Are you considering selling your property and unsure of what the process should look like? Knowing the right flow of events, people to talk to and document requirements can minimize the chances of it becoming a complicated and stressful experience. There are lots of things to consider when putting your property on the market. This article will guide you through the steps of selling your property the right and easy way.
Decide How You’d Like to Sell Your Property
Everyone wants to have a positive experience when they sell their property, something that they can be proud to recall and share with others. Would you like to sell it yourself or enlist the services of a real estate agent or broker? Based on Zillow’s research, only 10% of sellers choose to sell their properties themselves and another 10% choose to eventually enlist the services of an agent or broker.
The sellers who choose to list with a real estate agent or broker want to make sure they’re guided in the right direction. Make sure to check if your agent is certified with the PRC (Professional Regulation Commission) and your broker bears a license from the same office. You can use the link above to check the broker’s license validity. It helps to put the transaction in the hands of people who know how to facilitate the whole process legally.
Your agent or broker will be in charge of advertising, entertaining inquiries, managing the negotiations, viewing appointments, closing the sale, gathering all the requirements and drafting all the documents necessary.
There are many factors that make up a positive selling experience and one of them is whether the professional you entrust your property to will handle it like it was their own.
Pricing Your Property Right
All home sellers have the ultimate goal of seeing their property sell quickly and at a good profit margin. At times, we may be tempted to command an emotional price based on how much we love the property. It helps to check how much properties of the same dimensions, make and build are selling for currently. A realistic and competitive price can make sure that you will have more inquiries and chances of selling, as opposed to letting the property sit in the market for too long.
Know The Best Time to Sell
Research! If you are aiming for a greater profit, research the location of your property and its current market value. Check what developments and infrastructure are set to begin in your nearby area and assess what impact this will have on your property. Try to ask, ‘Will I make a bigger profit once this new road is built or will it lower the value of my property?’. This assessment could spell the difference between a good profit and a loss.
Choose Where to Market Your Property
One of the most effective strategies of selling is to know where best to market your property. The good thing is, reaching your target market has become more accessible with the help of property advertising portals (like Property24, OLX, and Lamudi, for example) and social media sites, but make sure to check what target market each platform entertains. Different properties command different target markets based on price, location, and type. Know where the people who would potentially buy your property would do their search online. Shopping at a distance initially is so important for all potential buyers!
The Sale Process
| 1 | Establish your reason for selling | What are your reasons for selling? The more motivated your reasons are, the easier it will be to sell |
| 2 | Check for the best timeframe to sell | What’s the current market value in your area? Are there developments in the future that could raise or drop values? |
| 3 | Decide on your selling method | Will you sell the property by yourself or through an agent / licensed broker? Make a decision to commit to your selling method. If you are selling your property yourself, prepare all the property documents needed |
| 4 | Assess the price correctly | Check the current market values in your area and sell for a price that’s competitive |
| 5 | Stage your house to sell | Undergo the needed repairs, make your house desirable for purchase |
| 6 | Spread the news | Market your property online, consider getting someone to take professional photos of your property so that you can get more inquiries. |
| 7 | Check and balance | Is it not selling? Check your price, it may be too high. You can also check the market, maybe there is a low demand for properties in that area. You can also check whether the platform you’re advertising on is where your target market would search. |
| 8 | Move out | It’s best to view properties for sale without your personal belongings inside. Make sure that when the sale is closed, you make the appropriate measures to begin moving out your things. |
| 9 | Accomplish all seller duties | Surrender all property related documents to the buyer and make sure you accomplish all legal documentation for the sale. If you’ve enlisted the services of an agent or a broker, fulfill your commission obligations to them! MOST IMPORTANT: Make sure to pay the Capital Gains Tax before the BIR deadline as the penalty and surcharge can get high. |
Article source: https://www.zillow.com/sellers-guide/steps-to-selling-a-house/