Top tips to consider on selling property.
Selling a property can be overwhelming for most people. Here are some top tips and guides to help first-time novice sellers to be like a property expert. These tips apply to all individuals whether personal seller or even budding real estate agents to score selling their first property.
Determine a rough idea of the property’s worth
The easiest and quickest way to do this is by surveying the price of properties in your local area. You can use various property portals for this purpose to establish price estimation for your property. If you are still unsure about this, you may even call an estate agent to value your property for you. However, do keep in mind by doing so may come with a few extra costs!
Organize your finances and paperwork
One should consider all the factors such as legal fees, adviser fees, outstanding mortgage payment penalties (if any), duty stamps and etc. Then it’s time to do on the budgeting. All these costs should be considered and reflected together with the property asking price. Else you might end up making more loss than profit for selling your property.
Find an agent and get a valuation
As mentioned before, another way to determine your property value is to get in touch with an estate agent. Here are a few key tips when it comes to narrowing down good estate agents:
- Ask around for recommendations. Your friends, family and co-workers for example might have an experience dealing with estate agents. Aside from that you can look for their review online if they have any online profile.
- Call them and see how your call is being handled.
- Get a minimum of three evaluations. This is the best to determine an average value of your property.
- Choose an agent that offers the best value for money, familiar with the local area of your property and their level of expertise. Don’t just simply go for the one that’s giving you the highest valuation for your property. Some might just do so to get you on their books.
- Pay extra attention on the business’s terms and condition. If there is anything that you are unsure of don’t be afraid to ask.
- Trust your instinct.
Prepare the property for viewing.
First impression counts! Hence it is important to create a welcoming environment to the property you wish to sell.
- De-clutter the property
- Make sure the property is clean and welcoming
- Establish good lighting condition.
- Depersonalize the space.
- Make sure the bathroom and kitchen are in top notch condition as these are one of the most important areas in a property.
- It is also a bonus if you could create a beautiful interior design for the property.
- Paint or Touch up few spots here and there to make the property look spotless
Accepting an offer
It is recommended to follow your agent’s advice if you have any. They are after all more familiar with the process and localization aside from how the current market performance. Do take note that you are not just negotiating on the price, but also the buyer’s ability to complete the transaction quickly. If you’re looking for a quick sale but the buyer still has his property to sell then there might be a bit of delays to be considered.
Finding legal practitioner/solicitor
Here are some key factors to consider when finding the right person for the job.
- Consider someone local who is familiar with the area
- Get an estimated fixed cost upfront.
- Ask for discounts as they usually give if asked.
- Someone who you can easily get in touch with and can well understand his recommendations and suggested process.
- Size of the legal firm. A larger firm means there will be someone to cover if your main contact is away.
- Do not be tempted to go for the cheapest option. It is important to study on their background and past experiences if you are able to get your hands on the information.
That should be it. Once all the process is done, all that’s left is just the process of exchange and completion. Due take note that the sale won’t be legally bound until the contracts between the two parties have been exchanged and signed.
Hope our tips would be beneficial for those who are looking forward to sell their first property.