Steps to Selling a Property - What You Need to Know
Selling a house? Make sure you understand the process
Selling a Property
When you first enter the property game, you'll get a taste of buying. However, if you've outgrown your first home and are looking to greener pastures, it might be the time to sell your property.
In order to make your home stand out to potential buyers, you need to do a bit of work behind the scenes to prepare your home for sale.
The first step to selling residential real estate is to get a property appraisal.
An experienced LJ Hooker real estate agent can explain the process before inspecting the property and provide a formal property market appraisal.
Then you'll work out the best marketing strategy to sell your home. This includes deciding on the appropriate method of sale, whether it's by private treaty or auction.
As a homeowner looking to sell, you'll need to sign an agency agreement and provide your real estate agent with keys and access details.
You'll arrange an open home - or perhaps a few - so it's important to consider what times work for your schedule. Typically, homeowners won't stick around during open homes. If you're generally out-and-about on a Saturday morning, you might like to schedule open homes during this time.
Your real estate agent will compile property listing details, too. Depending which state you live in, a Contract for Sale may also be drafted at this stage.
Marketing Your Property
Now comes the time to promote your property to willing buyers.
In order to first attract their attention, photos will need to be taken of the property. Your real estate agent can assist with this and will have extensive knowledge on the kind of lighting and set up to get the best photos possible.
Your LJ Hooker agent will run a local marketing campaign to appeal to a broad range of potential buyers, using an array of mediums from newspapers to websites. Signage will also be erected at the front of your property.
Inspect Inspect Inspect
Open inspections allow potential buyers to get a feel for the home. Your agent will record the details of attendees and provide comments and feedback to you.
When you get a willing buyer, you move onto the next step.
Negotiation and Contract
Your agent will negotiate to get the best price and conditions of sale. The buyer will complete building inspections and may need to arrange finance.
Once terms are agreed upon, the buyers will provide a security deposit.
Both you and the buyer will need to give the Contract of Sale to your respect conveyancers or solicitors to be looked over. After this, the sale can be finalised, settlement day arranged and you'll move out of your old home and into your new one.