Robert Prikulis ~ Registered Land Surveyor ~ Journal Blog

In the interest of providing a counter balance to my previous Journal Blog posting, which recommended a checklist for a proposed rural land and property purchase, I now offer my notes for a Vendor considering a rural land and property sale, relevant to the Byron Bay, Bangalow and Mullumbimby rural hinterland. My notes are based upon my experience as a Registered Land Surveyor and property owner Vendor in the local Byron Shire property market. My introductory notes are not exhaustive, but rather include, and are not limited to, my following key points, which are not necessarily in order.

• Review my relevant checklist points in my previous posting, which may also be applicable to a Vendor.
  

• In the current local land and property market, the sales process is biased towards Purchasers, with Vendors being urged to “meet the market” to achieve a fast property sale, possibly resulting in serious financial disadvantage to the Vendor. A review of property marketing strategy, both online and in the print media, indicates that there is a continuous pressure on Vendors to reduce property sale prices. If possible, an option for the Vendor is simply to remove the property from sale and wait for a more beneficial market.

“ They can help you structure an offer that gets you the lowest price, while meeting the objective of making the vendor feel like they’re also getting a good deal. “ ~  Quote, Domain, The Northern Star, 28 April 2012.

• Distressed and uninformed Vendors may be vulnerable in this current property market.  In order to achieve a reasonable property sale outcome, the Vendors’ objective should be to be fully aware of property market impacts, from several reliable independent information sources.

• Hinterland Vendors should be intrinsically aware of the true value and real potential of their real estate.  Where a Vendor unknowingly puts a bargain property on the market, they may be burdened with an unnecessary financial loss, post property sale.

• Be mindful of the property exploiter occasionally loitering in the market place.  Post land and property securement, having bought low with the calculated  future intention of attempting to sell high, in this instance, the mantra of ” meeting the market ” does not seem to apply. Lawful, but of no benefit to the original Vendor, who sold the property.

• The property sale process may be managed by a NSW Licensed Real Estate Agent ( Agent ) acting upon the Vendor’s instructions, or alternatively, the Vendor may lawfully pursue the sale process privately.  If using an Agent, the Vendor should endeavour to be in control of the minimum listing period,  listing type and terms, the negotiation of the the Agent’s commission and costs, editorial approval of all marketing  advertising, and importantly, determine their asking sale price for their property.  By law the Agent is required to nominate their estimate of the property sale price in the listing contract document.  It is permissible  that the Vendor’s nominated asking price in the listing contract may differ substantially from the Agent’s estimate of sale price. In a fair and reasonable property sale transaction, it is a willing seller, willing buyer sale process – neither being under any compulsion to sell or buy.  ~  However, reality may differ from the theory.

• The Vendor’s asking sale price should not be limited only to referencing similar past property sales, which may have been sold because of an owner’s personal or financial pressure. But additionally, be based upon existing similar properties currently not on the market.  Astute Vendors should also familiarise themselves with more recent past property sales and observe the subsequent sale asking price and time period passed, when a new owner puts the same property back on the market.

• Achieved, well below the market, recent property sales, forced by financial distress or failed property speculation, should not be considered as legitimate reference bench marks for future property sale pricing.

• The Vendor  should not permit a minor rectifiable property defect to be translated into a disproportionate property sale price reduction.

• The Vendor has the right to know all relevant details of prospective Purchasers undertaking enquiries and onsite inspections of their property.  It is noted that when agents market their own properties, it is required by law that the agent must declare their interest to prospective Purchasers.  Accordingly in my view, the Vendor conducting a private sale, also has the right to enquire if the prospective Purchaser is an agent seeking to buy the property, or a non-agent individual acting on behalf of a client. ie. middle person.

• An onsite property inspection disappoints when property marketing photographs and accompanying statements do not match the reality on the ground. Truth in property promotion advertising is more likely to lead to a successful sale result.

• Unacceptable initial low ball offers are made by Purchasers to test the mettle of Vendors and observe their reactions.  Vendors should simply maintain composure and re-affirm their property pricing position.

As a Vendor, your rightful endeavour is to protect your interests in your property sale transaction.

Should you have any enquiries concerning land boundary matters related to your proposed property sale in the Byron, Bangalow and Mullumbimby rural hinterland, I offer as an experienced New South Wales Registered Land Surveyor, personal professional service and expert friendly advice, leading to successful client outcomes.

NEW  SOUTH  WALES  NORTHERN  RIVERS  REGION  -  AUSTRALIA

BYRON BAY – BANGALOW – MULLUMBIMBY – BRUNSWICK HEADS – WATEGOS  BEACH – ST. HELENA – OCEAN SHORES – SUFFOLK PARK – FEDERAL – WILSONS CREEK – BALLINA – LISMORE – TWEED HEADS – MURWILLUMBAH – LENNOX HEAD – TINTENBAR – CLUNES – BEXHILL – COORABELL – POSSUM CREEK – MYOCUM – EWINGSDALE – WANGANUI – GOONENGERRY – COOPERS SHOOT – EUREKA – MAIN ARM – CRABBES CREEK – YELGUN – CASINO – NIMBIN – BURRINGBAR – UKI – BILLINUDGEL – POTTSVILLE – WOLLONGBAR – ALSTONVILLE – MOOBALL – KYOGLE – HUONBROOK – NASHUA

Please visit my website for contact details.

An explanation of the above  land related terminology, may be found in a glossary provided  by the New South Wales Land and Property Information ( NSW LPI ), Registrar General’s Directions.

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