Along with buying property, selling a home is one of the largest financial transactions you’ll ever make. As such, it requires careful planning, dedicated research, and plenty of preparation.
To get you started, we’ve created this beginners’ guide, which talks you through some of the key tasks involved in selling your home. …And good luck.
We’ve all heard the stories about terrible agents, but how do you know if your agent is going to be a good one before you’ve signed them on? Throughout our years of experience, we’ve come up with some things you can do and questions you can ask to separate the good agents from the bad. Firstly, you can tell an agent is good if they are attentive and reliable, so ask your prospective agents some questions and send them some emails to see who follows up. Secondly, take a look at homes selling in your area that are comparable to your own. Go for the agents who sell for the best prices in the shortest amount of time.
So you’ve prepared your property and you’ve signed up your agent, now it’s time for the nitty gritty. Together with your excellent agent, you’ll need to decide on a sale price. Overpricing your property can be just as risky as underpricing, as doing so could cause the property to sit on the market too long, put buyers off, and go “stale”. Look at homes with specific similarities to your own—the same distance from amenities, the same size—and price your home realistically. Your method of sale, whether that be auction or private sale, will also depend on the type of property, its value and the timeframe desired.
Brace yourself for the paperwork involved in selling your home. You’ll start with an agency agreement when you sign up your realtor. Some key things to consider are whether the agreement is exclusive, what’s involved in the marketing package and what the selling fees are. You’ll also have to create a vendor’s statement document, also known as a 32, which details the finer points about your property for the buyer. Prepare this with your solicitor or conveyancer, and you’ll be ready to go.