Stages of property selling process
Nowadays when the real estate market is oversaturated for owners willing to sell their property it's very important to have effective and feasible sales strategy. Before its creation you should determine the plan of actions which you're going to undertake during the selling process.
Step 1. Analyze relevant market situation
Search the Internet, perform pre-purchase inspections pretending that you're currently looking for a flat, try to extract as much information as possible from the owners and real estate agents.
Step 2. Prepare your property for sale
- Gather necessary documents
- Identify potential alterations whose implementation is likely to increase the value of your property
- Make photos showing your property in a favourable light
- Determine the limits within which you're going to stay (How much time are you going to spend on the selling process? Which costs are you willing to bear?)
Step 3. Set the price
The chosen price should reflect the market situation, otherwise you will make unprofitable deal or won't be able to sell your property. If market conditions are expected to become more favourable and you're willing to wait for some time you're likely to get higher price for your property.
While comparing your flat to the similar ones put up for sale take into account the following details: location; flat equipment, orientation, condition (reconstruction, with plastic windows, etc.); age of the building, condition of building common area (roof, elevator, floors, etc.).
If you have considerable doubts, consult an appraiser whose reward is likely to be much lower than the potential costs you may suffer because of lack of information.
Step 4. Choose the suitable methods of advertising
Combine different forms of advertising: place your ads online and in printed press. Use the opportunities of highlighting your offer: favourable placement in newspapers / magazines or first positions in search engine results.
Do not underestimate the power of word-of-mouth advertising: shortly before putting your property for sale tell your relatives and friends.
Step 5. Create the content of your advertisements
Basic elements include: the type of ownership, size, condition, the extent to which the apartment is equipped, transport accessibility and public facilities.
If there are some limitations on ownership rights you had better to state them as well: the potential buyers can always reveal hidden facts through the Real Estate Cadastre and they will not have any desire to deal with a person who tries to cheat even before the negotiations begin.
Step 6. Think through possible scenarios for pre-purchase inspection
How much are you ready to reduce the price if a potential buyer detects defects? Which counterarguments will you offer when a buyer with intent to get a discount points out imperfections of your property?
Step 7. Prepare property sale agreement
To be valid every contract should include unambiguous description of both parties, adequate specification of subject of the contract and its purchase price (including payment conditions and method of payment).
In addition the day when the contract comes into force and the day and the place of its signature should be indicated.
Step 8. Transfer ownership of the property
If the agreement was drawn up in a proper way the rest of selling process will run smoothly. The parties will just fulfil their obligations related to cadastre (e.g. fee for record editing, etc.), tax on the property (it's currently 3% of the price stated in the evaluation report and is paid by a seller) and other obligations arising from the concluded contract.