Whether you have lived in your family home
for five or fifty years,
selling your home is a Top 10 stressful event.
This great article guides you through the process
Having been in the industry for many years I have found that few sellers are well educated on the process of selling the family home. Often sellers do not know the right questions to ask. This article provides some tips and information to guide you through the process, as well as advise you on any potential costs that you need to be aware of as a seller.
Choosing your estate agent
After deciding to sell, the single most important decision is to choose your estate agent / agency. This needs to be someone who you can connect with, trust and who ultimately has your best interest at heart. Any great agent should assume that you are not a seasoned seller and should guide you through the process from start to finish.
There are several reputable agencies, but it is a good idea to chat to your friends, family, or advisor to perhaps recommend someone that they have dealt with previously. It will then allow you to be make an informed decision, go to see the agency and chat to the agent who you will be dealing with on the sale of your home.
Once the agent has been to see your home, they should present you with a market assessment with some detailed information as to how that value was determined. After agreeing on a price and marketing strategy, the process begins. This generally starts with a professional property photographer coming in to photograph your home. It is important to make sure that your home is well prepped for photographs (clean, neat, and de-cluttered). These will be the first impressions that potential buyers see of your property. Photographs need to highlight all the best features of your home but also be an honest representation of what buyers should expect.
Showcasing your home to the public
Launching your property to the market through property websites, e-mailers, digital platforms, and subsequently hosting viewings are the next steps to take place. While you do not participate in showing clients the property, the preparation before viewings is crucial. Your home needs to be clutter free as well as neat and tidy. If you are home during the viewing process, it is important to be discrete and allow your agent to deal with the client. This helps potential purchasers to feel relaxed in your home and free to view it with the guidance of the agent.
Throughout the marketing process, your agent should connect with you regularly. You should be provided with weekly updates as to the response you are getting from the market, how viewings have transpired and feedback that buyers are giving. This will allow you to update your sales strategy and make changes if required.
On top of the move itself, wrapping up all the memories associated with your home is always difficult.
Offer of purchase
When you reach the point of receiving an offer to purchase on your home, this is where you will need to reply heavily on the guidance of your agent. Let them go through the sales contract thoroughly with you. Ensure that you ask them to explain any clauses that you are not familiar with or need clarity on. Very often, the first buyer to offer on your home is your best client. However their first offer will not always be their best. This is where will you need to work with your agent to achieve a final agreement that works for all parties.
Next in line is appointing a Conveyancer (transferring Attorney). These are the professionals we rely on, to get all the legal documents together and to affect the registration of transfer from yourself into the purchaser’s name. It is an intricate process that requires a lot of work from the conveyancer. However, as a seller, you do not need to be overwhelmed. All good conveyancers will take care of the process and keep you updated every step of the way. As a seller, it is your choice as to who is appointed as the conveyancer. Select a reputable firm that you are familiar with or alternatively ask your agent for recommendations. All good agents will have a network of strong and reputable conveyancers that they work with. Costs for the conveyancer are for the purchaser’s account. This is not something that you, as the seller, need to worry about.
Once the agreement is concluded, and all suspensive conditions (if any) have been fulfilled, you as the seller would need to ensure that all certificates of compliance and any required remedial work are attended to by qualified professionals. This will be addressed in Part 2 of this article
Part 2: Potential costs when selling the family home
Article by Nick Gaertner
Tel: 021 671 9120