In this series of articles, we look at the important issues for Sellers, Buyers, Tenants & Landlords.
Over the coming weeks, these checklists may help you by providing an easy frame of reference for the most common situations. The lists are not definitive, but serve as a starting point for the most popular issues
Selling a property is more of a ‘process’ than a ‘task’.
The property selling process includes some procedures that are followed by successful owners. We suggest using this checklist to remind you of the most important parts of that process;
You must first find an agent that you can trust, and the agent should handle all of the business on your property-selling checklist.
You hire an agent and of course pay them, so it's up to you whether you want to pay for a little effort or a bigger one. Some agents will give your property more time and attention than others.
Pricing your property too high will stop you from getting offers. Buyers will simply ignore the property and look at the lower cost alternatives in that range.
Once you have decided on the asking price, the agency should be using all forms of media to promote your property including newspaper ads, websites, video / TV channels.
Most people find it difficult to imagine what a finished property can look like.
Painting a property and making it as nice as possible is the least you can do if you really want to make a sale at the best possible price.
Pre-listing inspections can be conducted to advise you on the best approach and next steps to selling your property (Note: The cost of pre-listing inspections is absorbed by JML when properties are listed with us)
If your property is cluttered, get rid of the clutter. A clean, will presented home is important, whilst a property full of clutter spells trouble.
The buyer will think of the cost of removing the junk, and at the same time wonder if there are any surprises like damaged floors or walls hidden behind the mess.
This is self explanatory. The more you know about the terms of the sale, the easier it will be a to create a win / win deal.
Again, this will help you to work out a deal that suits you.
One word of warning; Do ask your agent about their negotiating strategy. If the agent say’s he will just get the best possible price, its time for a new agent.
The more you know about how the deal is structured, the more likely it will be that you can spot a good or bad deal when it is put in front of you.
You can improve things such as an interior, and you cannot improve something such as the location, building style, etc.
In a fast moving market, you cannot afford to be away from the ‘property ladder’ for too long.
For instance; The buyer chooses the lawyer, but it does not mean that you cannot have a lawyer representing you, the seller. If you don't feel comfortable with the lawyer chosen by the buyer, hire your own layer to look after your best interests.
It pays to keep an open mind and be flexible when you are looking at structuring deals.
As you can see from this checklist there’s a lot of work to be done when selling your property. You can either take on these steps yourself, or ask your agent to handle on your behalf.
Decide who is going to be your Property Agency.
Price & Promote the property
Get your property ready to sell by doing some preparations for your house interior and appliances.
Decide whether you pay a professional to do pre-listing house inspection or not.
Get rid of unnecessary furniture and appliances.
Make sure you are familiar with financing terms, such as mortgage financing (fixed, adjustable, seller financing), pre-qualified, pre-approved, commitment
Brush up on negotiation terms, such as contracts, offers, deals, etc.
Know about what you can and cannot improve in the property
Look for a new house while are selling your old one.
Keep updating your plans.