What to think about when selling for the first time image 1

What to think about when selling for the first time

Tuesday 18 Jan 2022

Selling your home can seem daunting, particularly if you haven’t sold a property before, and there are many factors throughout the process you need to be aware of. Read on to learn our top recommendations for first-time property sellers.

Determine your property’s value

A good place to start is by determining and setting your sale price. To sell your property, you first need to understand what your asset is worth. There are different ways you can go about this – some people choose to look at online appraisal tools, however these are algorithm-based so accuracy and relevance can be variable. Most potential sellers choose to obtain a CMA (Current Market Appraisal) from one or more licensed real estate agents. Alternatively for ultimate peace of mind, you can commission a property valuation from a registered valuer. Once this has been completed you have the information needed to establish a realistic sale price. The sale of property should be looked at as an investment, so it is important to separate any emotional connection or feelings about the property to get the best return on the sale.

Selecting a sales consultant

Should you choose to list your property with an agency, you will need to choose a licensed real estate salesperson to work with. Real estate salespeople work for the seller and receive a commission-based fee from the sale price of the property. Your sales consultant will be able to provide you with all of the information around the costs of selling and the services that will be provided. Bear in mind that most costs are covered by the sale fee, however there may be additional marketing and administration charges. Check our blog on ‘Choosing the right real estate agent to sell your property' to learn more.

You will also need to determine which sale method you wish to use to sell the property whether that be auction, negotiation, tender/deadline sale or fixed price. You can learn more about the different methods of sale here. Our experienced consultants can help you select the method of sale that is right for your property and your priorities, so feel free to chat about the options. 

Assemble your team

At this point you want to make sure that you have sorted all the legal/financial parties needed for the sale of the house. They will provide expert advice and be your port of call for proceedings once you have an offer. These parties could include a lawyer, conveyancer, accountant, insurer, lender, moving company and more. Selling a property can be at times a very quick process so it is important to be prepared.

Prepare your property for sale

The next step is to get the property ready for sale. It’s essential to make sure it’s looking at its best whether that be a coat of paint or touching up any marks or nicks in the walls. Your sales consultant can offer advice on what may need tweaking, and can also offer recommendations for a staging company if the property would benefit from a different look. Making sure the property is clean and uncluttered for the viewings is also important as prospective buyers come through. Your sales consultant will also advise on whether open homes are appropriate for your asset. The sales process is a busy time with a lot happening, so don’t ever hesitate to call your team and get clarification on any questions you have. Remember, we go through this all the time, most clients only do it very occasionally, so you’re not expected to have all the answers!

You’ve received an offer, now what?

This is where your experts come in. Alongside your real estate consultant who will support you throughout the entire process, this is where your legal team will come into play.  Once you have an offer you wish to work with, they will ensure the contracts are in order and legal proceedings are undertaken to ensure a smooth handover of the property. This is where you will also finalise move out dates and assist with anything that needs doing to meet conditions of sale.

Settlement day

On settlement day, the property must be vacant. You will need to make the property available to the buyer(s) for a pre-settlement inspection prior to or on this day. Once this has been undertaken and the buyer is happy with the property, the lawyers who manage the settlement process will register the change of ownership to the buyer(s) and you need to hand in all keys, garage door openers and alarm codes. The buyer will collect them once the settlement process is complete.

Colliers is recognised as a property industry leader in New Zealand and we are here to help at every step of the way. For more information, or to request a free no-obligation market appraisal, get in touch with one of the team today.

Article by

Amelia

Amelia McNamara

Digital Marketing Coordinator

Queenstown Office