1. Deciding to sell.
Consider what is happening in the broader market and what is best for your particular situation. Also decide if you are better off buying a new home before or after you sell your current home.
2. Choosing an agent
Your agent will be in charge of advertising, showing and completing the legal requirements of selling your property. Choosing a real estate agent to sell your property can be a difficult decision and one that many people have not had to make before. There are so many real estate agents in the business, each well-versed in presenting the benefits of their services - how do you choose? In essence, the real estate agent should be an expert negotiator and marketer of property.
3. Next you'll decide how you want to sell
Next you'll decide how you want to sell. You and your agent will work out a plan for listing, showing and selling your property. Some of the most common methods of sale include Auction, Private Treaty and Best Offer By. Your agent will run through the merits of each method. It is important to note that whatever the agent recommends, it is the SELLERS CHOICE as to which method is finally chosen.
4. Determining your selling price and property inclusions comes next
Your property's location, size, age and features will be assessed, as will the current market and area trends. The agent will then run through a report of all the sales and properties currently on the market in your area with you to determine the price point they think you should launch your property to the market.
5. You'll sign an agreement with your agent
This legally binding contract will detail any commissions, the estimated sale price, duration of the agreement, advertising costs, process and much more.
6. Advertising and showing your property
This generally involves photographing your property, drawing up floor plans and writing your online ads. Try to coordinate open for inspections at times which may present your property in the best possible way. If you choose to showcase it at night, ensure all lights are turned on and blinds are open to make it more inviting.
7. Going on the market
Prospective buyers will contact your agent and arrange times to view your property, or attend your open homes.
8. Sale and negotiation
Your agent will auction your property or mediate between you and buyers to reach a mutually acceptable price. The buyer will then pay a deposit.
9. Under contract
Both seller and buyer's conveyancers and banks will work out the details of the sale to ensure both parties meet all legal and financial requirements.
10. Settlement day
All going to plan, you'll relinquish the keys and legal rights to your property in exchange for the balance of payment from the buyer or their bank. Congratulations, you have sold your home!