Guide to
selling
Deciding to sell your property and move on can bring a whole host of feelings and emotions – but stress doesn’t need to be one. We have put together this handy little guide, to try and take some of the stress away.
First and foremost, make sure you’re taking advice from the right people. A reputable company will be members of a redress scheme such as The Property Ombudsmen (TPO). Have a look on the internet for agencies that operate locally to your property and request that they come and value your property. Read their reviews. We would recommend that you receive three valuations from independent and national agents so that you can decipher how each of them operate and plan to generate interest. Prior to meeting your valuers, it would be a good idea to make a list of what is important to you – such as communication, feedback, marketing technique etc. All agencies work very differently, and this will allow you to find your perfect match. Also, consider whether you have a price in mind.
During your valuations, we recommend that you take notes throughout so that you can compare when deciding. Ask plenty of questions and really get to know the person in front of you. If they are to be the agent representing you and negotiating on your behalf, then it is really important that you find them to be personable.
Once you have had all your valuations and decided on who is right for you then you will need to formally instruct them. This will involve signing a Sales Agency Agreement and sending over a number of other forms and documents in order for them to do the necessary checks. It will also be necessary to discuss handing over a set of keys for your property to your agent, to allow for them to conduct viewings. These will be kept secure.
We would always recommend presenting your property to a show home standard for us to take our marketing photographs. This gives your property the best opportunity to stand out amongst the crowd. Weather dependant, photos are best taken on a clear and sunny day when the rooms can be flooded with natural light. Check that all bulbs are working in all lights, as they should all be on for photographs. The more light, the better. Fresh fruit, flowers and plants are also, always, a nice touch. If you’re selling a house as opposed to an apartment, tidy up the outside areas to give it some curb appeal. Everything you do will certainly pay off. Your agent will then attend the property to take marketing photographs, a floor plan, and a virtual tour.
These have been required since 2008 and agents are unable to market a property without one. If you’re unsure as to whether your property has one, check the EPC register. If it has expired, you’ll need to contact an EPC Assessor and arrange for a new one to be issued. Ask your agent for guidance if you need it.
Once your agent has taken photographs of the property, edited the video tour and illustrated the floorplan, they will draft the online advert. They will then send you a link for you to review. If you require any amendments, then it’s best that you advise them at the earliest so that they can get your advert online.
Once you are happy, the advert will be uploaded to various property portals and marketing will commence. A good agent will then immediately start contacting buyers registered on their database. The best will start doing this at the point of instruction.
If they have high street presence, almost certainly ask them if your property can be showcased in their window.
Your agent will conduct viewings on your behalf, this allows for them to get the most feedback from viewers during the time they have together. All feedback, however good or bad, will be fed back to you in an honest and transparent manner so that you can work together to find a buyer.
You will be able to agree, in advance, terms of viewings with your agent. For example, if you require 24/48 hours’ notice, or no viewings on particular days etc.
Alongside feedback reports after every viewing, your agent will endeavour to provide you with market updates. These can be provided monthly over the phone, video call or if that is not convenient it can be done via email. These market updates will give you with an insight into how quickly the market is moving, and how your property specifically is performing on online alongside neighbouring properties. This is also the perfect opportunity to discuss possible price reductions or a change in strategy.
Receiving Offers
Once an offer is received, your agent will verify all the documents received from the offering party. This offer will then be sent across to you for your perusal. Should you be happy with the figure offered and any terms of the offer then let your agent know that you wish to accept. However, if you wish to negotiate on the figure or the terms, then this can be done through your agent who will be in direct contact with the offering party. At this point you may wish to inform your agent of the figure that you would be happy to accept. It is also worth considering at this point that if the offer is considerably over asking price and the buyer is purchasing with a mortgage, then it may be down valued by the lender when they attend for a valuation. This is definitely worth discussing in more detail.
If your property generates multiple offers, then you are in a fantastic position. There might be one offer that stands out from the crowd that you wish to accept immediately. Or you may wish to decline them all. This is entirely your decision. However, at this point you may wish to request best and final offers from all parties. This means that your agent will inform all parties that multiple offers have been received and that they are now given an opportunity to submit their best and final offer by a specified date and time. Once these offers are received, these parties will not be given the opportunity to submit any further offers. In this situation, there are often offers above the asking price and again, you should consider everyone’s circumstances to avoid a down valuation.
Once you inform your agent of the offer you wish to accept, they will forward the good news onto the buyer. At this point we will request details of your solicitor, and details of theirs. Once received we can mark the property as Sold Subject to Contract and issue the Notification of Sale to all parties. At this point the conveyancing process will begin.
From here on you should be led by your solicitor/conveyancer. They will advise when it is best for you to order your Management Pack, should your property be a Leasehold. Your agent will be in constant communication with all parties to push the sale along at a good pace – this will involve weekly phone calls and emails. Should you only wish to receive updates via email or telephone then please let your agent know – we want to make sure that the process is as stress free as possible.
Once both parties have agreed a completion date, there will be a few things for you to consider. If you’re packing up your belongings, make sure you refer to the terms of the offer to recap if any items, such as appliances, are to be left behind. If you’re looking to hire the services of a removal company, be mindful that most request a deposit to book the appointment. It would be prudent to action this on exchange, in case the completion date is delayed. In the excitement of moving, don’t forget to make arrangements to obtain your meter readings on the day of completion and most certainly set up a redirection service for your post.
Once your solicitor confirms funds have been received and you have completed on your sale, you will need to ensure that all sets of keys are dropped off with your agent so that they can hand them over to the new owners. Remember, once completion has taken place, you have no legal right to the property and therefore keys should be handed over without delay. Now you can move on to your next adventure.
Immersing ourselves into the local community and keeping a sharp eye on Manchester’s ever changing skyline allows us to provide guidance on value. Whether the property market is at a peak or in the depths of a trough, we endeavour to be ahead of our competitors by implementing strategies for our sellers. The value of property is essentially what another individual is looking to pay, however, taking the sellers situation into consideration is imperative to helping them achieve their goal.
