Selling Your Property For Dummies
Someone I appreciate once told me that there are five P's for success in a Real Estate Deal, those P's translate to: Prior, Planning, Prevents, Poor and Performance. In order to avoid a Poor Performance on
Someone I appreciate once told me that there are five P’s for success in a Real Estate Deal, those P’s translate to: Prior, Planning, Prevents, Poor and Performance.
In order to avoid a Poor Performance on the sale of your house, please follow these useful tips:
Hire an agent who knows the market
In Costa Rica everybody can be a Realtor, as right now there are no entry barriers, you do not have to pass and exam or obtain a brokerage license (You must register with SUGEF, but that is another story). So our recommendation would be to hire a reputable agent, investigate the agents’ internet profiles to see how long they’ve been in the industry, how many sales they’ve made, and what distinctions they may have received.
Some homeowners may be tempted to avoid paying a commission by selling their house without the assistance of a real estate agent. This is referred to as “for sale by owner,” or FSBO. Sellers can save thousands of dollars on such fees, which are typically 5% or 6% of the overall transaction price.
An experienced agent, on the other hand, works hard to earn their commission. For example, they can market your home to the widest potential audience and negotiate on your behalf to obtain the best available offers. If you go it alone, you will be responsible for preparing your home for sale, marketing it, analyzing buyer offers, and handling all negotiations and closing formalities, which if you do not count with experience, could be a total nightmare.
At Outlier Legal we have a list of agents that we work with and vouch for their jobs and their work done for our clients. We will be more than happy to point you in the right direction.
Establish a timetable for selling your home
Selling a home is a significant operation that can take two to four months from start to finish — or much longer, depending on local market circumstances and available inventory.
Consider getting a pre-sale house inspection (more on that below!) at least two or three months before you plan to list your house, to detect any problem areas, particularly structural or mechanical issues that may need to be addressed to help a sale. Allow ample time to schedule any required repairs.
Start working on staging and deep cleaning about a month before advertising your home in preparation for shooting photos.
Take professional photos
Work with your real estate agent to appoint a photographer to take marketing shots of your home. High-quality images are essential, because improving your home’s internet appeal might be the difference between a rapid sale and a listing that lasts.
Some real estate brokers include professional photography and virtual web tours as part of their service offerings. If they don’t, you may wish to look for a photographer on your own.
A professional photographer with a great portfolio understands how to make spaces appear larger, brighter, and more appealing. The same is true for your yard and outdoor areas. Potential buyers can be turned off by poorly lit web images, so well-taken photos can truly payoff in the long run.
Get a pre-sale home inspection
Before listing your house for sale, a thorough inspection report can reveal any structural or mechanical issues. It may cost a few hundred dollars, but it will notify you ahead of time of any faults that purchasers are likely to notice during their own inspection later in the process.
Sellers may be able to speed up the selling process by doing repairs in concert with other home prep work if they are a few steps ahead of the buyer. This implies that by the time the house enters the market, it should be ready to sell swiftly and without drama.
At Outlier Legal we can certainly help you prepare a due diligence portfolio or package so that when a potential buyer comes you are prepared to make your and your purchaser lives easier.
Set a reasonable price
Homes with numerous price reductions may give buyers the idea that something is wrong with the condition of their house. As a result, it’s preferable to avoid the need for multiple price reductions by pricing your home to appeal to the broadest pool of purchasers from the beginning.
We recommend working closely with your agent, to set a realistic and reasonable price, by comparing neighboring properties on the market or recent sales on areas close to your property.
If you require any assistance during the sale’s process, do not hesitate to contact Outlier Legal Services, we are here to help and with our team of Real Estate Experts can push you onto the right path. Book a 30-min free consultation now!