Sell Your Property
Executive Summary about How To Sell Your Property (UK) by Nicolas A
There are five distinct phases to selling your property.
1. Preparation
Prepare the property for viewing and, hopefully, a quick sale.
2. Valuation and marketing
A valuer, usually employed by your estate agent, will visit the property and put a price on it.
The agent will then advertise your property in the local press, in his window or on the internet
When someone is interested in buying your property, they may make an offer below the asking price. Although the conveyancing process (moving title of the property from your name to the buyer’s) takes the same length of time for buyers and sellers, there is much more onus on the buyer’s solicitor in terms of the amount of work required so your legal bill on a property sale should be lower than for a property purchase. Though not usually charged as a percentage of the property value, most solicitors and conveyancers will link their fees to the price band in which your property falls.
PREPARATION
When to sell
The best time to sell is when there are many buyers in the market and prices are increasing, and when interest rates remain low.
Buying and selling property is also seasonal, with more sales being made between March and July each year.
When not to sell
The worst time to sell is when there are fewest buyers in the market.
If your property is in a sought-after location, you should have no problem selling at a reasonable asking price regardless of the time of year or market conditions.
Choosing An Estate Agent
An estate agent can take care of all aspects of the property sale for you. A good estate agent will:
Arrange a property valuation
Advertise the property for sale – both online and in traditional media
Court potential buyers
Arrange and conduct property viewings
Negotiate with potential buyers on your behalf
Help to maximise the property sale price
An estate agent will ensure you avoid mistakes when selling your home, which could otherwise be costly. No fees are payable up front and you should accept only a no sale, no fee agreement with your chosen agent.
An estate agent acting as a sole agency is acting alone in the sale of your property. You are contractually bound not to allow other agents to try and sell your property during the term of the agreement and will be liable for a commission payment to the sole agent should you do so and successfully sell the property.
Two agencies working together to try and sell your home is known as joint sole agency. You may pay slightly more in total commission than you would if there were just a single sole agent, as both businesses will receive a share of the commission when the property is sold.
It can be the case that the agent will spend less on marketing your property or act less aggressively trying to sell your property under these terms.
Auction
If you need a quick and virtually guaranteed sale, you could auction your property.
Auctions are becoming increasingly popular with buyers but there is no guarantee that the seller will achieve the asking price of the property.
Selling your property at auction generally costs around two and a half percent of the price attained.
Private sale
The main downside of a private sale is that sometimes it can take longer to sell your home, as your property does not enjoy the level of exposure that it would have if it were being marketed by a professional estate agent.
Caravans, white vans and old vehicles on and around your property deter more buyers than anything else. Aim to have your property in pristine, showhome condition at all times. Selling your home can be a stressful and expensive experience.
a) choose a reputable estate agent
b) prepare your home for sale.
