Selling your home can be a lengthy process just like buying, but it doesn’t have to be difficult. Whether you are selling because of a move, work, or in need of an upgrade, here is a walkthrough of what to expect.
Stick around to the end if you are in Acton, London for more information on the best Acton estate agents to get you through the buying/selling process!
FSBO vs. Estate Agent
So you’ve decided you’d like to sell your home. The first step is to determine whether you would like to list it as “for sale, by owner” (FSBO) or hire an estate agent. Let’s discuss the pros and cons of both so you can pick the route that works best for you.
FSBO Pros:
It offers complete control over the selling process. Selling your home yourself allows you to stage, price, and accept offers exactly the way you want. If you are confident in your selling abilities and have at least a basic understanding of how the market works, this may be your cup of tea.
You will save on commission fees. This factor alone is what motivates many homeowners to list their homes as FSBO. Since many agents take around 3%-6% of the sale price, you’ll get to keep that amount to yourself if you decide to go this route.
FSBO Cons:
You become a prime target for lowball offers. Since buyers will know that you are selling the home yourself and saving on commission fees, many will try to take advantage of the situation and ask for a lower price.
The process requires knowledge and persistence. Selling a home is no walk in the park. Estate agents get paid so well because it requires a lot of work, expert application of knowledge, and overall persistence. If you decide to go this route, do your research and familiarize yourself with the market status to avoid being taken advantage of.
Stress management and patience is key. From negotiating, contract conditions, hosting showings, and maintaining professionalism over the transaction, the time investment can quickly add up. Remember, you are taking over the process entirely yourself. Self awareness, as well as time and stress management skills can make or break the selling process.
Estate Agent Pros:
They do the work for you. From handling the contracts and paperwork, to actively showing your home to potential buyers, all you have to do is sit back and wait for the offers to start rolling in.
You may learn something along the way. Estate agents are highly knowledgeable about what they do. Do not be afraid to ask questions or for clarification on unfamiliar terms. It is a part of their job to make sure you are at ease and understand the process.
Your home will be seen by a wider audience. Estate agents have the means and connections to get your home seen by potential buyers beyond just Zillow or Craigslist. They may have a private platform or access to other sites to list your home onto, resulting in a faster sell.
Estate Agent Cons:
There is a commission fee. Because the agents are now doing the leg work of selling your home, they are going to take a cut of the earnings when it sells. The typical range is 3%-6%, but this can vary based on location and other factors. Be sure to ask your agent what their fees are before you agree to work with them.
Finding the right agent takes time. It isn’t wise to just pick an agent randomly off the internet. Some have ulterior motives and don’t always have your best interest in mind. Reading testimonials, asking the right questions, and making sure the agent is licensed can take up a chunk of time. However, the results are worth it when you choose the right one for the job.
You have less control over the process. As stated before, an estate agent takes over the process of selling your home. This inherently means you relinquish a considerable amount of control. Not to worry though, a trustworthy agent will keep the lines of communication open and cater to your needs to the best of their ability. In fact, having less control is a blessing for most!
Have the Home Inspected
Usually, the buyer is the one that opts for the inspection of the home. However, it doesn’t hurt to get the home inspected first beforehand to weed out any potential issues that could be raised. It always pays to be ahead of the game so there are no surprises.
A home inspector to help notice any areas that could be problematic in the future. These professionals look into the bones of the home such as water pipes, HVAC systems, and even inspect the structural integrity.
Price Competitively
Your estate agent will help you with this part if you have chosen to hire one. Otherwise, having at least a general idea on how other sellers in your area are pricing their homes will tell you how you should price yours. Ideally, you want the price to be in the same range as the others. If it is priced too high, buyers won’t be interested. If priced too low, you lose out on money.
It’s comforting to think you will be getting a nice chunk of cash after selling your home, and most of this sentiment is true. However, it is important to take into consideration the fees that will come out of that cash following the closing date.
Agent Commission
Yes, it is your estate agent’s payday as well. They typically will take 3%-6% of the price of the home.
Repairs and Improvements
Any costs for the repairs and improvements you made at the advice of the home inspector will be factored out of the listing price as well.
Closing Costs and Taxes
Appraisal and inspection fees, as well as property taxes must be paid at the time of closing before you can fully hand the keys over to the new owner.
Be sure to ask your agent to inform you of any additional fees so you can calculate the expected amount!
Stage and Hire a Photographer
The idea is to get potential buyers to see themselves living in the home. With this in mind, not every buyer is going to like your decor choices. Having your belongings put in storage, along with having your home professionally cleaned is going to give you the best possible chance for getting buyers in the door.
Additionally, hiring a photographer (preferably within the real estate niche) will ensure that your home is displayed through a screen in the most flattering way possible.
Sell Your Home
All there is left to do is sell your home! If you’ve made it this far in the article, you know that the first step is to hire an estate agent (if that’s the route you’re taking). Citydeal Estates host some of the best Acton estate agents in the west London area. With hundreds of five star ratings, and a gold British Property award, consider this company for purchasing your dream home!
