The 8 Steps To Selling Your Property

While this may seem obvious, many sellers should contemplate what their requirements are for their property sale. A careful review of personal plans and budgets should result in establishing the minimum amount of equity they require given their existing debt along with the timing of their sale. Matching these requirements with what currently is achievable given the market, will provide further piece of mind. Sellers should also review the expected sale results with their tax professional in order to prepare for any required changes to the expected.

The market analysis consists of a study of nearby, similar properties. In the effort, it is crucial that you know how much similar space is being offered and for what rate and term? How many properties are on the market, how many have sold and what is the absorption rate of properties?
These issues will be discovered in the market analysis and pricing phase.

Now that you know what the market is bearing for similar properties and you have taken into account adjustments for your property’s shortcomings and features, what are other offering strategies that can further maximize your return? (Example- the type of financing you will accept, seller financing, bonuses, upgrades and warranties just to name a few) Are you prepared?

Once pricing and sales strategy has been established, it is now time to market the property. What are the resources that can be used to find the target market, get the right marketing message to this market and sift through the prospects that are the most serious buyers and ready/capable to close?

Once offers are coming in, what is your system to make sure that these prospective buyers can actually funds and close on the purchase? What strategies can you employ to negotiate with buyers and make sure you are getting the highest possible net sales proceeds in the quickest time frame and with the least amount of headaches?

Once the property is under a binding contract, most buyers and lenders will want a series of inspections to be performed on the property. It is important to prepare for these inspections.

Once property inspections have been completed, the buyer will likely ask for certain items to be corrected. While such corrections, are not likely a requirement to be completed per the contract, most buyers will not proceed forward without many of these items corrected. What strategies and support do you have in place to make sure you can accommodate the buyers request in a cost effective manner. In many cases, the lender will require repairs in order to fund the closing.

Management of key contract milestones is paramount to a successful sale. Making sure that all of the required dates are met on time assures you that you can move forward in normal seller preparations like packing, moving and contracting another property. Tight coordination of these items will allow you to have a smooth and profitable transition from one property to another.