Property Sale Timeline

In this instalment of Real Real Estate Advice, Sales Executive Kiki Bermudez explains how long it typically takes to sell a property and the timeline she uses with her clients.

Kiki’s key information from the video can be summarised in the below dot points:

• Once the client is ready to sell and the property is in good shape, we allow for two weeks of preparation for items such as the contract, photography, copy, floor plan, tenant liaising and plenty of administration.

• We then begin the four-week auction sales campaign where we run the open for inspections a couple times a week, follow up on enquiries and purchasers and generate offers and competition for the property.

• Often the property will sell prior to auction, but if it does go to the fourth week, an auction is held and a successful sale will be obtained on that day.

• Once it is sold, we enter the settlement period which is usually forty-two days, unless negotiated otherwise between the buyer and seller. On the forty second day, the money is transferred to the sellers account and the keys are handed to the new property owners.

• In summary, you need to allow for a minimum of three months from preparation to seeing the money in the bank.

If you have any questions regarding selling your property, or anything else for that matter, please contact us and we will be delighted to help.

Below is the full transcript of Kiki talking about preparing for the purchase of a property.

Kiki:

“Hi, welcome to another instalment of Real Real Estate Advice, I hope that you are having a most awesome day.

Today I want to talk about a question that I get asked most frequently as an agent. This question simply is: ‘How long will it take to sell my property?’, ‘when will I actually have my money in the bank?’, easily answered.

Once my client has decided that they are ready to sell, and the property is in tip-top shape ready to be photographed, as a rule of thumb we allow for approximately two weeks for just preparation. In that preparation time it includes things such as contract preparation, administration (there is loads of that), photography, floorplan, site plan, video, tradespeople, liaising with tenants, whatever is required, you name it, that is what we nail down.

After the first couple of weeks of preparation, we as a rule of thumb allow about four weeks for the sales campaign to take place. This is provided of course that you have chosen the auction process. And during that time, things like our open for inspections a couple time a week, our consistent follow up with purchasers, answering all enquiries, private appointment, maintenance of the property, you name it, we are generating offers, competition and definitely a sale. Whether it’s prior to auction, which often happens, or we wait until the auction on the fourth week and we have a successful sale at that time.

Once the property is sold, or exchanged as we say, we then enter the period know as ‘the settlement period’, and as a rule of thumb, we typically allow six weeks. That time can vary depending on negotiations between buyer and seller, sometimes its shorter, sometimes it’s longer, say as long as twelve weeks. It really depends. But, if we hit that forty second day, the expectation is that the property is going to be empty and clean, you’re going to get the cash in the bank and I’m going to give them the keys to their new home.

In summary, you will need to allow for a minimum of three months from preparation to seeing the cash in the bank.

I hope that you found this information helpful in some way, and should you require anything at all or just want to have a chat, please don’t hesitate to give me a call as I would be very excited to help.

Thanks for watching, bye for now”.