Selling Your Property FAQ's
Frequently Asked Questions
Why should I sell my property through Crockers?
Our Realty Sales Consultants market and sell residential, apartments and investment property throughout Auckland. Most of their work comes through referrals and repeat business - so they're doing something right.
Crockers relies on its good reputation and the integrity with which all of our staff conduct themselves. Our Realty Sales Consultants are experienced and skilled negotiators assisted by a highly experienced Sales Manager to help where ever required. We have processes in place and a strong support team to provide our consultants with quality marketing material and administrative requirements. What does all of that mean? It means your Realty Sales Consultant can remain totally focused on finding a buyer for your property.
What is the commission rate to sell my property with Crockers?
Our commission structure terms are as follows:
1. An initial fee of $500; plus
2. On the first $400,000 of the sale price a fee of 4% is applicable; plus
3. On the balance of the sale price a fee of 2% is applicable;
4. Plus GST
NOTE: The minimum fee chargeable is $11,000 + GST
Will I need to pay GST on a commission?
Yes. GST is paid on all commissions.
What other costs are involved?
As is the standard practice, we will ask you to contribute to the marketing of your property.
How many Real Estate companies should I speak to before deciding who to give my property to sell?
Apart from speaking with Crockers, we do recommend that you speak to at least one other company. Due diligence is always important. We feel confident that you will be impressed with Crockers.
What is the best time of the year to sell my property?
Selling property need not be seasonal if you have a strong Realty Sales Consultant marketing your property well.
What do I need to do, before I put my property on the market?
Our property Sales Consultants are in the best position to guide you through this process and give you some helpful hints. Generally we recommend that you:
- Spring clean your house
- Clear out your wardrobes
- Store excess furniture
- Reduce the number of nick nacks around your home
- Repair, repaint and replace
- Tidy up the garden
How do we know what the correct price is for selling?
Our property Sales Consultants know the market and have the tools to provide you with prices of like-properties recently sold. They are in a very good position to advise you. However, we always recommend that you do a little research yourself.
What is a Cross Lease?
In a cross lease all owners (known as "Lessors") own a share of the freehold title in common with the other cross leaseholders. You each own an equal share in the land and will have exclusive use of a unit/flat or area. You may also have exclusive use of a carport or garden, and this will be noted on your certificate of title.
Many complexes on a cross lease title will be older blocks as this was the best way to have a shared building community before the Unit Titles Act and bodies corporate existed.
What is a Property Auction?
A property auction is the method of sale used when a property is offered for sale subject to a RESERVE PRICE in a fast-paced, public sale. Subject to the Reserve Price being met, the highest bidder whose bid is accepted by the Auctioneer becomes the Purchaser.
If more than one buyer is interested in your property, competitive bidding can result in a premium price being achieved through this method.
Should I Choose a List Price?
What's the ‘right’ price for your property? No one knows for sure, so choosing a list price takes a certain amount of confidence! It is important to get the price right: too high, and you'll scare off potential buyers; too low, and you'll do yourself out of money.
For these reasons, the option of list prices has fallen out of favour in recent years. It’s still an option – but there are other options that may be better.
Should I Sell My Property By Negotiation?
Selling by negotiation is a good option if:
- the price range for your property is difficult to gauge because of movement in the market
- your property is unique.
Rather than going to market with a price, a guide is provided.
What is a Tender?
In the tender process, your property is promoted for its features and benefits without a price. Potential Purchasers compete in a confidential process within a specified deadline, aiming to create competition, urgency and a better price.
The Purchasers can compete on a conditional or unconditional basis, and they choose their own possession date. No offer can be considered prior to the specified deadline, but after that date you have the opportunity to negotiate with a Purchaser on price.
How do Expressions of Interest Work?
When asking for Expressions of Interest, your property is promoted for its features and benefits without providing a price. The terms and conditions of the sale will be in your favour; for example, you choose a suitable possession date.
Under this method the Vendor has the ability to sell the property prior to the designated date.
What Additional Costs are involved with Selling my Property?
As is the standard practice, Crockers will ask you to contribute to the marketing of your property. This is to ensure we can achieve the best sale price available.