A Step-by-Step First Time Seller's Guide

Putting their property on the market can be a stressful process, especially when they don’t know what to expect. Fortunately, with the help of an experienced agent and this easy-to-follow guide, they can smoothly complete the process. Following these steps will help them prepare so they can get organized and sell their property for the best price possible.​​​​​​​


Step 1: Understand Why They're Selling

What do they want to accomplish with the sale of their property? Do they want to make a certain amount of money that they can put toward a larger or nicer property? Do they need to sell it as soon as possible to facilitate a move to a new city or area? Once they understand their needs, they can better craft their offer. For example, if they need to sell quickly, they might want to price their property lower than if their goal is to make a certain profit margin. Make sure they convey these needs to their Exclusive Real Estate Broker once they choose one so he or she can adjust their selling price accordingly.


Step 2: Determine Selling Price

Knowing how to price their property is one of the most important parts of the selling process. When they set a fair price in the beginning, they’ll get the most interest from other real estate agents and prospective buyers. Overpricing their property could lead to reduced interest, and underpricing leads to receiving less than what their property is worth. Working with a real estate agent is the best way to determine the right selling price for their property. An agent with experience can determine what other comparable properties are selling for, evaluate the current market, and may even suggest a property appraisal.


Step 3: Start Preparations

If they’ve kept their property in showroom condition since they’ve lived in it, they’re in the minority of property owners. Once they price their property, it’s time to start getting it ready to be shown to potential buyers. This includes getting rid of clutter, depersonalizing the space so that buyers can envision themselves in the space, making any small repairs, and doing a deep clean to make sure their property is in pristine condition.


Step 4: Develop a Marketing Strategy

Ahmed will develop a marketing strategy that is perfect for advertising their property. This involves listing the property and then driving the right exposure to that listing through social media campaigns, agent-to-agent referrals, traditional media, or SEO advertising. Ahmed will create a marketing campaign that aims to get the most possible traffic to their listing in the first three weeks after becoming a client.


Step 5: Evaluate Offers

Receiving an offer is an exciting part of the process, but it doesn’t mean the journey is over. Ahmed will evaluate each offer and make sure the party making the offer is prequalified and pre-approved by a mortgage lender and that their offer is acceptable to them. If the offer is too low, they can make a counter-offer or offer other ways to bridge the gap, such as covering some or all of the closing costs, making repairs, adjusting the move-in date, or leaving some appliances or fixtures for the new buyer.


Step 6: Accept an Offer

Once they deem the offer is acceptable, their attorney will review the proposed contract to make sure it’s all in order and includes the necessary components such as deposit amount, down payment, financing, inspection rights and repair allowances, contingencies, settlement date, and a list of fees and who will pay them. When both parties have agreed to the terms, a final contract will be prepared by their attorney.


Step 7: Get Ready to Close

They have accepted an offer and are now very close to the end of their selling journey. But first, they and the buyer must make a list of what needs to be done before closing. Their property will need to be formally inspected, surveyed, and appraised. In other cases, major or minor repairs will need to be made before the house can close. Their attorney will head up efforts to develop and execute this list, get each action item paid for by the correct party, and make sure everything is in order by the closing date. A few days before the closing date, their attorney will call the company closing the transaction to make sure everything is ready to go. If they haven’t done so already, they also need to make arrangements to vacate the property so the new buyer can take possession.


Step 8: Close

They’ve reached the last step in the seller’s process. When they close on a property they are selling, they are legally transferring ownership of the property to the new buyer. Their attorney will meet with the buyer's attorney and lender to close the transaction. During this time, they can also make plans with their Exclusive Agent to handle final details such as canceling utilities, cable, and lawn or trash services, changing the name on accounts that the new owner is retaining, and ensuring the new owner has instructions for all appliances that will remain in the property.


Once they have sold their property, they’re free to take the next step on their journey. Whether this is relocating to a new city, moving into a larger property, or downsizing and enjoying their life as empty-nesters, knowing all their selling responsibilities have been taken care of will help them achieve peace of mind for their new path.

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