The process of selling a property seems fairly simple in principle but in practice there are a number of stages which you need to address to ensure you get the best result. We will now take a look at the different stages of selling a property and how you can maximise your income and reduce the risk of a sale falling through. These stages may seem simple but sometimes it is useful to be reminded of the actual process itself as opposed to looking at the start and the end goals.
Finding an estate agent
Estate agents/real estate agents are plentiful in number although finding one you can trust to get you the best price is not always as easy as you might expect. It is imperative that you find an agent you are comfortable with and for many people a personal recommendation goes a long way. Once you find an agent you can trust and you feel comfortable with then you can begin to plan ahead.
Develop a plan
What kind of target market do you have in mind? What is your minimum price? What kind of role will you play? What kind of role do you expect your real estate agent to play? In order to ensure there is no misunderstanding further down the line you need to be fully aware of the roles expected from everybody in the selling process. There are many property transactions which have fallen apart further down the line because the parties were not in sync with each other.
Simple repairs catch the eye of buyers
While you would check the flooring, lights, paintwork, etc as a matter of course perhaps the best thing to do is to walk around your home and put on your “buyers hat”. If you put yourself in the position of a buyer what would catch your eye from a positive and a negative viewpoint? Are there some simple repairs you can do which would assist with your transaction? Put yourself in the position of the buyer and you might be surprised.
There are many people out there who sell properties without making any cosmetic improvements leaving themselves open to a potentially disappointing selling price. Even a splash of paint, cleaning the upholstery or rearranging furniture can change the look and feel of a room. Do not underestimate the power of cheap cosmetic improvements!
The price is right
It seems obvious that you discuss with your agent the kind of price you are looking for but too many sellers think they know best. Look at the local market, work out your minimum price and discuss with your agent the potential to obtain your target price in a timely fashion. The longer a property is on the market the more concerned potential buyers will become and many will think you are “easy prey” for a knockdown offer. Price your property correctly, in line with the local market and economy, and hopefully it should not be too long before you can confirm a sale.
Marketing your property
There are numerous ways to market your property both locally and via the Internet with many inexpensive opportunities available today. Estate agents will obviously push your property to as many of their customers as possible and if you have a plan of attack, a target market, and you know how to put yourself in front of that market, you should provoke maximum interest and hopefully obtain that desired price.
Closing the sale
Too many property sellers think that the deal is over once a potential buyer has said yes. It is imperative that you close the deal as quickly and efficiently as possible, tie-up all loose ends and give the potential buyer as little wriggle room as possible. You want to catch them when they are hot, when they are interested in the property and ensure that you push through with this momentum. Do not give them an opportunity to go cold!