Page 27 - Real estate: a guide for buyers and sellers
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Methods of sale and the sales campaign
The reserve or asking price The advertised price
The reserve price is the lowest price at It is illegal for an agent to quote or
which a seller is prepared to sell a property advertise a figure that is less than the
at an auction. For a private sale, the price seller’s asking price, reserve price or the
at which you will consider offers is known agent’s estimated selling price or range,
as the asking price. stated in the authority to sell.
To help you decide on the asking price or Before advertising your property for sale,
reserve price for your home: an agent will generally ask you to approve
the advertised price and to confirm in
• research local sale prices by writing that you will consider all offers
checking property data websites at the advertised price or within the
(see consumer.vic.gov.au for details advertised price range.
of these websites) and newspapers
for similar properties listed and sold, SELLER’S TIP
and attending auctions and open for
inspections Property advertising must not be
misleading or deceptive. It is illegal
• use the agent’s estimated selling price to misrepresent a property, including
as a guide its features and location, in any way
when marketing that property, whether
• don’t allow emotion to cloud any verbally or in writing and photographs.
judgments You should ensure any information
provided to the agent about your
• be realistic. property is factual and up to date.
Taking this approach will help you avoid
disappointment and the risk of buying a
property based on unrealistic expectations
of the sale price of your home.
BUYER’S TIP
You will be a better judge of property sales
prices if you research and understand the
market where you are looking to buy.
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