Behind the listing: Take a closer look at the timeline for launching a property

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Listing a property is a process that requires the real estate agency to follow a series of steps to fulfil their legal obligations and devise an effective marketing campaign to maximise the pool of potential buyers.

Emma Newton, Director and Licensee Agent at NEWTON + CO Real Estate, said, “We endeavour to lift the curtains on the selling process, making the steps to listing clear. Our clients must understand key timeframes because this positions them for success”. 

The timeline below takes a closer look at the process from the appraisal to listing the property for sale.

Appraisal timeline – Allow three days following an appraisal for the agent to compile a detailed report with a comparative market analysis. When a vendor receives the appraisal, an appointment will be made to discuss this with the agent.

If the Vendor decides they want to list the property with NEWTON + CO Real Estate, the agency will move forward with the listing process.

Complete Agency Agreement – After the Vendor has reviewed the Real Estate Authority Approved Guides given to them by the agent, the Agency Agreement can be drafted up and signed. However, the agency won’t complete the agreement until customer due diligence checks, including anti-money laundering (AML) verification, have been carried out; This is a legal requirement and one of the most important aspects of listing a property with any real estate agency.

Marketing Investment – A Vendor partnering with NEWTON + CO Real Estate has the option to tailor their marketing campaign. After a discussion with the agent about the sale method and how they wish to market their home, a proposal will be drawn up. We consider marketing production and design, online marketing, professional imagery, floorplans and videography, signboard and print media and the costs associated with the AML compliance check.

Complete AML (Anti Money Laundering) checks – Real Estate Agencies in New Zealand are Government reporting entities and must carry out customer due diligence checks on new and existing customers.

The information required is a full name, date of birth, address, driver’s license, or passport. The agent will confirm the vendors’ identity by meeting them and viewing the identification documents they wish to use.  

Properties held in Trusts or Companies can take longer to go through the AML process. The agent will need to collect information about the trust or company and any associated individuals, including shareholders, beneficiaries, trustees, and directors.

A customer service manager from CDD Outsourcing said, “Our general timeframe is that we will complete the AML compliance for all AML CDD files within two working days of receiving the correct and full information. We endeavour to complete the compliance as soon as we can”.

When Customer Due Diligence has been completed on all parties associated with the property, the Agency Agreement can be signed and dated by the agency. Only then does it become a legally binding contract.

Order LIM, Title and other property documents of interest – The agent will order the documents required for listing a property. A Land Information Memorandum is a report prepared by the local council. It provides information such as stormwater or sewage drains, any Heritage New Zealand protection, special land features, rates on land, and permits and building consents.

According to the LIM fees and timeframes on the Auckland Council website, as of 31st March 2022, a standard LIM will take up to 10 working days and cost $310.00. An urgent LIM report will be processed within three working days at $419.00.

Property titles are held by Land Information New Zealand (LINZ). They cover who owns the property, easements if the property is mortgaged, and any restrictions or rights relating to the home; these can be ordered online and cost $6.00 per document.

Documents to be reviewed by Vendor’s lawyer – The draft Sale and Purchase Agreement will need to be reviewed by the client’s legal representative before approval and being shared with potential buyers.

Book suppliers for the marketing campaign – Firstly, if the property is to be Auctioned, the booking will need to be made as soon as possible. Videography and imagery are captured following staging, so it’s important to factor that into the timeframe. The property will need to be photographed the week before going live.

Allow one working day for the images to be finalised and 2-to 3 working days for the videography to be edited.  

Create marketing collateralThe marketing team will prepare copy for the advertising collateral, design the signboard, prepare the websites, create sales material, ‘just listed’ flyers, open home invitations, digital advertising campaigns and social media posts.

Marie Wright, Marketing Manager and Licensed Salesperson at NEWTON + CO Real Estate, said, “Taking property to market is a process you don’t want to rush. First impressions are vital, and if you want potential buyers to engage with your property, the way it is presented to the market is key.

As all properties are unique, obtaining a tailored marketing campaign (like we provide at NEWTON + CO) will enable your real estate team to target the marketing channels advantageous to your property. A well thought out, and targeted campaign increases the likelihood of a successful sale”.

Allow 2-3 working days for collateral design and processing with suppliers. These are received an additional two working days for the collateral to be printed.

It’s time to go live – At this point, the agent and the marketing team will have played their part behind the scenes to prepare the listing, and it will be published across all platforms.

Taking property from paper to the market is a process, and the steps detailed in this blog are crucial for successfully marketing a home to potential buyers.

If you have been thinking about selling your home or have any questions about the listing process, call 0800 344 444. Alternatively, for more information about what you need to consider when selling a property, visit www.settled.govt.nz provided by the Real Estate Authority (REA).

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