While each real estate agency has their own practices, typically, a sellers’ minimum sale price expectation, should be disclosed in writing, before a marketing campaign commences.
Generally, the methods used for reaching property sale estimates are:
• Considering recent comparable sales
• Location factors
• Vendor price expectations
• Recent valuations
• Major features (location, architecture etc)
When advertising, a vendor must provide specific price guides that provide signals to the market, about the most likely price point that a sale could be realized, ie $800,000 to $900,000.
The lowest price in the range is generally considered to be the agents’ statement, of a pragmatic selling price.
Real estate agents have an obligation, to make honest and reasonable estimates of sale prices and to maintain records that demonstrate, the information they used to reach those estimates.
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Saturday, 24 August 2019