How to sell a property


Why do you want to sell a property?

When you want to sell a property, and before publishing it on the Internet, take a moment to think about some things that will help you with the process. First, ponder on the reasons behind this decision.

Family

We have to be comfortable in the place where we live. If the house has become small, because another member of the family will join us, or if rather the children have grown and now the house is too big, or there has been a separation or the house has been received as an inheritance...

Economic reasons

We may have achieved higher incomes now and we would like to have a more comfortable home. Or that, on the contrary, we are making too much effort to pay for it, and we are considering to stop making that investment.

For work

Nowadays, one day we may work in one place and the next we will have to move for job improvements or because we simply want to live closer.

"I'm in no hurry"

These reasons, whether work, economic or family, lead us to set a time limit in which the property should be sold. Watch the typical phrase, "I'm in no hurry"! It's the equivalent of saying we don't want to sell the house right now. If our motives are fairly clear, and we have already determined that the sale would have to occur in a certain time, we may at first feel like "there is no hurry", that there are still days to come. But the truth is that time goes fast, and when we least expect it, it may end up making an incredible price drop just because the date has come when we really need to sell it..

Some things for be aware of:

What's your situation?

Where the house is located is important to know how demanded it can become. Properties in quiet and well-connected, central, or touristy areas can be sold first than those far away. They also influence the views or if you have a good garden. These details add value to your real estate proposal.

The price

Price is the key to selling the house soon. Our statistics reflect that the fastest-selling properties are those that are priced right to the market since the beginning. When we put the property up for sale for more than its recommended price, it will take longer to sell and we will eventually end up doing it for much less than it should have originally been. Want to read more about real estate valuation? Click here.

The Real Estate Agent who is selling your home and its marketing plan

Agents who show good practices in the real estate market, have a strong network of contacts and are local experts. They can help us to sell the property faster and on better terms than those who ask less for their service but also do much less for it. Let's ask ourselves what is our agent willing to do to increase the visibility of the house in the market? The more awareness we achieve, the better for the selling purpose.

Conditions of the house?

Homes in good condition, new or newly renovated with the latest market trend usually have advantages over second-hand ones. Beyond ancient times, the important thing is that the house is in good condition and does not have any damage. A refurbishment could increase the value of the property, and some arrangements could make a big difference. If you're thinking about why running a renovation to improve the potential for home sales, click here. There are things you won't be able to do nothing about. If it is very old, it is poorly oriented or if it is located in a certain neighborhood. But there are other actions that can make your home shine to the fullest and thus claim the attention of its future owners. Remember that famous phrase "there's only one chance to make a good first impression"? Well, here applies. It is home staging.

Gardens and swimming pools

It's usually the first thing we can appreciate when visiting a property (if you have it). Keeping a good looking and clean garden is important. If there is a pool, has to be clean, or it will cause just the opposite effect we are looking for to sell a property! You also need to make sure the door is fine (without scratches or any damage).

The feeling of spaciousness and cleanliness is valued

Let go unnecessary furniture, depersonalize the home, so you can make easier for the buyer seeing himself living there. Remove family paintings, portraits, trophies, medals, photos is a good way to start... You have to keep it organized and spotless. If the walls have very old or dirty paint, it is good to paint them in neutral colors (an investment that would be recovered by selling it quickly). The kitchen and bathrooms are key places to show, it is essential that they are free from dirt, marks, or stains. Before a visit, let's go through the ceramic joints, scrub the floors, collect the place so that every corner of it can be appreciated. Read more about Home Staging here.

Lights on!

A principal factor in the well-being that is perceived at home is the natural light entering into it. Let's open the windows to make it look bright. If you show it in the evening, you could buy high-powered bulbs. It is also advisable to check that everything works. Avoid flashing lights or faucets leaking.

Make the future buyers feel at home

Take care of every detail of the surroundings. For example set the table, use good smells in the environment and let the place well ventilated. Fresh flowers, coffee, muffins or baked bread are recommended.

How to set the right price?

Ask no more than what is just right when you sell a property. However, in addition to marketing stocks, the right price is crucial to make it fast and with the best market conditions. If the price is lower than it should, you will lose money. And if it's higher, you also will. Although the real estate market is very changing, let's determine the best starting point... Based on what?

The price of your home is based on...

Here are some criteria to define at what starting price we can market the house, knowing that it is competitive and that we will have good and fast results. It can be based on the market, on competition, current financing, on how the house is, perception of the buyer or the situation. On the other hand, you can't rely on what we need, what we've spent on it, what you want to get for it arbitrarily, what the house you want to buy is worth, what the neighbor has said, or the sentimental value it has for you. If you need help with this in particular, apply to experienced agents with good market research tools and expertise. For example, in RE/MAX Golden Mile we are experts in this kind of things.

Tracking: how to know if the price was right?

There is a fast and reliable indicator: the activity of potential buyers. That is, the number of inquiries, visits and offers. How many inquiries have we received? And how many visits have come out of these questions. And how many offers have we had for the property?

Negotiation and closure

We enter the process of receiving offers, counteroffers, back and forth, until an agreement is reached between you and a buyer. Don't panic. It can be a long process and include terms and situations you've never been exposed to before. It is a time when doubts, conditions of purchase and technical considerations, imposed by law, will be clarified. Real estate documentation will be reviewed, for example, the fact that the home is registered in the Land Registry, that the cadastral information matches what the buyer has seen of the property or that it has no burdens or conditions that might affect you later. Read more about documents you need in this AmperVillas blog post about this topic. If the buyer needs bank financing, which is usual, an appraiser from the entity will come to verify that the loan does not exceed 80 percent of the market value of the home.

Arras Contract

This important contract gives formality in a private area, between the buyer and the owner, to the sale and will expose everything that has been agreed by both sides. That the arras contract is well drafted is essential.

Time of closure

And (finally) the notary! There the meeting with the notary is held and the necessary documents are signed to transfer the property to the buyer. If you want to read more about the notary, click here. And if you want to know what role the notary plays, read this. If you've never done it, you can save a lot of time and headaches by hiring the services of a professional RE/MAX Golden Mile agent! Our advisors will help you providing all your real estate needs with professionalism and ethics. Read this article about our professional service guarantee. Contact us!