Real estate is the most valuable asset that many Australians will own in their lifetime and as such, the real estate selling process can be a daunting one. There are a huge number of aspects to consider such as the best method to sell real estate, choosing a real estate agent, getting your property valued and more.
We’ve put together a simple guide on how selling real estate to simplify it for you into a step-by-step process.
1. Take a Closer Look at Your Finances Before Selling Real Estate
Selling real estate isn’t always a good financial decision. Make sure you look into details such as early repayment charges for breaking existing mortgage deals. You could end up taking some with you as you move to your new property. If you are planning on investing in a property that is worth more, always ensure you check what you can borrow and where you can get the best deal. We always recommend getting advice from an independent mortgage broker before deciding on selling.
2. Get the Property Valued
You should already have an idea of how much your house is worth when compared to others in the area. Do some basic research yourself on how similar properties are selling close by. Then get in touch with experienced agents or property valuers who can tell you how much they think your property is worth. From here, you can set your asking price.
3. Choose a Real Estate Agent
If you’re completely new and unsure about how to get real estate to sell, then you should definitely hire a real estate agent. Remember not to jump the gun and go with the first agent you come across. Compare real estate agents and then get in contact with the ones that suit your needs the best. From here, you’ll be able to figure out who is going to be the right real estate agent to sell your property and for you to work alongside.
4. Get the Paperwork Sorted Out
It’s imperative that you get all your paperwork in order as early as possible. Sign with your real estate agent and they can do most of the heavy paperwork lifting, but you need to ensure that you have got you Energy Performance Certificate (EPC) and so on.
5. Get the Property on the Market
Most of the best agents will sort out this part of the process for you. They will list the house, organise the marketing materials and arrange to coordinate the viewings. That being said, never be scared to ask to play a part in this step, as it’s your property after all.
6. Hire a Conveyancer or Solicitor
It’s always useful to have a conveyancer or solicitor on-hand before you start to receive offers. Your real estate agent should have good industry connections and will be able to point you in the right direction for a trustworthy professional.
7. Receive and Assess Offers
Your real estate agent will let you know as soon as offers start to come in for your property. They must disclose the amount of the offer and will often look into the people who are offering to buy. This allows them to assess which offer is the least likely to be pulled or changed at the last minute, as well as how much is being offered of course.
8. Negotiate and Accept
It’s seldom that an offer will be accepted on the first go, with both sides likely to enter into a slight negotiation of fees and terms. Use your real estate agent and solicitor to help you in the negotiation stage and once you’re all happy with the offer, you can accept it.
9. Final Contracts and Other Details
The two party’s solicitors and the banks will be in charge of this stage. All you need to do is sign a few forms, wait for the payments to be settled and then hand over the keys.
As you can see, having the right real estate agent by your side when selling real estate is a huge factor in selling your house successfully. At LocalAgentFinder, we offer you a quick and convenient way to compare real estate agents for your area. Try us today.
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If you’re planning to sell real estate - whether it’s a house, a flat or a commercial property - you’ll need to do your research first! This handy guide will help you to better understand the world of real estate and sell smart.
Before the property you are selling is placed on the market, you should get it looking as good as possible. Doing this right at the start will encourage real estate agents and valuation experts to put a slightly higher price tag on it when they come around to take a look.
Clearing clutter, applying an extra lick of paint, deep cleaning carpets, polishing furniture and pruning outside spaces to perfection will make any building more appealing. This will also help if you’re planning to show potential buyers around, as a clean, clutter free house will help them to imagine their lives there.
When seeking out the ideal real estate selling specialist, it’s always best to keep to your local area. This will ensure that you’re only considering service providers who know all nearby amenities and selling points well. They’ll also have some idea of the types of people who might be seeking property in the area.
Taking note of each agent’s specialisms, track record and standard of customer service is a great way to make your choice.
You can use LocalAgentFinder to directly compare service providers in your area using data relating to their fees, median sale price, the average length of time their properties spend on the market and their marketing costs and strategies.
You can also read genuine client feedback and agent biographies to get a clearer impression of who they are.
Once you’ve chosen your real estate agent, you’ll be able to decide on an asking price and an approach to listing your property.
Now you’ll need to decide exactly how you wish to sell your real estate.
Auctions are often quicker, but can cost you more in terms of marketing, while private sales can take months as you’ll be waiting for a buyer to make an offer - which they can then drop at any time.
You’ll need to prepare a vendor’s statement containing all of the relevant information about your property and its surroundings. Your lawyer or conveyancer will help with this.
Once your property is up for sale, you’ll want it to draw the attention of as many potential buyers as possible. Your real estate agent will have a marketing plan, but you can also do things like sharing the link to its profile on social media.
When an offer is made as part of a private sale, it’s up to you whether to accept it. It’s negotiable, so some potential buyers may offer something lower - or, if many people are vying for the same property, you may end up receiving more than the asking price as each continues to up the ante.
When an offer is accepted, there is a three day cooling-off period, which does not usually occur when selling at auction.
You’ll need to get your contract ready to hand over as soon as payment is made. If all goes well, the buyer will then “settle” - or make the required payment - and your sale will be complete!