Selling your property can be a daunting experience, but knowing the process can help ease a lot of those fears. Concept Spaces Estate Agency can help with every stage of your sale, from valuation to marketing and conveyancing.
Step 1: Getting an Accurate Valuation
You want to sell your property for the highest possible price in the shortest possible time. Over pricing and under pricing can both have dire long term consequences.
Getting accurate and realistic valuation in the current market condition is a vital part of selling your property. We research, research and research again using data from past property sales in the local area, historical data obtained from land registry, and current market valuations. In addition, we will take into account local area amenities such as parks, restaurants, schools, and transport links.
We consistently achieve the asking price across our clients' properties.
Step 2: Choosing and Agent
There are two ways you can appoint an estate agent. All agents will give you quotes for both sole and multiagency.
This is where you instruct a single estate agent for a fixed period of time. The commission for a sole agency sale will be lower than for a multiple agency because agent has the property exclusively. The estate agent will, therefore, devote more time and be more willing to invest their resources. If you have agreed a sole agency agreement but then sell the property through another you will be breeching your terms of business and may have to pay more than one fee.
At Concept Spaces we work with all local agents and share properties and applicants with them, which means that by giving us a sole agency agreement you will effectively still be instructing several agents at the same time!
This is where you instruct several estate agents at the same time but the commission will be higher than for sole agency. Agents may spend less time and resources on multi agent properties as they risk loosing any marketing capital spent if you were to sell the property through someone else.
Step 3: Legal
The successful sale of your property can be dependent on an efficient and experienced solicitor. Doing your homework and getting a good solicitor will help avoid any delays.
HIPS (home information packs) are no longer a requirement but you will still need an Energy Performance Certificate (EPC). An EPC costs anywhere between £50 to £95 and assesses the energy efficiency of the property from A (best) to G (worst), and gives information on how to improve it.
Step 4: Smarten Up Your Home
First impressions count. A well presented property well sell faster and command a higher price. Your agent should use their experience with buyers to advise you on how to make your property look more presentable. You may have to use money and time to put right some niggling problems but this will add to the price you get from the buyer.
Tips and hints:
- Get rid of clutter to make the rooms look bigger.
- Use a lick of paint where necessary.
- Leave curtains and blinds open allowing for plenty of light. Espcially important in the winter. Have the lights on and replace any missing bulbs.
- Clean and fresh smell is always welcome.
- For a first time buyer a minor leak can become a major negative point.
- In vacant properties leave furniture and accessories to give a lived-in feel.
- Decorate neutrally.
- DYI – Fix up any visible faults you have been putting off.
- Clean the windows and make the most of natural light.
- The first bit of the property buyers see is the outside so do the best you can to make it look good.
- Make sure there are plenty of spaces for the buyer to sit down and relax. You are more likely to get an offer if the buyer feels at home.
Step 5: Marketing and Viewings
Your property is now ready to go to market.
To sell your property we will design a bespoke marketing strategy and coordinate viewings appropriate for all parties involved.
You will be given a weekly update on any feed back and market performance reviews. We can then discuss any necessary adjustments and optimise for maximum gain.
Step 6: Offers
As your agents we will start generating offers from interested buyers and negotiate offer for the highest possible price on your behalf. All offers have to legally be put to the seller. We will inform you both verbally and in writing.
Before accepting an offer we will discuss and take into consideration with you:
The price of the offer – Is it possible to get a higher offer?
Are the buyers circumstances:
a. Chains - If the buyers are dependent on selling their home before they buy then you are dependent on them selling their property.
b. First time buyers and investors? If yes, then things can move quickly.
c. People who have sold their property and have been looking for a new home.
Your individual circumstances – Are the buyers able to complete in a timescale that suites you?
Should you accept – We will fully manage the process, guide and advise you. Ultimately the decision to accept an offer is yours!
Step 7: Offer Agreed
Once an offer is accepted we will:
Prepare a memorandum of sale.
Write to all parties to confirm the agreed price.
Ask you to confirm your solicitor's details (if you do not have one we can recommend one) so that we can pass on the buyers' solicitor details to them. They can get on with drawing up the contracts
Step 8: Legal & Exchange
The next phase is where the buyer and their mortgage lender carry out their due diligence.
This includes a valuation, surveys of the building, title deeds, search results, and any leasehold information. It is normal for this stage to take a while where several questions can be raised. Until contracts are signed there are no legal obligations. Therefore, we will continually monitor and stay in touch with the solicitors to assist with the processes and relay and answer any questions.
Regular updates will be obtained so that we can keep you well informed every step of the way.
When this stage is complete, you can move onto exchanging contracts and setting a completion date.
Stage 9: Completion
Completion is when the residual monies (usually 90%) are transferred from the buyers solicitor to you solicitors account. Once the money has cleared in the your solicitors account they will contact you and request you release the keys.
Congratulations! Your property is now sold!