Selling a property can be a significant challenge for new realtors. It involves a lot of paperwork and inspections to make sure that the property being sold is at its best and that it doesn’t come with complications in the future. Not being prepared can lead to an unsuccessful sale, a disappointing price or a disgruntled seller and buyer post settlement. What can help?
Here are 3 factors realtors should check before selling a house:
Choosing the right pricing isn’t as easy as calling out a random number. Realtors make the pricing mistake of setting the price high. However, pricing real estate or even a house is not as simple as that. There are various things a realtor should take into account when it comes to pricing. It’s very important to educate yourself with different factors that affect the property’s pricing. Consider the following factors:
- Conduct a Comparative Market Analysis (CMA) – A comparison with other recently sold houses in the area can help give you an idea of a price range to set for the house.
- Take Note of Seasonality – Seasonal variations play a role in a house buyer’s decision when it comes to purchasing a house. For example, in some countries, spring is considered the best time to purchase a house because the weather is improving and families feel it is more convenient to move during summer break. Of course, this doesn’t apply to every country or city, so take note of house buyer’s activity by location. Observe and try to ask yourself, “what season do most people in the area actively purchase houses?”
- Consider the Market –Another factor you should consider
arethe market conditions. Take some time to check how conducive the marketplace is for goals of selling the house and your client’s sale price expectations. For example, in a seller’s market, house buyers are willing to pay more than the listed price due to demand being high and supply being low. While in a buyer’s market, buyer’s are less likely to purchase because more houses are available for sale.
Before putting any house on the market, it’s a good idea to have a professional inspector conduct a house inspection. Completing a house inspection allows you to address issues identified in the house that you’re selling. This can save you from complications that might affect the sale and devalue the property. In fact, conducting inspection checks using a home inspection checklist before selling can increase the possibility of a successful sale.
A great realtor should know all the relevant information on the house they’re selling. Paperwork and documents are vital and should be prepared before the initial selling. Below are examples of information you should prepare before selling a house for a client:
- Required documents (i.e property title deed, mortgage loan information, homeowners insurance information, property tax information, etc )
- Certificates of compliance/ permits
- Strata and owners committee minutes
- Environmental impact studies and inspections
- Dates of any house modification projects (i.e kitchen remodel, window installation, carpet installation, etc)
Reduce the added stresses and complications of selling property by taking proper preparations before selling.