Ha! I don't envy you being in this position.
It can be a difficult and stressful time.
But it can also be a very rewarding time.
Sometimes you get lucky - except if you're Eddy O. Then you don't need luck.
Some Questions to ask the Agents - some info summarised from other posters:
1) What is my property worth and WHY?
When they answer this with $XXX to $YYY, ask them to justify this figure, by showing you "equivalent recently sold properties", in your suburb/locale.
You can also do your own appraisal, using the RealEstate.com.au and Domain.com.au sites as described by CockaDoodleDo.
This may take a day of your time, but is generally worthwhile.
You can also engage a Valuer, to do an appraisal - as other posters have said.
But this may cost you $300 or so and property valuation is not an EXACT science anyway.
So you may need TWO valuers to give YOU a "more accurate" range of prices.
IMO, it is partly objective but also partly subjective. Say 70/30??
If you have the time and can assess the differences between YOUR property and the SOLD properties, you may do as good a job as the Valuers (in coming up with a market value).
You can't beat recent sales for giving you a market value. It's what the valuers use.
2) Also ask the Agents for THEIR sales record over the past 6 months (say):
If needs be, you can verify their sales record, using the Real Estate sites mentioned in (1), above.
Like Chicken Hunter and Gordsy say - "don't take any of their best mates antics".
And don't be conned by an Agent who gives an overly optimistic valuation, to try and get you to sign with them.
Again, this is why YOU should do your own market appraisal, before they turn up. But keep it to yourself.
Like CH and G imply - the Agent is NOT your mate.
Sure, you need someone you are comfortable with, but predominantly you want an Agent who will be EFFECTIVE. You don't want a "mate".
Assess the Agent on their record.
3) Ask them for their Fees:
Agents may quote different %s, as commission for the sale.
Ask if there are any other charges - like advertising. Some charge you. Some don't.
Ask if there will be any charges if you decide to take it off the market (without selling), after the sale period has finished.
4) Advertising - Newspapers or On Line.
Sometimes an Agent may want to use a series of glossy ads, in the newspaper - at high cost.
It sounds cynical of me, but this can simply be a form of advertising for their Agency - THAT YOU PAY FOR.
These days most prospective buyers just use on-line Real Estate sites.
In the main, I think newspapers are "old school" - not required.
OTHER COMMENTS:
Parra described the "incentive" approach.
I agree with Parra, in that something like that should ideally get you the BEST sale price.
As the Agent then has an incentive to try and push the price up by $5K or $10K.
I did use this once, but the "base price" I set was too high and we only just reached that level - even though the Agent had initially agreed to the base price and the incentive %.
This is the difficulty with this approach - setting a realistic Base Price.
Sounds cliched, but it (the Base Price) needs to create opportunity for a WIN WIN situation.
Set a Realistic Sale price:
Like Johnsy says - "houses priced well ...... will sell".
You do not want to get too GREEDY and set TOO high a sale price.
That may scare off the potential buyters and you then get into a downward spiral of lowering your price.
And the sharks will circle.
Sell by Auction or Private Treaty:
Depends on a number of factors that include your property (is it unsusal?) and the suburb.
Look around your suburb.
Discuss with Agent.
Do you NEED to sell the property, or do you simply think it is "time to sell":
Only you need to know this.
Don't tell the Agent.
Or this forum LOL.
This will effect how you set the Sale Price and how you respond to offers.
If you have a mortgage that you want to be rid of, sometimes a quick sale (for a reasonable price), is better than "hanging out for" an extra $20K or $50K.
That you may not get.
Remember the dog with the bone.
Depends, among other things, on the number of buyers out there.
>>>>>>>>>>>> <<<<<<<<<<<<<<
Best of Luck.
