Decide a list price:
Under the Property Agents & Motor Dealers Act (PAMD Act) if you request an agent to provide a market appraisal on your home, the agent will provide a Comparative Market Analysis (CMA) for your property.
Under the PAMD Act, agents and auctioneers are required to substantiate their advice by providing the seller with a CMA or a written statement. The minimum criterion for a CMA is comparing three properties of a similar standard and style sold within a five-kilometre radius in the last six months.
If an agent is not able to provide a CMA due to lack of comparable sales within the sellers’ area, they must supply a written statement outlining how they arrived at the suggested market price for the home.
From the information collated from the CMA – and taking into account the current property market – sellers can form a foundation from which to set the selling price of their home.
Setting a realistic price can assist with generating buyer interest and achieving a sale more promptly. Sellers who set a too high price on their homes can damage their prospects for an early sale and risk their property becoming ‘stale’ in the marketplace.
Sign a PAMD Appointment of Real Estate Agent (Sales and Purchases) Form 22a with the nominated agent
Under the Property Agents and Motor Dealers Act (PAMD) 2000, a seller can only appoint an agent for 60 calendar days. During those 60 days the seller may decide not to continue with the agent if the property hasn’t sold. The seller can agree to make a further appointment of up to 60 days, but the renewal cannot be made earlier than 14 days before the term expires.
Under any selling arrangement using a real estate agent, the seller and agent must sign a PAMD Form 22a - Appointment of Real Estate Agent (Sales and Purchases) in order to legally set the terms of the selling agreement.
