After you list your property…
Selling a property can feel like a bit of a whirlwind, with lots of boxes to tick, lots of decisions to make and lots of elements to weigh up.
But while it can feel a bit daunting, there’s actually a process involved, so let’s look at what happens after you list your property for sale…
The listing
A property is considered ‘listed’ once it’s openly advertised for sale. That means you’ve already prepared the property, appointed an agent, had photographs taken, and the property is now ‘live’ on real estate portals, social media and the real estate agency’s website.
Now comes the crucial period of the sales campaign where the aim is to get as many people through the doors of the home as possible and have a number of them keen to purchase your home.
This is also a stage where time is of the essence, with data indicating a property will attract the most interest within the first 28 days of listing.
Open homes
Once the property has been listed for sale, the open homes and inspections begin.
Open homes can either be advertised and open to the public or can be conducted as private viewings that are organised by the agent.
Either way, open homes are a critical part of the sales process as this is when people come through the home and inspect it in person, ascertaining whether it might be the right purchase for them.
Feedback
Open homes and private viewing also enable the sales agent to elicit crucial feedback from potential buyers.
This feedback might relate to the property’s condition, presentation, and price point, along with the potential buyer’s level of interest, ability to purchase and any conditions which may be attached to the sale.
After each open home, your agent will reach out to provide you with this feedback along with any suggestions on what can be done to improve the likelihood of a sale.
Offers and negotiation
If a prospective buyer is keen to purchase, they will put forward an offer, including what they’re willing to pay and any conditions that might be attached to the purchase.
This is where a great agent comes into their own, negotiating with the buyer to achieve the best possible outcome for you.
As the seller, you can accept the offer, counter it, or reject it.
A contract of sale
Once an offer has been accepted, it is formalised in an official contract of sale. Once signed by both parties, the deposit for the property will need to be paid and the clock starts ticking down to settlement.
Along the way, there will be conditions and milestones that need to be met, which might include things like the buyer obtaining finance, due diligence, and pest and building inspections.
Settlement
Once all the conditions and deadlines are satisfied, it’s simply a matter of waiting for settlement.
This is the day when the money transfers and the property officially belongs to the new owner. It’s also the deadline to ensure the property is vacant, clean, and ready for the new owner to take possession of the residence and move in.
How we can help
If you’re considering buying or selling a property and seeking to understand the current market conditions, why not chat with one of our friendly agents to understand how we can help?
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