It can be very alluring to sell your property in hopes of gaining a large payment. However, before you put your property up for sale, there are a couple of factors to take into consideration.
What to do before hiring your real estate agent
Before hiring a real estate agent, understand what you’re searching for. Your agent needs to know exactly what you want to get out of your home’s sale and how to help you achieve that.
Does your agent have familiarity with communities in your area? Do you know who your target buyers are? What other knowledge could your agent impart on you before the selling process? What are breaking points for your selling timeline? What is your selling timeline?
Do you need to find more than a listing agent? Do you have another place to go while your home is on the market, or will you be living in it while you sell it?
These are all questions to ask yourself before collaborating with your agent and asking them similar, if not the same, questions once you begin.
Listing promotions & marketing
After preparing for your home sale, it’s time to investigate listings, promotions and other marketing activities. Do a once over and create a cleaning and preparations checklist to help you ready your property for sale.
Your property should be tidy and free of personal belongings before showings. If you have a lawn, the space should be manicured. If lawn care isn’t a concern, make sure patios, porches and decks are free of clutter.
Once you’ve cleaned the property, added plants, repainted walls to neutral colors and whatever else you may need to do to increase curb appeal, you can start a marketing strategy.
Get your home professionally photographed, and start creating marketing opportunities with your hired real estate agent. Turn to social media and other communication tools to help promote your listing while working closely with your agent of choice.
Preparing financially
Remember, sellers are usually held accountable for home repairs. A pre-listing inspection gives you a good idea of how much the repairs will cost. Be mindful of your mortgage payoff cost, which is the payment required to take care of the mortgage balance.
There is also likely to be a broker commission fee, which is a percentage of the price the property will sell for, paid to the representing brokerage. Your real estate agent should be able to provide you with an estimate of those fees, as well as any other transaction fees you may incur.
The closing process
A real estate attorney can review and outline closing documents, as well as negotiate disputes within the contract. Before the closing, settle any issues with the title, so the property can be transferred to the buyer during the closing process. Be prepared for funds to be allocated to the seller and participants of the transaction.
While the home selling process can be overwhelming, creating a seller checklist can help ease some stressors. It’s also a great idea to remember you aren’t going through this process alone. When you hire a real estate agent, you also get a team of other real estate professionals that work closely within their network, which gives you even more security when selling your home.
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