Selling a home isn’t quite as simple as putting up a “for sale” sign and waiting for buyers to come to you. Here is a quick overview of what to expect when selling your property.
1. You have decided to sell.
You have considered your circumstance, what is happening in the market, and you are ready to sell. Make sure at this time to decide whether you need to buy a new property before deciding to sell your current home.
2. Choosing an agent
The next step in the selling process is to choose your agent. This is a very important step - choosing the right or wrong agent can greatly impact on the result you achieve. You will want to find someone with experience, who knows the area you are selling in, and is a skilled negotiator.
3. Deciding how you want to sell
You and your agent till now work out a plan for listing, showing and selling your property. There are various methods for sale, including auction, and your agent will be able to discuss the various methods and which method will work best for your home.
4. Determining the selling price
Next it’s time to work out a price, and what inclusions the property will have. Your property’s location, size, age and features will be assessed, as well as the current market trends and comparable sale prices. Your agent should be able to provide you with a list of properties in your area that have sold to support their recommendation for a selling price
5. Signing an agreement
Now that you have chosen your agent, and a selling price, you will now sign a listing agreement. This is a legally binding contract that outlines the agent commissions, your estimated selling price, the duration of the agreement, advertising costs and more.
6. Arrange a contract for sale
Next is to arrange a contract for sale to be prepared by your solicitor/conveyancer. You will need a contract ready before the agent advertises or shows your property. The contract for sale will include all of the information buyers will need to know about what they are purchasing, including inclusions and exclusions.
7. Advertising your property
This generally involves photographing your property, drawing up floor plans where required, and writing ad copy for your online advertisement. For help with presenting your property, please see our styling tips here.
8. Going on the market
Prospective buyers will now contact your agent and arrange times to view your property, or attend your open homes
9. Sale & Negotiation
Your agent will mediate between you and buyers, or auction your property. Once a mutually acceptable price has been made, the buyer will then pay a deposit.
10. Under Contract
Both the buyer and sellers conveyancers/solicitors will now work out all of the details of the sale to ensure both parties meet all legal and financial requirements. Once this is done, the property then exchanges and the sold sign goes up.
11. Settlement day!
All going to plan, you will relinquish the keys and legal rights to your property in exchange for the balance of payment from the buyer or their bank. Congratulations, you have sold your home!