8 Steps to Selling
To begin with, you must start by identifying your reason or reasons for selling your property. It could be anything; you are moving into a new property, you could be moving to a new city etc. Once you identify the reason, the urgency in selling gets established. Also, some factors that you must keep in mind as they play an important role in determining the price:
Reason for selling
Age of the property
Quality of construction
Once you have made a note of the above, then proceed towards the next step
When you set out on your house selling mission, it is important to take a good Real Estate Agent along who will ensure that your home is sold at the best possible price, in the least possible time with the least amount of inconvenience.
Benefits of hiring a good Real Estate Agent:
Expertise – Selling a house is a complex procedure which a Realtor understands better. Apart from the market knowledge, the legalities involved are best understood by an experienced agent.
More offers and better recognition of genuine buyers – A realtor has a larger network and is more connected with other Brokers and direct customers which ensures that your property has more offers and the Realtor also ensures that you get to meet only genuine ones and not window shoppers.
More marketing – This is a Realtors’ bread and butter so he/she is well equipped to market your property in the right manner in numerous different ways.
Better negotiation for the deal – With experience comes the expertise and this is best applicable when it comes to negotiating deals and choosing the best price. Let your Realtor, negotiate the best price for you from the buyer and his Realtor.
This step is the most crucial step in selling your house. It is usually the asking price that determines the timely success in selling a house. You have to be careful not to set a price that is low enough to attract non-genuine buyers or high enough to discourage the serious qualified sellers. The process to decide the price is not an easy one and that is why homework and research along with your Realtor is an absolute must.
Factors to keep in mind while setting the price:
- Be impartial and don’t let your emotions dictate the price as we cannot expect the buyers to be swayed by the same emotions.
- Research and find out what comparable properties in your surrounding area are selling for
Determine the urgency in your selling as sometimes you can afford to wait for the market to get back into shape and sometimes you can just be in a great hurry to sell and have to sell in the existing market conditions.
This is the step where your Realtor plays a very crucial role in marketing your property along with your support. Real Estate Agents today use a variety of tools for marketing; some of them are penned down below:
- Online using websites and portals
- Print medium through newspapers and flyers
- Offline through network marketing
There are numerous other ways, marketing should be done extensively and targeted so as to get as many genuine offers as possible to choose from.
It is imperative that you have the following documents of your property handy:
- Evidence of Title
- Sale Deed
- Share certificate
- Allotment letter if under construction
- Possession Letter if already constructed
- Most recent property tax bill
- Loan Document, if any
- Floor plan
It is widely believed that “First Impressions” are usually the “Last Impressions” and this is holds very true in the case of the selling process of your property. This is why the first impression of your property in the mind of your prospective buyers minds.
The following points need to be kept in mind:
- Cleanliness of the house
- Arranging for repairs if required
- Renovation if required
- Sprucing of the front entrance
- Ensuring all electrical points are working and if there is air conditioning then that should also be in optimal condition
This is to ensure that the experience for prospective buyers is a pleasant one and helps in making a positive decision.
Once site visits by prospective buyers start, offers will start getting made and you need to do one of the following:
- Accept the offer
- Reject the Offer
- Counteract the offer with changes that are acceptable to both parties
This is again a step, wherein your Real Estate Agent will effectively negotiate a deal for you.
This is the last and final step wherein you need to take care of the following points:
- Collect cheques from the buyer and are banked
- Handing over signed documentation
- Ensure that all utilities and taxes are cleared on the house
Ensure that you hand over the house in the condition promised to the buyer.
Completion of the above mentioned 8 steps brings you to the stage of having successfully sold your property.