YOUR MOTIVATION FOR SELLING
Explore your motivation for selling. Everybody has a reason to sell. If you aren’t truly motivated nor committed to selling you could be setting yourself up for disappointment. Maybe this is not the time to sell for you? Perhaps spring would be better?
Try comparing the pros and cons in a written list to determine if you are making the right move. Talk to trusted professionals.
- Explore your motivation for selling
- Make a list of pros and cons
- Seek specialist advice
A professional Real Estate Agent should represent you and will be responsible for looking out for your best interests. Interview and meet with at least 3 real estate agents. Consider their experience. Ask questions about their brokerage contract, including the length of time the home will be listed. Ask each agent to present a comprehensive marketing plan that explains what they will do to market your home. In addition, ask the agents to prepare a comparative market analysis for you and ask each for their opinion about the following:
HOW TO PREPARE YOUR HOME FOR SALE
Compare suggestions and consider accepting the most sound advice. Generally, you will follow the rules to declutter your home.
WHAT TO REPAIR BEFORE SELLING
Not all resale repairs will pay off. You don’t want to spend a lot of money making improvements but you do want to repair obvious maintenance issues. Ask for professional guidance or you will probably spend more on things you don’t need to fix.
Ask your agent if he knows how to stage. Surveys among US real estate agents have shown that proper staging can reduce sales time by one-third to one-half and increase sales by 10-15%.
PRICE YOUR HOME
Do not select an agent based on suggested sales price. Some will overbid each other to get the listing. But do not overprice. Homes that are overpriced often sell for less than the market value. Try to compare similar homes sold within the past 3 months to determine value.
- Source a professional Real Estate Agent
- Interview and meet with at least 3 agents
- Determine who is the most experienced
- Confirm they have a brokerage contract
- Confirm the duration of your listing
- Request comparative marketing plans
- Request comparative market analysis
- Ask how to prepare your property for sale
- Compare suggestions from each agent
- Consider who offers the best advice
- Seek professional advice on repairs
- Action all required repairs
- Ask for help with home staging
- Do not appoint an agent on the sales price
- Remember never to overprice
- Check recent sales prices of similar homes
- Seek advice on pricing your property
LET THE AGENTS GIVE YOU A VALUATION
A vendor’s biggest mistake is to overprice a home. Set your asking price in line with sold homes identified in a comparative market analysis report.
Consider whether your market is a buyers’ market or a sellers’ market and price according to the market climate.
- Don’t overprice your home
- Compare your price with sold homes
- Determine if the market is favourable
MARKET YOUR HOME
Your agent should identify the decisive selling points and choose a marketing strategy.
- Approve your agent’s marketing campaign
- Ask your broker for a virtual movie or drone shots
- Define key selling points
- Approve the marketing plan
- Ask for a virtual movie or drone shots
If you’re wondering about what’s better, a lockbox or appointments to be present at viewings: you’ll probably get more viewings if you let agents use a lockbox.
Your home will show better if you sell in spring, autumn or winter in the Algarve. Mind, you’ve got only one chance to make a good first impression, so prepare your home well.
Ask your agent for buyer feedback so you can adjust your price or marketing campaigns accordingly.
- Arrange a lockbox
- Prepare your home
- Listen to buyer feedback
- Adjust price accordingly
COOPERATE WITH AGENTS FOR VIEWINGS
Ask your agent to provide you with a viewing checklist.
Prepare your home for each viewing, from the basement to pool area.
Make sure you are thoroughly ready for any second viewing.
- Request a viewing checklist
- Prepare your home
- Be prepared for 2nd viewings
RECEIVE OFFERS AND BE READY TO NEGOTIATE
Don’t feel offended with a low offer – just make a genuine counter offer. Don’t ignore offers ever.
If you feel the offer is perfect, accept it. Don’t anticipate that your asking price is too low. The buyer has the right feel about the value of your home and your real estate agent has been working well.
Don’t be afraid to make a full price counter offer, if your asking price is competitive and if your home is priced right, prepare yourself for multiple offers.
- Receive offers
- Make genuine counter offers
- Never ignore offers
- If you feel an offer is right, accept it
- Don’t fear a full price counter offer
NEGOTIATE A REQUEST FOR REPAIR
Generally, vendors don’t need to accept a buyer’s request for repair, but it makes sense to show your good will.
You are entitled to a copy of the surveyor’s report if the buyers request repairs. If you do not choose to make repairs, a buyer might accept a cost credit instead.
- Show goodwill if required
- Request a copy of the surveyor’s report
- In the absence of repairs offer a credit
SELL BEFORE BUYING
The moment your home goes on the market, you might be tempted to browse properties for sale and even view homes. Don’t get carried away too early. It is pretty much always more profitable to sell before buying.
Once the money will be on your account and your property sold, you will have sufficient time to look around. Meanwhile, ask your agent to get a portfolio ready. Be patient, your time will come.
- Sell before buying
- Take your time
- Instruct your agent to prepare a portfolio