The Selling Process – Step by Step Guide
Understand the selling process beforehand. Set aside any worries you may have from the beginning. Learn how to sell your home at the highest possible price in the shortest amount of time.
Your home is more than an architectural structure. Through the years, your home becomes an extension of who you are, representing your personality, style, and values. That's why selling it can be both an emotional and intimidating experience. But it can also be an exciting, rewarding time as you look forward to new experiences.
The BuySell Sellers Guide helps you understand the selling process beforehand. When you read this guide, you may set aside any worries you may have from the beginning.
Of course, this guide cannot answer all your questions. For specific answers to your specific situation, we encourage you to consult one of the BuySell Property Experts at any one of our offices in Cyprus.
Step 1 – Meet with a BuySell Property Expert
The first step toward putting your house up for sale is to meet with a BuySell property expert. We discuss the current market conditions and explain the advertising process. We will show you how to sell your property in Cyprus at the highest possible price in the shortest amount of time.
The only thing we need from you is a copy of the title deed. If the title deed is not the available, you can provide us with a copy of the original purchase agreement.
Step 2 - Setting the right price
BuySell experts will help you set your property listing price. You will base your decision about the property listing price on:
- Pricing considerations
- Market value
- Comparable sales
- Market conditions
- Offering incentives
- Estimating net proceeds
Pricing considerations
When deciding the list price for your home, you should be aware of a buyer’s frame of mind. Consider the following pricing factors: If you decide to set the price too high, buyers won't pick your house for viewing, even though it may be much nicer than other homes on the street. Compared to other houses for sale, your home simply looks too expensive to be considered. If you price too low, you'll short-change yourself. Yes, your house will sell quickly. But, you may make less on the sale than if you had decided to set a higher price and waited for a buyer who was willing to pay for it.
The BuySell Property Experts will suggest the right listing price. We achieve the highest possible price you can get without leaving money on the table.
TIP: Never say "asking" price, which implies you don't expect to get it.
Market Value
A common definition of market value is: "What a ready, willing and able buyer will pay, at a price a seller will accept." Bear in mind that potential buyers have already been shopping around, and when they see your home they'll be comparing features and price.
The "right" price is a balance between the maximum amount the current housing market will allow, similar properties for sale in the same area (your “competition”) and your own time limits in selling.
Although with the support of real estate professionals you will decide where to set your property price, the buyer’s will determine the value. They will compare your home and your listing price to similar homes on the marketplace. If your price is not competitive, they'll quickly reject it and move on to the next listing.
There's a rule of thumb that says: if you price your home more than 10% over market value, you will discourage viewings of potential buyers up to 60%. Buyers who can afford the price can get "more house" for their money elsewhere. Buyers who cannot afford the price simply won’t look. This is why real estate professionals say, "A house priced right is half sold." A fair market value will be determined by comparing the property with similar properties which have recently sold and (in some cases) with similar properties currently on the market. Experience in the industry has proven this "market analysis" approach is the most accurate of all approaches.
Using comparable sales
No matter, how attractive and polished your home is, buyers will be comparing its price with everything else on the market. Real Estate experts agree that the best guide is a record of what buyers paid in the past few months for property in your neighborhood. BuySell can furnish data on sales data for those "comps" through its property sales databank. You can analyze to determine the best listing price. The decision about how much to ask is always yours.
You can use the list of comparable sales BuySell brings to you, along with data about other houses in your neighborhood currently on the market. To help in estimating a possible sales price for your house or apartment, the analysis will also include data on nearby houses that failed to sell in the past few months, along with their list prices. This report differs from a formal appraisal in several ways. One major difference is that an appraisal will be based only on past sales. In addition, an appraisal is done for a fee while this report is provided FREE by BuySell and may include properties currently listed for sale and those currently pending sale.
A formal written appraisal (which may cost a few hundred euros) can be useful if you have a unique property. But, if there hasn't been much activity in your area recently, that makes it difficult to put a value on your home.
