A Step by Step guide to Selling Your Property
- Get your property valued
- Appoint an estate agent
- Prepare your property for sale
- Market your property
- Viewings
- Appoint a solicitor
- Receive an offer
- Agree the sale price
- Exchange of contracts
- Completion
1. Have your property valued
The first step when you are looking to sell your property is to find out exactly what it's worth. You can begin this process by checking out sold prices in your road via the land registry and other websites. Also, check out some of the property portals like rightmove or findaproperty to gauge what similar properties in your local area are being marketed for. The next step is to invite some local, experienced agents to give you a comprehensive marketing appraisal.
2. Appoint an estate agent
Usually the objective when selling a property is to achieve the highest price possible, in the shortest time, with the minimum amount of stress! This doesn't necessarily mean choosing the agent which gives you the highest valuation. Be cautious of high valuations which are intended merely to gain your business and may not be realistic. Instead, pick an agent that gives you an accurate valuation AND who can justify this figure with information on similar properties they have sold in the local area, whilst demonstrating a sound understanding of the local market. Make sure they have a comprehensive marketing strategy, find out where and how they will advertise your property, the number of applicants already on their database who may be interested in viewing, their office location and opening times and importantly whether all viewings will be accompanied. Finally, pick an agent with whom you have a good rapport and will be happy to work closely with.
3. Prepare your property for sale
This is a crucial stage in the selling process. Too often people underestimate the importance of presenting their property in the right way. A well presented property is likely to achieve a quicker sale and a higher price. First impressions really do count. So, fix any obvious maintenance problems, give the walls a lick of paint if they need it, mow the lawn and importantly de-clutter. Ask your agent his / her advice. A good agent should offer constructive advice on ways of presenting the property in the best light. And don't take offence – this is now an exercise in selling your property and not a judgement on your taste.
4. Market your property
Prior to marketing your property your agent will visit to take measurements, photographs, prepare descriptions and produce floorplans. Once the advertisement and property particulars have been compiled, make sure your check and approve them. Next, ensure you or your agent has organised an Energy Performance Certificate – you can not go to market without it. Your agent can then begin marketing your property and go 'live' with your property advertisement across their portfolio of property websites, contacting suitable applicants on their database and arranging viewings.
5. Viewings
Whether the viewings are accompanied or unaccompanied, there are a few sensible rules to follow. Ensure the property is clean and looks as good as possible. If there are times of the day when the property looks better, try to arrange viewings for then. If there are inconvenient times of the day for you, for example because you have young children, let your agent know and agree a viewing schedule in advance. Consider the road, is it noisier at particular times, do your neighbours like to play their music at the same time every day? If so, make sure these times are avoided!
In an ideal world, pick an agent who accompanies every viewing. Firstly, this shows you they are working as hard as they can to try and sell your property. It is also more desirable from a security perspective. But the most important reason is your estate agent should be better placed to 'sell' your property. They are experts and will know the applicants and their requirements far better than you. They will also be better at dealing with any objections raised during the viewing and finally, most applicants are usually more honest with and relaxed dealing with agent than the actual property owner.
6. Appoint A Solicitor
A good solicitor will help to make the sale of your property progress quicker, and make the process easier and less stressful. A bad one will do the opposite. When appointing a solicitor aim to choose one you have used successfully in the past or rely on a recommendation from friends, family or your estate agent.
7. Receive An Offer
Your agent should pass on any offers immediately both verbally and in writing. You should be made fully aware of the buyers position, such as whether they are first time buyers or in a chain, as well as all aspects of the offer itself (e.g. if there are any special conditions). An offer can only be as good as the person or people making it so make sure you know everything you can about your buyers.
8. Agree A Sale Price
You may find the first offer you receive for your property is unacceptable. Let the agent know as soon as possible, explain why and also give them an idea of the likely price you would accept. Your agents' job is then to negotiate on your behalf with the aim of obtaining an offer you will accept. Once achieved, the agent will inform both parties in writing that an agreement has been reached, confirming the agreed price and any particular terms of that agreement. Next, they will produce and send out a memorandum of sale to both sets of solicitors.
9. Exchange Of Contracts
Exchange of contracts is best thought of as the end of the legal process. This is reached when both sets of solicitors confirm and agree on the contract, evidence of title, local search results, fixtures and fittings to be included, buyers' mortgage offer, plus any issues regarding a lease and conditions relating to it.
Exchange of contracts takes place once agreement has been reached, both parties have signed the contract and the buyer has sent his deposit (usually 10% of the sale price) to his solicitor, which in turn has been received by the sellers solicitor. The date for completion is then set.
10. Completion
Completion can be thought of as the end of the financial process involved in selling your property. On this day, the remainder of the outstanding monies are usually released by the mortgage company to the buyers' solicitor who then sends it to the sellers' solicitor. Upon receipt, they will inform both parties and the agent can release the keys to the new owner.