Create a plan of action.
Our home is an important part of our well-being, so any operation with it, whether its selling or renting, requires a careful approach. Before selling or renting real estate make a plan of action.
So what are the main steps in the process?
1. Decide on the timing.How quickly do you need to sell or rent your property? Are there any external factors that affect the urgency of this process? For example, an upcoming move, the beginning of the school year, financial or other difficulties? The urgency of closing the deal on your property will certainly play an important role in determining the price. The faster you have to make a deal, the lower your property price will be. In any case, market prices in your area must be taken in to account. If the transaction is urgent, it is recommended to set the price slightly below the market value.
2. Carefully consider the condition of your property, and make a list of any faults. Which of the items in this list are you are ready to rectify before you invite prospective buyers or tenants?The better the general condition of your property, the sooner you will receive interest from a potential buyer
Be self-critical and look at the three types of faults and shortcomings:
- Property defects that can be fixed by means of decoration at minimal cost.
- Paint the walls if necessary. Replace or take down worn or torn curtains. The fresher your property will look, the faster you will find a client for it.
- Functional shortcomings of your property. Check the serviceability of plumbing, and electrical wiring. If possible, eliminate the shortcomings.
- Deficiencies that you can not fix. These are temporary or permanent factors associated with the location of your property. For example the presence of construction work next to your house, windows overlooking a busy street, and so on. Evaluate the possible presence of these factors and consider them when valuing your property.
3. Decide on the price of your property.First of all, study the state of the property market in your area. At what price is property similar to yours on the market for? At what price have properties in your neighborhood been sold or rented for recently? How many similar listings are there in your area? If necessary, consult a specialist. When selling a property it is useful to receive a written evaluation of your property from an independent expert. When valuing your property, consider your transaction costs. Listing your property on Terranesia will save agency commissions, but you will still have to bear certain costs when closing the deal. These are notary fees, taxes, and legal services.
For more information about how to objectively value your property, you can read the article "Property valuation".
4. Prepare your property for viewing.This step is very important in the process of the sale or rent of your property. When a potential client views your property, he must feel warmth and comfort, and be able to imagine himself living in your home. So before inviting interested parties into the house, you must:
– carry out a thorough clean
– remove purely personal items such as old family photographs, clothes and so on from the house. If you live in the house, just put your personal belongings in order.
– remove any broken or beyond repair furniture etc.
Your property should remain in perfect order.
5. Marketing of your property.d Take photos and list your property on Terranesia.
Pay great attention to the quality of the photos, and if possible hire a professional photographer. According to statistics, listings with professional photographs attract 40% more attention. Also, when listing your property on Terranesia make sure that your description is as complete as possible.
Tell your friends about your property. You can easily do this by sharing your listing on Terranesia with your social network. Doing business with friends is easier and more efficient.
6. Be prepared to negotiate.Prior to starting negotiations monitor again the market in your area. Determine for yourself your minimum acceptable price, and be ready to counter price proposals from a potential client. If the offer is acceptable, do not put off taking a decision. Keep in mind that a potential customer may be considering other properties on the market at the same time. It is a good idea to have decided on the specialists needed before starting negotiations (lawyers, notaries, etc.).