When it comes to selling your real estate property, it is important to be familiar with the basic process that has to take place. Selling a home is a big decision and if you have never undertaken this experience in the past, it can feel like a daunting and complicated process.
In this article, we’ve outlined a few important points to help guide you through the basic process of selling your home and achieving the best possible price for your efforts.
Hire an experienced real estate agent
Hiring an experienced local estate agent is the first and most important step, since they will be your point of contact on anything to do with the sales and marketing campaign. It will be their job to guide you through process and advise you of any legal steps that need to be fulfilled.
Ask your friends and family members for recommendations. You could also attend open homes and auctions in your area to get more familiar with real estate agents sales techniques and who is the most prolific local specialist. Check whether they are licensed and familiar with the surrounding areas. It is important to select someone who is well familiar with the local area and the buyer demographic.
If you are convinced of their skills, you can enquire about their upfront commissions. Do not shy away from negotiating their fees and requesting some extras to be included such as a bigger marketing budget.
Get legal advice
When preparing to sell your home, it may also be necessary to consult a solicitor or engage a local conveyancing service. They will be able to prepare all the legal paper work that is required for the sale to take place and supervise the transfer of title once the sale goes through.
Prepare your property
Before your house is up for sale, take care of any home maintenance issues. A simple renovation can maximize the chances of selling your home quickly. This can include patching any wall damage and applying a coat of paint throughout.
Clear out all the unwanted household clutter and be sure to keep the interior and exterior clean and tidy if you are opening the house to visitors for inspection. Rearrange the furniture if needed to create a more spacious feel inside. Old and worn furniture should be replaced and any personal decoration items like family photos and trinkets should be removed to create a more neutral ‘show room’ atmosphere.
Use the latest marketing techniques
Asking your real estate agent to organize a professional photographer and videographer to supply top quality pictures and walk-through of the home. Photos and a guided tour video of your property can save you and potential buyers a lot of time by allowing them to see your home online.
This will improve buyers’ understanding of the internal layout and general features of the dwelling, ensuring that the people who may show up to the open house inspection are already highly interested in making an offer.
Hiring a graphic design service to create a simple and easy to read marketing floor plans of the property, including house and landscaping, is a must-have. This can be used in the online listing and printed brochures to give potential buyers a quick overview of the spaces and amenities.
Another great marketing tool is the use of professional staging of the property which can go a long way to raise buyer interest and increase the likelihood of having more bidders at the auction or private offers.
This process involves hiring an interior design company that will professionally appoint furnishing and styling accessories throughout the dwelling and have the pieces delivered and arranged for the duration of the sales campaign. It is important to research the different types of companies who offer this services since the furniture rental costs may vary by thousands of dollars, depending on the quantity and quality of furnishings and accessories that the designers feature in their collections.
It is also possible to make use of professional 3d rendering services to create virtual staging visuals which avoids the costs of paying for furniture rentals and allows for a greater range of furnishing and accessories to be used.
Determine the best sales strategy
It is important to determine a sales strategy that would work best for you and your property. There are a few different options such as private treaty sale, expression of interest sale or auction.
Private treaty sale is when you set the price tag on your property and an estate agent agrees to negotiate with every potential buyer and tries to close the deal at the nominated price. However, it is suggested that you ask for the agent’s guidance in establishing the right price guide. Local real estate agents are professionals who are aware of the current pricing value and market trends.
Expression of interest (EOI) sale involves the homeowner inviting buyers to make an purchase offer for a specific sum, at a specified date and time. Interested buyers will put forward their final and best offer in writing.
An auction sale will take place on a nominated date (usually after being open for inspection for several weeks) and will be led by your estate agent. The highest bidder will be able to purchase the property, assuming it is above the vendor’s reserve price.
Conclusion
On average the process of selling a property (from listing on the market to accepting a sales offer) takes about 4-6 weeks in an active market but may take longer in a slowing economy. Selling your home can be a much simpler job if you make use of the latest technology and take the help of the right services can get you the best price.
