Do you understand the Listing and Selling Process?
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Selling your home, your major financial asset, can be overwhelming and very emotional. You need to be properly acquainted with the listing and selling process.
The Listing Process
Listings of your property needs to be as eye-catching and appealing as possible to attract the attention of the interested buyers.
Here is the process:
The selected Real Estate Agent should:
- Do a thorough and detailed inspection to gain an in depth knowledge of your property and she/he should be made aware of any defects.
- Have photographs taken by a professional photographer whose photos will showcase the best features and aspects of your property.
- Write a brief to-the-point description of your property using choice keywords and keyword phrases in a search engine-friendly way to ensure maximum search results and buyer interest.
- List your property on the most frequently used property portals, and social media platforms, using this description and the photographs.
Also the selected Real Estate Agent should:
- Arrange convenient days for Show Days, or View By Appointments (VBAs) only, for your property.
- Display "For Sale" boards outside your property prior to, and on appointment days.
- Create marketing materials, such as brochures, drops and flyers ready for, and to distribute in the neighbourhood prior to, appointment days.
Then the selected Real Estate Agent should:
- Hold Show Days, or View By Appointments.
- Follow up on any enquiries or responses from the marketing mechanisms and schedule mutually convenient viewing appointments from these with all the parties.
- Receive any Offers to Purchase and present them to you, the seller and continue with these until you have accepted and signed an Offer to Purchase.
The Selling Process
This is a rather complex process which can be made easier, smoother and hassle-free, with the right Real Estate Agent to guide you. So, deciding on the right Real Estate Agent should be the first step in this process and handled carefully and with thorough research.
Choosing a Real Estate Agent
With the right Real Estate Agent, the selling of your home can be a smooth and hassle-free experience. So, do your research carefully:
- Interview a few Real Estate Agents with good standing, repute and success in the area by preparing some questions to ask each such as: their latest sales, their knowledge of, and market trends, in the area, and why they should be given the mandate.
- The Real Estate Agent should discuss their marketing strategy and full marketing plan in detail with you. Once you have understood this and what is required, then you will need to commit to the process and will need to co-operate with each step.
- When the Real Estate Agent has instilled in you a sense of comfort and confidence in his/her ability, then sign a sole mandate with this Real Estate Agent. A sole mandate ensures the Real Estate Agent's dedication and full attention and one who will market the property to the best of his/her ability.
- Never choose a Real Estate Agent based on price. Rather select a Real Estate Agent on his/her ability to answer your questions and his/her track record.
Valuation and Right Pricing
It is important that the right price be determined for your property and according to the current market. If it is priced too high, then the property may stand still on the market. Be sure to explore the current market yourself and research what other similar homes in your street or suburb are selling for. This way you will be better prepared to accept and acknowledge the valuation given by your selected Real Estate Agent.
Compliance Certificates
It is a legal requirement that the following compliance certificates must be supplied by the home owner when selling: electrical, gas, electric fence. These need to be issued by registered and qualified professionals in their field. However, any essential repairs will be for the seller's cost.
- Electrical certificate: is valid for two years unless electrical work has been done within that two year period.
- Gas certificate: is only required, if there is any gas installation on the property, in order to comply with the Occupational Health & Safety Act.
- Electrical fence certificate: has to comply with the Occupational Health and Safety Act. It is usually issued at installation time and a new certificate is only required should repairs or alterations have been done to the original installation.
Viewings and Show Days
Viewings and show days are the best ways to display and market your property to attract the right buyer. As appearances count, the property needs to look at its best; be crisp and clean, neat and tidy inside and out, without visible clutter, and be light and airy and smell fresh and mildly aromatic. If necessary, spend a little money fixing any obvious detractions such as chipped tiles, empty garden beds. One always hopes that this "home-staging" will find the right buyer who will put in an Offer to Purchase.
Finalising the Sale
When you feel that you have found the right buyer and have accepted and signed the Offer to Purchase, this becomes a binding contract and is known as the Sale Agreement.
The Real Estate Agent will coordinate the entire sale process, which usually takes about 3 months, with you and which in simple terms is as follows:
Conditions of sale are conditions which may be inserted into the Offer to Purchase by either, or both, the Buyer and Seller such as: subject to finance and bond approval, subject to a sale of another property. For more details, follow this link:
https://www.property24.com/property101/buyers-guide/whats-in-an-offer-to-purchase/15306
When all these conditions of sale have been actioned, the Sale Agreement is sent to a conveyancing attorney who will:
- Request a Rates Clearance Certificate from the municipality.
- Verify the details of the property by doing a deeds office search.
- Ask that the required documents be lodged with the Deeds Office.
You will have to provide the conveyancing attorney with:
- A power of attorney to execute the transfer.
- The details of the bond holder (if your home is still mortgaged) .
- All the required compliance certificates.
The Deeds Office will:
- Register the documents.
- Transfer the property into the buyer's name (but until this has been put into effect, you will be liable for a pro rata share of the rates and utility bills).
Then, you will be paid the agreed purchase price, less the agent's commission.
For more information on this process, follow this link: https://www.privateproperty.co.za/advice/property/articles/the-process-of-transferring-a-property/586
Property Handover
Before the scheduled handover appointment, ensure that the house and garden are both clean and cleared of all debris, the lawn is mowed and that the pool is clean and in a good condition. The Real Estate Agent must be present to co-ordinate the handover to avoid any issues. Take both the purchaser and The Real Estate Agent around the property and show them how everything functions, that all fixtures remain in place and give the purchaser all the keys and remotes and all duplicates.
This ends the Sales Process. However, the professional Real Estate Agent should retain contact with both the purchaser and seller for a few months in order to attend to any post-sale issues. Even a random telephone call will give credence to his/her after-sales service and his/her reputation.
To contact us, follow the link: https://www.homesofdistinction.co.za/
To contact one of our Real Estate Agents, follow the link: https://www.homesofdistinction.co.za/agents/
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Author: LV Digital
