Buying or selling a residential property can be a tough and laborious exercise, especially for beginners. However, when you do your research before selling, you are likely to avoid silly mistakes that you might regret in the future. Sellers want to fetch the highest price in the market while buyers want the fairest rate. However, when the property market is in a boom, the scales will tend to tip in your favor. Here are some top tips to consider before putting your property on the market.
Before you choose an agent, you have to put yourself in their shoes and think like them. For example, you can check out some similar property on the market to ascertain the market value. You also get to know why sellers are putting the property on the market and if there is room for price negotiation. With this information, you can select a couple of licensed agents and compare their valuation of your property before choosing one with the best marketing plan.
Sell by Auction
Selling by auction allows you time to rally up the price during the campaign period. As the interest in the property rises so does the price. Your real estate agent will specify the time, date, and place of auction thereby allowing prospective buyers more time to make a decision. Note that the rules of selling by auction might vary slightly from one territory or state to another. One benefit of this system is that after setting the base price, also known as the reserve price, the property value only gets higher during this campaign period. Therefore, to increase the interest in the competition, you have to coordinate with the agent and use various forms of media to get to clients, especially social media. Even if you fail to secure a buyer during the auction, you always have the option of continuing with the campaign with an asking price in mind. At this point, your agent might identify the highest bidder for negotiation until you agree on a favorable price.
Almost all agents property earn their fee through a commission-based system after closing a deal. Therefore, before giving an agent a written authority to sell, ensure that you agree on the amount of commission they will earn. The law does not set any threshold on the amount of commission payable to a seller because it is negotiable.
For more information on properties for sale, contact a real estate agent.