Don’t sell your house before you take these 18 safety net actions

Selling your home, you can either hire a professional agent or do-it-yourself. You might consider sell your home yourself, and if you think it is just putting sign board or post it into random classified portal, you might have to reconsider. It is more than only marketing, many work to be done in order to get your home sold, especially in this competitive market!  

However, if selling your home on your own sounds like too much work, you might want to consider hiring ad-hoc agents as your additional option, which most agents might just take some photos put in on portal and wait for incoming leads.

Nine out of ten times, this doesn’t work effective due to less commitment from the ad-hoc agents, so it is best to use someone that is fully committed to selling your property, has access to a wide variety of resources and is focused on getting the highest price possible for the sale of your property.

REAL ESTATE AGENT OR NOT, SOME HOMEWORK MUST BE DONE, THE FOLLOWING CHECKLIST CAN WALK YOU THROUGH THE PROCESS:

1. KNOW YOUR PROPERTY.

Read the property title, know your property size, which zone is the land sited, make sure it is transferable, find out terms of your existing mortgage. 

2. SET THE PRICE.

Once you know the specifics about your property, check the recent transacted price, bank valuation and whats on the market offering, set a realistic price.

3. DETERMINE FINANCING ALTERNATIVES.

Get ready a few experienced banker or mortgage consultant to assist. Your buyer might need assistance from them.

4. PERFORM A “WALK-THROUGH” OF YOUR PROPERTY.

Take a moment to look back to your property in the perspective of a potential buyer or valuer. Mark down on things that need to be repaired or replaced. Things to consider include:

OUTSIDE:

  • Does it need a new coat of paint (either a serious crack that need to repair or the color coated earlier is too personal style)?
  • Check the grass if have extra land, does it nicely cut?
  • If it is a condo, check the front door if it’s appeal (such as light and tidiness)? 
  • Are the windows and doors attractive and in good condition?
  • Are the roof (and the gutters) in good condition?
  • Check front porch, make sure leaves are swept up, are all toys put away such as bikes, scooters, etc.?

INSIDE:

  • A nicely painted interior wall ca help a property to standout from the neighbour listings, a small expense to freshen up the living hall can make your property more attractive.
  • Appliances that included, make sure they are working, else take it away from the property?
  • Are the plumbing and electrical systems in good condition? Are they fully functional?
  • Any odor smell or odd smell? Many long vacant condos have these mold odor smell, make sure yours is not one of it.
  • Make sure all the lights are working and if possible use bright light in most of the area, accept any room that you want to create some cozy feeling.

5. NEARBY AMENITIES.

Be prepare to answer some questions from buyer relevant to the neighbourhood, such as nearby schools, public transport and where to get grocery.

6. HAVE AN EXPECTATION ON EXPENSES.

How much are you willing to spend to sell your house?

  • Agents professional fee if you use an agency to sell.
  • Advertising costs, signs, other fees if you plan to sell by owner.
  • Legal fees and stamp duty cost.
  • Real Property Gain Tax
  • Quit rent, assessment and maintenance fee
  • Real estate agents deal with transactions every day and can give you a very close estimate of seller closing costs.

7. ADVERTISE IN PAPER

Although most people are not reading paper, still there are some searching property on classified. You may give it a try.

8. INTERNET PORTAL

look for some portal on the internet that offer free listings service to property owners. Some of the real estate agents do have thier own websites that putting clients’ listings in their websites, try asking for that if you are planning to hire an agent.

9. ADS COPYWRITING AND DESIGN

Once you decided where to advertise, you can start to design flyers and do some writing about your property. Take some nice photos for internet advertising purpose, for the advertising text try to keep it simple, more on the benefit and little on features.

10. PURCHASE AND INSTALL A “FOR SALE” SIGNBOARD

This is going to be useful for a landed home, as we all know house hunters always looking for these signboard, however if you are still staying in the house and you are not hiring any agent to help, you might think twice before install it. You will get alot of people ringing your door bell, which some might not who you want to entertain.

11. PREPARE A FACT SHEET

Design a single sheet description of your property listing the features and benefits that will draw in prospective buyers. This should be attractive and professional looking. Have enough copies on hand to give out at open house showings. Again, if you are working with an agent, he or she will most likely do this on your behalf.

12. OPEN HOUSE SIGN

 For these, directional arrows can point prospective buyers to your house even if they don’t know the area. Make sure that you take these signs down as soon as the open house is over. You don’t want people showing up on your doorstep at all hours of the day and night.

13. BEST TIME TO SCHEDULE FOR OPEN HOUSE

Weekend, best time in the afternoon after lunch before dinner. A maximum of 4 hours will do.

14.KEEP A LIST OF PROSPECTIVE BUYERS

Make sure you take down all the visitors phone numbers that came to your open house, you may want to follow up with them. 

15. HAVE AN OFFER? DON’T BE EMOTIONAL.

Leave your emotions behind when you enter negotiations. You never want to get angry or give away the fact that you’re overly eager.

16. GET IT IN PAPER

You might need to get an advise from a personal lawyer that you know, to provide you a letter of offer to purchase to collect an agreeable earnest deposits and sign on all the final terms of sale. Never trust a verbal offer.

17. FINAL TERMS OF THE SALE

Buyer(s) need to come to an agreement (in writing) regarding the following:

  • Price
  • Financing terms
  • Date of closing
  • Date of possession

18. FINAL WALK-THROUGH

Make sure your buyer hire a lawyer and prepare a final walk-through with you and your lawyer together before proceeds to the Sales and Purchase agreement.

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