Tips for first time sellers

It’s one thing to be a first-time buyer, but quite another when it comes to selling your first property. For first-time sellers the process of selling can be daunting.

Seeff provides a few easy guidelines to assist you.

Choose an agent

The first thing you need to do is to select a credible local agent who will give you the right advice and more importantly ultimately sell your property.

The whole process starts and ends with a good agent. It is advisable that you provide the agent with a Sole Mandate to ensure that they focus all their marketing efforts on your property. Remember, giving a sole mandate to one agent does not prevent other agents from bringing buyers as agents often share deals.

Decide on the asking price

Take care not to use the list prices on the property portals as your pricing guidelines. Most of those properties tend to be overpriced and simply don’t sell. You need to use current sales as a guideline to set your asking price.

Your agent should provide a CMA (Comparative Market Analysis) which will provide an analysis of recent sales as well as comparable properties currently on the market. The agent will provide a recommended listing price. Remember, your agent has a reputation to protect and will give you the best advice.

Maintenance and repairs

Your agent will do a thorough inspection of your property and make recommendations about maintenance and repairs that should be done. During this time, you will be required to point out any material defects.

It is vital that the repairs are done before the home is put on the market and certainly before any photographs and viewings are done. Bear in mind that buyers tend to be picky and they will look to knock down your asking price for the slightest thing that they can spot so don’t give them any reason to do so.

Be flexible for viewings

While buyers can see a full description, series of photographs and perhaps even a virtual tour on the agency’s website and on the property portals, they will need to come and view the property. The agent may also want to hold a show house.

You will need to be accommodating and ensure your property is neat and clean whenever there is a viewing.

Consider all reasonable offers

It is always advisable to consider all reasonable offers. The golden rule in real estate is often that your first offer (if it is reasonable) is your best offer. Unless you feel very strongly that you will get a higher offer, you should not just dismiss it out of hand.

A good agent may well be able to negotiate the buyer up further, so always be open to negotiation. Remember too that a cash or “clean” (i.e. where the buyer doesn’t first have to sell a property) with as little conditions as possible is always preferable, even if the price is a bit lower.

Transfer process

Once your have accepted an Offer to Purchase and all of the “suspensive conditions” are met, your chosen transferring attorneys will be briefed to commence with the transfer process. Your agent will guide you every step of the way.

Should the buyer apply for a mortgage loan, the bank’s valuers will need to come through to value the property. Additionally, you will also need a number of inspections and clearance certificates such as an Electrical Certificate of Compliance (ECOC), Electric Fence System Compliance Certificate (if applicable), Plumbing Certificate, Gas Certificate (if applicable) and in some cases, a Beetle Infestation Clearance.

Additionally, the conveyancers will need to obtain a clearance certificates such as rates and taxes, levy clearance (for sectional title).

The transfer process can take up to 60 days and the conveyancer or agent will advise you once registration of transfer is done. During the interim period, you can expect that the buyer may need to come and measure windows and obtain other information from you, for example regarding an alarm company.