreement – Between Property Owner and RE Agency/Agent
Services Provided: Clearly define the services the property manager will provide, such as advertising for tenants, tenant screening, rent collection, property maintenance, inspections, lease enforcement, and handling tenant issues or complaints.
Duration and Termination: Specify the duration of the agreement, whether it’s a fixed term or ongoing. Include terms for termination, notice periods required for ending the agreement, and any penalties for early termination.
Management Fees and Payment Terms: Understand the property manager’s fees, whether it’s a percentage of the rental income or a flat fee. Clarify payment schedules, invoicing procedures, and any additional charges for specific services.
Responsibilities and Obligations: Clearly outline the responsibilities of both the property manager and the property owner. This includes maintenance, repairs, tenant relations, compliance with laws, insurance coverage, and handling emergencies.
Leasing and Tenant Placement: Detail how the property manager will handle tenant placement, including advertising, tenant screening, lease agreements, security deposits, and handling lease renewals or terminations.
Communication and Reporting: Specify how the property manager will communicate with the property owner, the frequency of updates or reports (e.g., financial statements, property inspections), and the preferred mode of communication.
Legal Compliance: Ensure the property management agreement complies with relevant landlord-tenant laws, fair housing regulations, and any specific local or state regulations applicable to property management.
Insurance and Indemnification: Clarify insurance requirements for the property manager and the property owner. Include provisions for indemnification in case of legal disputes or liabilities related to property management.
Maintenance and Repairs: Define how the property manager will handle maintenance and repairs, including the process for obtaining owner approval for significant repairs or expenses, amount the manager can spend without authorisation on little issues.
Dispute Resolution: Include provisions for dispute resolution mechanisms, such as mediation or arbitration, in case disagreements arise between the property owner and the property manager.
Property Inspections and Condition Reports: Detail how often the property will be inspected and how condition reports will be documented, especially during tenant turnovers or periodic inspections.
A Contract of Sale: contract between property owner (vendor) and incoming new buyer which the RE agent has to write up and send to each party/conveyancer.
Property Details: Ensure the property details, including the address and legal description, proper names of sellers and purchasers, as well as the agent/agency details
Property Inclusions: Be clear what’s included in the sale of the property and what’s not – like appliances – fridge, dishwasher, stove, cupboards, furnishings, equipment etc.
Price and Payment Terms: Verify the purchase price, deposit amount, payment schedule, and any conditions related to financing or additional costs (e.g., closing costs, taxes).
Conditions and Contingencies: Check for any conditions or contingencies (such as property inspections, financing approvals, or other requirements) that were discussed and need to be included in the contract, and must be met for the sale to proceed.
Timeline and Completion Date: Review the timeline for the transaction, including key dates such as Cooling Off period, Finance due date, Due diligence and of course the Settlement date.
Agent’s Commission: Ensure clarity on the agent’s commission, including the percentage or fee agreed upon and any additional charges.
Legal and Regulatory Compliance: Confirm that the agreement complies with relevant laws and regulations in your jurisdiction.
Cancellation or Termination Clauses: Understand the terms for cancelling or terminating the agreement, including any penalties or fees associated with early termination.
Signatures and Authorization: Ensure all parties involved, including the seller, buyer, and agent, have signed the agreement, and the document is legally binding.
Fine Print: Have your solicitor highlight any parts of the contract that may need to be changed, adjusted or acknowledged to suit you and your time frames.
Tenant or no Tenant: does the property come with vacant possession or does it have tenants – and then do you have the tenant agreement and tenancy information.
Tax and Accounting Obligations: If you’re developing the land/property, ask your accountant and your legal team about the tax element of the contract and is there any boxes that need to be ticked for this.
These are just some of the basics to recognise and be aware of in your contacts. All in all, each contract will be the same basics for each state (each state has slightly different contractual obligations), but what will make it unique for you and your transaction is the above-mentioned things. Get savvy and check these things out in your contract yourself, so that you can better communicate with your selling or leasing team to implement your instructions and they can give you the advise relevant to the outcome your seeking.
Please, always seek legal advice when dealing with contracts and legal obligations. Rules change on a regular basis and its your legal team’s job to stay up to date with the changes and be across everything. That why we pay the big bucks for them. Its also your agent’s role to be up to date with the regulatory changes when selling or leasing out your property. You don’t need to be the expert, you need a good team for this.
How to choose the best real estate agent in Australia is a pivotal step in ensuring a successful property transaction. By considering these comprehensive tips and conducting thorough research, you can find an agent who aligns with your needs, preferences, and objectives, ultimately making the buying, selling or tenancy process a smoother and more rewarding experience.
It pays to give your self enough time to implement the tips shared as it could mean the difference in 10s of thousands of dollars, if you choose the wrong agent or agency, and worse still, you cant get out of the contract, wasting valuable time as well.
Good luck !!
Disclaimer
This blog contains my opinions and doesn’t reflect the opinions of any organizations I might suggest or be affiliated with. Any information provided on my blogs is accurate and true to the best of my knowledge, but there may be omissions, errors or mistakes. The information presented in this blog is for informational purposes only and shouldn’t be seen as any kind of advice, such as legal, tax, financial, emotional or other types of advice. I don’t know you, and I don’t know your own personal or business circumstances, so please don’t rely on any information in this blog and take it as personal or professional advice for you specifically. Always seek advice from your own professionals.
This website has ever changing content and can include conversations and comments from others. I reserve the right to change how I manage or run my blog and I may change the focus or content on my blogs at any time.
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