Stages of Selling
- Selecting an estate agent
- Selecting and instructing a solicitor
- Presenting your property
- Marketing your property
- The key to a successful viewing
- Receiving and offer
- Offer agreed
- Exchange of contracts
The first stage of selling your property is to arrange a number of valuations with estate agents. Your aim should be to sell your property at the best possible price in the shortest possible time. Choose an estate agent that understand the local property prices and has a strong brand image. Expect the valuation to reflect what similar properties have sold for in the area and the market conditions.
Selecting an estate agent
There are a number of points you need to consider when choosing your estate agent;
- Do they appear to be a professional organisation?
- Do they conduct valuations every week in your area? This is important to ensure an accurate valuation. (As a benchmark, Parklane have been experts in valuing properties in Leeds for 10 years carrying out valuations every week, giving us intimate knowledge of property prices in your area)
- Do they have hundreds of buyers registered who are looking to move immediately?
- Are they opened outside normal office hours in order to maximise viewing potential? (As a benchmark, Parklane are open Monday to Friday 9am to 6pm and Saturday 9am to 5pm and conduct viewings into the evening throughout the week)
- Do they have a network of offices across the city? This will reveal their knowledge of the Leeds property market and will immediately expose your property to a wider pool of buyers (as a benchmark, Parklane have three office across Leeds and North Leeds)
- Will they organise your legally required Energy Performance Certificate (EPC)?
- What kind of marketing package will they use to present you property and are ALL elements included within their fee?
- Do they have a successful website that attracts a large number of unique users? (Parklane have won awards for its website and have recently invested heavily in the redesign, further boosting its leading position in the industry)
- Will your property be promoted on other aggregators websites and if so which?
- Do they have their own brochure in which your property will be featured and if so how often is it published? (As a benchmark, Parklane produces and distributes a brochure every quarter)
- Do they use email and SMS marketing to promote properties?
Selecting and instructing a solicitor
The successful sale of your property can be reliant on the instruction of an efficient solicitor with experience in property conveyancing and a thorough understanding of property in Leeds. It is a good idea to do some research and make a decision before you put your property on the market. Most estate agents are able to offer recommendations if required.
Marketing your property
To find a buyer you need to spread your net as wide as possible and give your property maximum exposure to buyers in the area. To achieve this, your ideal marketing suite should include;
- Full colour property details with a floor plan and EPC.
- Professional signboards to promote your property 24/7.
- A successful website that attracts hundreds of thousands of unique visitors and showcases your property to its full potential.
- Uses additional aggregator websites to further promote your property.
- Email and SMS alerts to potential buyers.
Presenting your property
First impressions count, make the presentation of your property a priority to achieve a successful result. To ensure the your property is presented in the best possible light you should consider the following;
- Ensure the outside of your property looks presentable as this will determine an immediate impact. If you have one, gardens are an important selling feature so make sure yours is presentable.
- A fresh coat of paint can make a world of difference. (Where necessary, like a child’s bedroom or hallway)
- Professionally cleaned carpets can also be beneficial.
- Rooms appear larger when less cluttered
- Pleasant aromas and well aired rooms can create a welcoming feel.
- A well-lit and bright home creates a more inviting and spacious feeling.
- Address any jobs you have been ‘meaning’ to get done, such as unfinished painted walls, broken kitchen unit, damaged skirting board etc.
Make a diary note of when the estate agent will be visiting to takepictures so that you can present it at its best. Remember the photographs taken on that day will be the public’s first glimpse of you property and may determine whether they wish to see more.
The key to successful viewings
Does your estate agent offer a chauffeur service so that the potential buyers can arrive at a viewing in a relaxed frame of mind?
Does your estate agent have a policy of accompanied viewings so that they can use their expertise to sell your property?
Does your estate agent have all the information to access the property such as alarm codes, double locks, notes on pets etc?
Provide your estate agent with a set of keys so that they can conduct viewings at a short notice or when you are out.
Receiving an offer
For an offer to be legitimate the following is necessary:
- The offer must be communicated by the estate agent in writing even if already discussed verbally.
- Any special conditions to the offer must also be stated in writing (IE to include any furnishings etc)
- Your estate agent should check the buyer’s ability to proceed and confirm their position before you decide whether to except or not. (Parklane sales staff register all buyers and check their financial credentials before they take them on a viewing)
It take skill and expertise to negotiate a sale successfully through to completion. Receiving an offer is one thing but managing the next stage of the process is the most vital and important part of selling and choosing an estate agent with experience in this will make all the difference.
Once you accept an offer your estate agent will do the following:
- Prepare a memorandum of sale
- Write to all parties to confirm agreed price
- Ask you to confirm your solicitor’s details
At this stage the following details can be agreed:
- Date for survey on the property
- Date for exchange
- Proposed date for completion
Your solicitor will send out a draft contract to the buyer’s solicitor, who will then carry out preliminary enquiries. At this stage your estate agent should negotiate on your behalf and keep in regular contact with all parties to ensure all is moving in the right direction. You should be kept inform every step of the way.
Exchange of contracts
Exchange of contracts can occur when the following have been confirmed and agreed:
- Preliminary enquiries following receipt of draft contract
- Evidence of a good title
- Specific issues highlighted in the lease, if applicable
- Local search queries
- Fixtures and fittings to be included in the sale
- The buyers mortgage offer (Parklane will ask to see the buyers mortgage agreement in principle at the stage of receiving an offer)
Once the contract has been signed by both parties the following can occur:
- The deposit (usually 10% of the purchase price0 will be telegraphically transferred or paid in the form of a banker’s drat by the buyers solicitor to your solicitor, who will then hold the deposit until completion of the sale.
- The completion date is set by mutual agreement between you and the buyer
Upon exchange of contracts, the buyer is legally bound to purchase your property.
Completion is when the residual monies (usually 90%) are transferred from the buyer’s solicitor to your solicitor’s account.
Your solicitor will call you when the money has cleared in your account and will inform your estate agent to release the keys.
Parklane have helped thousands of seller and buyers over the last 10 years and can lean on this experience to help make this process as simple and stress free as possible. The experienced staff at Parklane pride themselves on being efficient and honest and will handle the sale of your property in a professional manner.