Selling a property is an important step in the lives of many homeowners. Indeed, the task can quickly become complex and stressful, especially when it is the first time. A successful real estate sale involves following a well-planned process, from start to finish. Whether you're a beginner or an experienced seller, it's essential to understand the different stages of a successful real estate sale. In this article, we will explore in detail the 9 key steps to sell your property effectively.
Step 1: Preparation
Preparation is the first key step to a successful real estate sale. Before putting your property up for sale on the market, it is essential to prepare it. Start by cleaning, repairing, and improving your property as much as possible. This may include renovating parts of the home, painting, cleaning the garden, or any other work needed to increase the value and appeal of your property. First impressions count for a lot, so make sure your home is spotless and welcoming. Future buyers must be able to project themselves easily from the first minutes of the visit.
Also, consider whether it's a good time to sell. The right time depends on your situation and your motivations. If you want to sell to buy another property because you need more space, you may have a tighter timing than if you want to sell to make a capital gain as part of a real estate investment.
Step 2: Estimate the value of your property
The second step to a successful real estate sale is to estimate the value of your property in the fairest way possible. A sale price that is too high may scare off potential buyers and the sale of your property may take longer. On the other hand, a sale price that is too low compared to the market price will make your property very attractive, but you will earn less money in the end, which is not the goal.
As a first step, you can get an idea of the selling price of your property by using valuation tools such as the one we have set up at Properstar. This method is free and very fast. In just a few clicks, you will have access to the most accurate estimate on the market. Then, you can use a professional appraiser or real estate agent to determine a fair and competitive price. It is essential to have a realistic estimate to attract potential buyers and sell your property as quickly as possible. Putting your apartment or house at the sale price closest to the market price, without overestimating it, is the guarantee of selling your property as soon as possible.
Step 3: Selecting a Real Estate Agent
You could very well decide to sell your property yourself from one person to another. However, even if this option seems tempting at first, you should know that it requires a certain knowledge of real estate and time. It is often thought that all you have to do is publish an ad on real estate portals and the sale will be done in a snap of the fingers. But you have to put the property at the right selling price, know your legal obligations as a seller, etc. You also need to have time to respond to potential buyers and organize viewings, then manage all the administrative aspects of the sale.
The safest way to sell your property is to use a real estate agency and select the right real estate agent for you. This will allow you to delegate all sales-related tasks to an expert who will help you sell faster and under optimal conditions. Hiring a competent real estate agent is a very important decision. Your agent can help you set the selling price, market the property, manage negotiations, and much more. So look for an experienced professional who is well-versed in the local market.
Step 4: Commercialization
Marketing your property is another essential step. Your real estate agent will use a variety of tools and strategies to promote your property in a variety of ways. This can include online listings, professional and high-quality photos, virtual tours, in-person tours, "For Sale" signs, social media posts, and more.
Your real estate agent will make your property visible and reach a pool of potential buyers wherever the ad is published.. They will also be able to use their customer database to directly contact buyers looking for a property like yours. In short, you will have a better chance of selling your property quickly and successfully if you use a competent real estate professional who is completely dedicated to the sale of your apartment or house. When going through a real estate professional, it is advisable to sign a sales mandate with him.
There are three types of mandates: exclusive, simple and semi-exclusive. However, it is recommended that you sign an exclusive mandate so that a single agency takes care of the promotion and sale of your home.
Step 5: Visits
Once your property has caught the attention of potential buyers, visits are arranged for them to come and see your apartment or house. Viewings are one of the most important steps in the real estate sale. Interested buyers will come to visit your property to get an idea of its potential. Make sure your home is clean, tidy, and smells good. Buyers should feel comfortable and be able to easily project themselves into the property. Also be prepared to answer buyers' questions and showcase your property's assets.
If you are accompanied by a real estate agent, he will be able to carry out visits even when you are not available and he will know how to present the assets of the property in the best possible way since it is his job.
Step 6: Negotiation
Once you've attracted potential buyers and they've fallen in love with your property, it's time to negotiate. Buyers interested in your property will submit offers to purchase. As a seller, you need to be prepared to negotiate the offers on offer. Pay attention to them, discuss the terms, and be open to compromises. Your real estate agent can play a vital role in this process. They will advise you on the best approach to take and can point you to buyers with the best profiles. In addition to the amount offered for your apartment or house, you will need to take into account other criteria such as:
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the personal contribution of future buyers;
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the means of financing future buyers;
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the presence of an agreement in principle from a bank for a home loan.
These are points that can tip the balance in favour of an offer that is smaller in size, but which from a financing point of view is more solid and serious.
Also keep in mind that in the case of an offer at the price, the sale is usually accepted.
Step 7: Acceptance of the Offer to Purchase
Once you have successfully negotiated and accepted an offer to purchase your property, you can move on to the next step: signing a promise to sell, or a preliminary sale agreement. This sales contract will need to be signed by you, the buyer and the respective real estate agents. Make sure you understand the terms and conditions before signing and don't hesitate to ask your real estate agent for clarification. You can also have the document reviewed by a lawyer or notary if necessary.
This official commitment binds the buyer and seller before the transaction is finalized before the notary. Please note that the buyer has a right of withdrawal after signing the preliminary sale agreement. After these period which depends on the laws of the state in which your property is located, only the conditions precedent previously included in the preliminary sales agreement can cancel it. It is therefore advisable to mention these clauses in advance, including obtaining a mortgage to finance the purchase of the property.
Step 8: Closing the sale
Once the agreement has been concluded, the final step in the sale of your property is the signing of the deed of sale. It must be done at a notary's office, and include certain precise information. The signing of the deed of sale takes place up to several months after the signing of the preliminary contract (whether it is a promise to sell or a preliminary sales agreement).
Closing the sale is the final step in the sales process. It involves signing all the necessary documents, transferring ownership, settling the amount due, and handing over the keys. This step must be carried out in accordance with local laws and regulations.
During this appointment, the notary verifies:
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The conformity of all documents and annexes;
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Reads the bill of sale to both parties;
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Collects the total amount of the property by cheque;
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Officially hands over the keys to the new owner except in the case of a delayed entry into the premises;
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That each party recieves a copy of the bill of sale.
The deed of sale is signed before a notary, regardless of whether it is the seller's or the buyer's. During this last stage, the seller definitively transfers his ownership rights of the property.
Step 9: Follow-up on the sale
After the sale of your property closes, make sure that all aspects of the transaction are finalized. Ensure that the transfer of ownership is carried out correctly and that all legal obligations are met.
By following these 9 key steps, you will increase your chances of a successful real estate sale. Know that every sale is unique, and it's essential to be flexible and willing to solve any challenges that may arise along the way. Working in collaboration with a knowledgeable real estate agent can make the process much easier and help you achieve the best results. A successful property sale is often the reward for careful planning and commitment to doing your best to present your property attractively on the market.
