How to Sell a Property
The process of selling your property can feel overwhelming, especially when you’re unsure of how or where to start. Sellers will also be on the market for a new property which is equally daunting and requires extensive planning.
The choices sellers make have the potential to either save you or potentially cost you thousands of pounds. In the current climate, it’s important to be thorough with the selling process which is where an experienced property valuation surveyor comes in handy.
For individuals starting the process of selling their home, we have developed a comprehensive checklist that will serve as a valuable guide to make the process easier and more enjoyable.
Obtain a Valuation of your Property
The first step within this process is to acquire a valuation of your property. Sellers need to get a rough estimation of their properties worth. When obtaining a property valuation, it’s difficult to have an exact valuation due to market fluctuations and interest rates.
This valuation will give sellers an idea of how much to put their property up for sale, and more importantly, enable them to calculate the remaining finances they will have to pay off their mortgage. Of course, this will be an estimation, purely based on the fact the property hasn’t been sold yet.
Are you ready to take your first step? Why not try a free property valuation to get an estimation of your properties worth today!
Selecting a Estate Agent to sell your Property
Sellers are more than able to sell their property by themselves, but this will be more time consuming and put increased pressure on individuals to their home.In addition to this, there will be some process of selling a property that individuals will be unfamiliar with.
We recommend consulting with an experienced estate agent that has dealt with selling properties, review their testimonials, selling rate within the area and the success rate at achieving an asking price.
Sellers will have to agree a fee with an estate agent, most will charge with a percentage in mind based on the sale fee of your property.
Estate agent fees can range from 1% to 3.5% depending on the level of services sellers will be getting. A lower charge fee from an agent is likely to involve a smaller package which may not provide the level of support you need.
We recommend working with an agent who’s going to be able to communicate with you 24/7 to guide you through the selling process and provide expert insights.
Always research local estate agents in your area or arrange a visit so that you get direct advice and an improved level of service.
Selling & Presenting Your Property
This part of the process can be split into two parts, focusing on decision making and preparation. Following the previous steps to a tee, we’ve now acquired a property valuation and an experienced estate agent at the helm.
Use the fee from the property valuation as a starting point to set the sale price, be mindful that buyers will attempt to negotiate a discount price of anywhere between 5% to 10%.
We’d recommend to remain firm on your lowest asking price, and to think about influencing factors that could deter some buyers. Making a list of possible factors will be helpful to be transparent with a buyer but also improve your negotiating skills.
Once your decision has been made, it’s time to prepare your home for selling. During this part, sellers want to ensure their property is spotless inside and out! As we know, first impressions make the difference.
Buyers will be on the lookout for any slight issues that could deter them from putting in an offer. Keep it clean, fix any potential issues that could influence the asking price and don’t forget to take care of the driveway and garden as these areas can sometimes be overlooked. For example, the driveway could be anywhere from cleaning up weeds and replacing broken bricks.
Hiring a Solicitor
Sellers must find a suitable solicitor to handle the legal work involved with selling the property, this should be done before the home is sold. It’s the solicitor's job to take the burden and worry off the seller to ensure the property gets sold smoothly and efficiently.
Finding a Buyer
To attract your ideal buyer, your property will require media exposure across various channels. Working with Stapleton Long, we have various marketing communications to utilise that help to boost awareness of your property. We are also able to promote your property on our website and extremely popular property websites such as Rightmove.
Receiving & Accepting an Offer
The time has arrived. You’ve put the work in and now you’ve got an offer on your home!
During this time, sellers are well within their right to reject any offers that they’re not satisfied with. An alternative is to propose a counter offer to the buyer to negotiate for a higher amount.
Estate agents are legally required to inform sellers of all offers, no matter if there is an agreed fee upon selling the property. Accept the offer that is best for you,.
Accepting an offer is not legally binding, sellers have the legal right to change decisions or accept a higher offer if they’re required to do so.
But, please do take into consideration the buyers during this stage. It can be a time consuming process for both especially if you’re waiting for an offer that may never arrive.
Preparing to Move Out
The offer has been accepted, the contracts have been signed and you’re one step closer to selling the property. Sellers can agree a date to move out with the buyer, even to go as far as the day of the sale going through.
However, we strongly recommend getting everything organised beforehand, especially if you’re ready to move into a new property too. The buyer and estate agent may have one last visit to the property to ensure everything with the home is intact.
Completing a Transaction with your Solicitor and Estate Agent
The property has now been sold which brings onto the final stage of the selling process. The solicitor will provide a list of fees associated with the work they’ve done. The solicitor will get in contact with the seller to inform them the money has been paid and it’s been cleared.
Congratulations, your property has been sold!
