This Home Seller’s Guide provides a general overview of selling real estate property, the people involved and their responsibilities.
- Your Home Selling Team
- The Asking Price
- Marketing Plan
- Offers & Negotiation
- Closing the Deal
TL;DR: Selling a house is a complex transaction with many legal and financial consequences. For expert advice contact Yasser Khan.
1. Your Home Selling Team
When it comes to selling a home, it can be difficult to know where to start. It is important to know that you don’t have to do it alone. There are numerous parties that you can get involved to help make the process easier. Below you will find a list of professionals that you can involve and what role they may play in helping you to sell your home.
Your (Seller’s) Personal Agent
The real estate broker you have hired is under contract with you. They have your best interests in mind and their role is to provide you with invaluable advice to make sure you’re getting a fair price for your home. Your real estate broker is responsible for listing your property, marketing your property, and finding prospective buyers. Additionally, they are responsible for handling any negotiations regarding offers on the property on your behalf.
A lawyer is a necessary member of your home selling team who can save you a lot of stress. Their job is to ensure that you are fully aware of what you are agreeing to prior to signing anything. They will be more involved near the end of the process when negotiations have begun.
A home stager is someone you can bring in to stage your home, meaning they will make the home appealing to a larger number of potential buyers. Home staging is a great way to assist in selling a home quickly, making it easier for people to see themselves in a home.
2. The Asking Price
Before you can begin marketing your home, you first need to decide on an asking price. While trying to set a realistic asking price, you need an understanding of the current market and all the factors that could affect the value of your home, positively or negatively. This decision can also have a huge impact on the amount of time it takes to sell your home.
Your realtor is an invaluable member of your home selling team. With their experience, they can help you compare similar nearby properties and set a competitive asking price.
3. Marketing Plan
Marketing a home is more than just listing it on a few websites and putting ads up in various locations, it’s what is in those ads that are important. There are countless other homes out there on the market. You need to identify the unique features that your home has that makes people want to make an offer. Identifying unique selling points will highly increase your chances of finding a buyer.
Presentation plays a huge role in marketing a home. You may want to consider adding a professional home stager to your home selling team.
4. Home Staging
Home staging is something that can be done in order to make your home more appealing to a larger number of potential buyers. This is done by transforming the home into a more welcoming and attractive environment that the buyer can picture themselves in or growing into.
When trying to sell your home, you need to present it in a way that is appealing to most audiences. While preparing for a showing or taking pictures for listings, there are a couple of key things to remember to help you stage your home;
- The outside matters – People care about curb appeal. Show prospective buyers that you take care of your home, inside and out. Take some time to do some landscaping or clean up your front yard.
- Declutter – You want your home to be clean and free of clutter, allowing prospective buyers to imagine their furniture and clutter in your home.
- Scents – When showing your home, you want to eliminate unwanted odors such as those from pets or smoking. But also, be aware that people have allergies to strong aromas, so don’t go crazy.
- Paint – A fresh coat of paint can never hurt. Try to pick more neutral colours to appeal to more people. Some people may not like purple walls as much as you did.
5. Offers & Negotiations
Once you have received an offer on your home, it is time to think about negotiations. This is when your realtor and/or lawyer really shine. With their experience, they will negotiate and fight for you, ensuring that you get the best possible outcome. Negotiations can include stipulations in the contract regarding home inspections or specific fixes to be done on your dime before they’ll purchase your home. This can sometimes be a long process, so be patient and talk your concerns out with your realtor.
6. Closing the Deal
Now that you’ve accepted an offer, it’s time to conclude the sale. Your legal representation will go over all the necessary documents with you, getting your signature where required. Once the sale is complete, you will now hold legal ownership of the property and your lawyer will receive the funds. Your lawyer will then provide you with a statement of adjustments, which is essentially a list that outlines your closing costs, or all the costs associated with selling your property. These costs include things such as taxes, legal fees, commission, and mortgage fees.
Congratulations, you did it! You’ve sold your house!