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Putting up a ''For Sale'' sign in front of the house seems easy; however, selling it could be a daunting task. One needs to consider how to spread the word through different means like online postings, listing with a realty brokerage firm, ads, circulars, or hiring a realty marketing strategist who may package the deal and locate potential buyers.
The realty market is dynamic and keeps fluctuating in terms of prices and location. Homeowners can always keep track of the market trends, including market direction and speed, and the potential selling rates of their house. If you are engaging a realty broker, he may be able to provide a selling range from market analysis data. After checking the market details and comparing the property to other similar homes, settle on a competitive selling price.
Check if the location of your home matches buyers' needs and wants like a quiet and safe neighbourhood, and easy access to transport networks and retail and leisure facilities. If the location is not apt, you could find creative ways of enhancing its positives and underplaying its limitations.
If you plan to make the deal yourself, maximise your negotiation skills and prepare to manage the entire selling process including terms and conditions and the legalities. Also, determine your time and energy investment against agent fees and the commission you save. If you opt for an agent, ask for referrals, and negotiate the fees and commission.
Before selling your home, you may need to consider its cosmetic condition. You could make small and low-cost upgrades like painting the walls and doors, de-cluttering, cleaning, and doing minor enhancements to its indoor and outdoor areas. Overall, the property should enable the buyer to picture living in the home.
Besides, think about all the expenses incurred in selling a house. These may include repair/upgrade spends, staging expenses, market valuation or pre-inspection costs, utility bills, insurance costs, real estate agent fees, commissions and taxes, and many others.
A homeowner could also develop a post-sale financial investment plan capturing his long and short-term needs.
• Selling a house includes market analyses, promotions, negotiations, upgrades
• Determine whether the time you spent is worth the agent fees you will save
• Check the underlying market factors that may affect property value overtime
Find out the reasons why off-plan properties attract investors
Source: Arva Shikari, Special to Properties
The writer is a freelancer