Case Study

Mr and Mrs Thurtell are an older couple who have asked you to conduct a listing presentation for

them. Mrs Thurtell grew up in the property and has lived there all her life.

The house is on an attractive large block of land (2000 sq.m) You believe there will be high

interest in the property from developers. Your estimated price range for the property is $680,000-

$700,000.

The home was originally a small cottage which has had two extensions over the years. The

property appears to be structurally sound and has been kept in very good condition. The Thurtell's

pride and joy is their beautiful garden located at the end of the yard near the river.

The house has great sentimental value to the couple. However, Mrs Thurtell's health is now failing

and the couple have reluctantly decided to sell and move into a retirement community. Their unit

will be ready in approximately n3 months.

The Thurtell's are concerned about a number of matters:

- How long it will take to sell the property as they do not want to miss out on their unit at the

retirement village ?

- How much money it will cost to sell the property?

- People walking over their garden

- The general disruption to their lifestyle with lots of inspections. In particular, Mrs Thurtell

needs plenty of rest and is unsettled about lots of inspections with short notice.

Question 1

As part of your listing process, you will need to verify the ownership and material facts. What

special issues will you need to check? You should be able to comment on at least 2 matters.

Question 2

The Thurtell's have decided to list their property with you for sale by exclusive auction. How would

you complete the following items in the Auction Agency Agreement:

a) Instructions relating to the "reserve price"

b) Agent's estimated selling price range

Question 4

Given the market research and price advice contained in your CMA for the seller, and the

prescribed requirements in the Estate Agents Act 1980 for quoting potential selling price to

consumers, describe exactly what you would say to a customer enquiring about the potential

selling price of the Thurtell's property.

Question 5

You convince the Thurtells that the property should be auctioned. You now need to start

preparations for the auction. Describe how you would prepare for the auction. Please include in

your answer what handouts will be required, and what documents must be displayed for public

perusal during the auction sale.

Question 6

You have a number of interested buyers who have indicated that they will be attending the

auction. Please explain what is expected and why you must follow with these buyers to ensure

that they can bid on the day of auction. Your answer must involve a description of the bidders

register and processes you must undertake so that the prospects can bid on auction day.

Question 7

While you are signing up the successful buyers on contract, your associates and assistants should

also be actively marketing to the unsuccessful bidders. Discuss activities that they should be

undertaking to build your client base?

Question 8

An Auctioneer calls out "SOLD". There is a late bid of $1000. What must the Auctioneer do?

Question 9

What legislation governs auctions in Victoria?

Question 10

Who can auction properties in Victoria?

Question 11

List at least 3 activities forbidden by law

Question 12

What documentation is required for an auction ?

Question 13

What happens when a property is passed in at Auction?