Selling a house involves numerous components. Some are in your power to manage while others are beyond it. For instance, the current market conditions can affect how quickly your home sells, but you can still take steps to ensure you get the best price. You may also obtain expert insights when selling your property right here on Tenerife Estate Agents – trusted home buying and selling partners.
If you’re unsure about the process of selling your property, this post has you in mind. Let’s walk through the steps to help you do so like a pro:
1. Partner with a Knowledgeable Agent
Real estate agents could be the bridge between you and a successful sale. They specialize in the local market, have access to accurate pricing data, understand buyer demands, and can negotiate on your behalf. Plus, they can handle all the paperwork, marketing materials, and more. In other words, they’re your go-to expert in the home selling process.
But not every agent will do. Hence, do some digging to determine their professional history, qualifications, or credentials.
You can also glean a lot of information from an agent’s profile. For instance, if they’re earned residential real estate certification or a realtor’s license, it implies they’re committed to the job or industry.
Likewise, consider the number of transactions they’ve completed in the past year. If their office has been a beehive of activity, chances are they can help you sell your property. But if they’re barely ticking off deals, it’s advisable to extend the search.
2. Set a Competitive Price
It’s not enough to determine the market value of your property. There should be a balance between your asking price and buyers’ willingness to pay. For instance, if the supply of houses in your area is high, you may need to adjust the price downwards.
Also, a depressed market affects the price of your property, as few prospective buyers are available. Hence, be prepared to make concessions or take other steps to attract potential buyers.
3. Prepare Your Property
Before advertising your property to potential buyers, ensure it’s show ready. This could mean decluttering, tidying up, organizing stuff, and making minor repairs or improvements – if necessary.
Also, stage your home to make it more attractive. For example, you can rearrange furniture and keep the lights on for increased visibility. Additionally, choose an appropriate hue to make the place look more inviting. You should also take professional-looking photos to show off your home’s unique features, such as a lovely garden or driveway.
Read here : House Hunting: 5 Tips For Purchasing Property
4. Advertise
Get the word out about your property. You can use social media or list it on classified sites and real estate portals such as the Tenerife Estate Agents’ website. Alternatively, you may opt for print advertising or door-to-door marketing if you’re dealing with a smaller target audience.
That said, your listing should pop – attract more eyeballs and make potential buyers feel intrigued. Thus, include detailed information such as size, number of bedrooms and bathrooms, features, amenities, and location. While at it, capture other aspects such as title, neighborhood, and price information. After all, you don’t want prospective buyers to jump through hoops to access basic details.
5. Prepare to Negotiate
You may or may not have the upper hand in negotiations depending on the prevailing market conditions. Be prepared to give buyers room to haggle, whether through a price concession or an allowance to cover repair costs.
Your agent can also point you in the right direction. For instance, they can provide strategies to counter lowball offers and use their social skills to close the deal. And while settling for the highest bid might seem like the ideal option, consider the following elements:
- Payment terms – whether cash or mortgage
- Timeline for closing
- Contingencies
- Amount of down payment
6. Seal the Deal
The closing process typically requires lots of paperwork. To speed things along, ensure the necessary documents are in order. These may include tax records, home insurance, inspection report, property survey, appraisal, and more. Also, review your sale agreement thoroughly to identify discrepancies or errors.
While at it, consider the closing costs such as agent commissions, transfer or retention taxes (for non-residents), and recording fees. Your trusted agent can help you navigate this process.
Once the paperwork is done and the buyer fulfills the conditions of the agreement, you can collect your proceeds and sign off on the ownership of the property. Often, the process culminates in a closing ceremony upon which the buyer receives the keys to their new home.
As you’ve established, selling private property involves a chain of aspects and a lot of groundwork. Ensure you have the right partner (agent) throughout the process to make your life easier, whether you’re selling a home for the first or ninth time. After all, you never know the pitfalls you may encounter or the opportunities you might miss.
