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Guide on How to Sell a Property
8 step guide on selling real estate
Are you looking to sell your property? Whether you’re a first time seller or an experienced pro, there’s always something new to learn. In this resource, we’ll provide you with a comprehensive guide on how to sell your house. We’ll go through the entire process, from start to finish, and talk about everything you need to know along the way. So whether you’re just getting started or you’re ready to put your home on the market, read on for tips and tricks that will help make the selling process as smooth and stress-free as possible!
Step 1: Get a sales appraisal
The first step in selling your property is to get a sales appraisal. This will give you an estimate of how much your home is worth on the current market. There are a few different ways to go about getting a sales appraisal, but the most common method is to hire a real estate agent.
An agent will be able to provide you with a Comparative Market Analysis (CMA). This report will compare your home to similar properties that have recently sold in your area, and give you an estimated value for your own home. In addition, your agent will also be able to provide you with information on recent trends in the housing market, which can help you determine whether now is a good time to sell.
Step 2: Find a real estate agent
Once you have an idea of how much your home is worth, it’s time to start thinking about finding a local real estate agent. The most important thing to remember when choosing an agent is that they should be experienced and knowledgeable about the local market and more specifically the area in which you live. In addition, they should also be familiar with the type of property you are trying to sell.
Real estate agents will help with the following steps including setting the right price, marketing your home, negotiating offers and overseeing the sale process.
If you’re not sure where to start when it comes to finding the best agent, start by asking family and friends for recommendations or look for agents online and check out their reviews.
Step 3: Prepare your house for sale
Preparing your property for sale is the next step in the process. This includes things like decluttering and staging your home so that potential buyers can see its full potential. In addition, it’s also important to make any necessary repairs or updates before putting your house on the market.
If you take the time to do these things, it may help your house sell faster and for a higher price.
Read a more intensive step-by-step guide in our sellers resource on how to prepare your house for sale.
Step 5: Set your property’s sale price
After all of the preparation work has been done, it’s time to set a price for your home. This can be tricky, as you want to find the perfect balance between pricing it too high and not getting the return on investment you deserve, and pricing it too low and leaving money on the table.
The sales appraisal you received in step 1 along with the help from your agent will give you an unbiased opinion of your home’s value based on recent sales of similar properties in your area.
Your real estate agent will suggest a price point and you will then work together to come up with a final competitive asking price, or reserve price if you are auctioning your home.
Hot tip: You want to make sure your home is priced correctly from the start to avoid any issues later on down the road.
Step 6: Market your property to prospective buyers
Now that your property is priced correctly and all spruced up, it’s time to start marketing it to potential buyers!
Your real estate agent will help you with this and will create a marketing strategy specifically for your home.
This plan will include things like:
- Staging your home for open houses and private viewings
- Creating eye-catching listings with professional photos
- Utilising different marketing channels to reach the right audience (For example: online, print, signage)
Once you have a solid plan in place, it’s time to execute and wait for the offers to come rolling in. Good luck!
Hot tip: Make sure your home is available when buyers want to see it! This may involve a little extra work for you but you will reap the benefits. Things like, making sure the house is always “ready” for someone to view, that is clean, tidy and decluttered. You may even consider trying to work from home or trusting your real estate with a set of keys.
Step 7: Decide on the best offer
As the offers start to come in you get to choose which offer is the best for you and your circumstances. These could be that you are required to sell quickly as you need to relocate for work, or perhaps you are after the highest possible offer with few contingencies.
Remember, even though you are selling your house, you are not obligated to accept any offer that comes your way. If an offer is too low from your asking price or completely unreasonable, don’t be afraid to counteroffer or walk away from the sale altogether. The bottom line is: do what is best for you and always keep in mind what your goals are for this sale.
Step 8: Your real estate agent will organise a settlement date
Once you have agreed on a final offer, your real estate agent will help draw up the sale contract and organise a settlement date. From here, it’s just a matter of waiting for the sale to go through and the money to hit your account.
Settlement is usually around six weeks after the contract is signed, but this can vary depending on the buyer’s finance situation. Your real estate agent will be able to give you a better idea of how long a settlement is likely to take once a contract has been accepted.
Congrats! You’ve now officially sold your property and are ready to move on to your next adventure.
Frequently asked questions from sellers
We answer some frequently asked questions we receive from sellers. More questions? Get in touch.
One of the most common mistakes people make when selling their homes is not having a property appraisal done before putting their home on the market. A property appraisal will give you a realistic idea of what your home is worth, and it's essential to have this information before you start advertising your property.
Another mistake people often make is not doing their research on real estate agents. It's important to find an agent that you're comfortable with and who has experience selling properties in your area.
Pricing your property correctly is essential if you want to sell quickly. Overpricing will deter potential buyers while underpricing could leave you out of pocket. The best way to find a realistic price for your property is to get a professional appraisal.
Selling your house privately is definitely an option, but it's important to be aware that you'll be shouldering a lot more of the work and responsibility. You'll need to do your own research on things like marketing and pricing, and you won't have the benefit of a real estate agent's expertise and knowledge.
If you're considering selling privately, make sure you've got a good handle on the process before taking the plunge. The last thing you want is for your sale to fall through because you didn't know what you were doing!
A private treaty is how most houses are sold in WA. That is, an asking price is set and the prospective buyer puts in an offer to the real estate agent. This offer may then be negotiated before being accepted or declined.
Sell Your Property with HKY Real Estate
Looking to sell your property? We have a team of experienced and knowledgeable local real estate agents servicing many areas around Perth. From Ellenbrook, right up to Yanchep, and everything in between. Get in touch with us today and we will find the best agent for your needs.