Consider market conditions
When real estate is booming and prices are rising, houses may sell in a few days. When the market slows down, average DOM (Days on Market) can run into many months. BuySell can tell you whether your area is currently a buyer's market or a seller's market. In a seller's market, you can price a bit beyond what you really expect, just to see what the reaction will be. In a buyer's market, if you really need to sell quickly, offer an attractive bargain price.
Studies show that the longer a property sits on the market the lower the price at which it is finally sold. Although the greatest amount of buyer activity typically occurs during the first three to four weeks after putting your property on the market, a reasonable time frame for selling a house or an apartment may be between 30 and 90 days. If a house is on the market too long, potential buyers may avoid the house, wondering if something is wrong with it.
Offering incentives
Some sellers list at the rock-bottom price they'd really take because they hate bargaining. Others add on thousands to the estimated market value "just to see what happens." If you want to try that, and if you have the luxury of enough time to feel out the market, sit down and work out a schedule in advance. If there haven't been many prospects viewing your home after three weeks, you may need to lower your property price. If that doesn't bring any prospective buyers, you may need to lower your property price again. Plan on doing that regularly until you find a level that attracts buyers. Make a written schedule in advance, before emotion takes over and you're tempted to dig your heels in.
Estimating net proceeds
Once you’ve estimated a market value, you can get a rough idea of how much cash you might walk away with when the sale is completed. This can be particularly useful as you start looking for another home to buy. From the estimated sales price, subtract:
- Payoff figure on your present loan(s)
- Any prepayment penalty on your mortgage
- Attorney's fees
- Unpaid property taxes
- Estate agency fees
- Capital Gains Tax
As far as closing costs are concerned, you and your eventual buyer may agree on any arrangement that suits you, no matter what local practice dictates.
When you are ready to put the house on the market, the listing agreement is filled out indicating a specific period of time the agreement is in effect ("advertising period") and the terms and conditions.
The Listing Agreement
A listing agreement is a personal service agreement between you and BuySell describing the property to be marketed and the terms under which it is to be marketed. You are appointing BuySell to advertise the property and the advertising fee along with the responsibilities of each party is agreed.
The fee is payable on completion and is based on your final sale price.
We are so confident that we will sell your property, that we guarantee no sale - no fee. That means, if you or another agent sells the property, you pay nothing to us.
Step 3 – Advertising your property
BuySell uses a unique multichannel promotion that includes advanced communication technology, printed media, and the internet to advertise your property to hundreds of thousands of potential buyers every week.
BuySellCyprus.com
Our listings executives enter the full details of your property on our website, www.buysellcyprus.com. This profile includes everything from the location and price of your home, to multiple internal and external pictures, floor plans, virtual tours and any special features it may have.
More than 75,000 unique visitors access our website every week.
Property Portals
Your property for sale is advertised on the top international property portals like Rightmove and Zoopla.
BuySell WEEKLY Magazine
BuySell weekly magazine is a full property listing publication. More than 20,000 copies are distributed in each issue through our offices, supermarkets, and kiosks.
Email and SMS Alerts
As soon as your property is listed with BuySell, it will instantly reach tens of thousands of prospective buyers in our database that have inquired about similar properties to yours. Currently, we have 540,000 clients in our database.
Associates Program
BuySell works with hundreds of reputable international companies including financial services corporations and real estate organizations which introduce thousands of qualified inquiries from potential buyers to BuySell every month.
Contact Centre
Specially trained staff will advertise your property around the clock to thousands of prospective buyers every week.
For Sale Signs
The ‘For Sale Sign’ we place on your property provides additional exposure to the neighborhood and prospects touring the area. Signs often create high-quality inquiries because prospects like the area and the house and want to get a closer look inside.
Direct and other means of Marketing
BuySell is present at international property exhibitions and allocates a significant amount of money to advertise in local and international property magazines and newspapers.
Step 4 – Home Staging
Today a home that stands out among similarly priced, competitively financed houses is the home that sells. Why? Because it makes a good first impression that lasts right through to when the agreements are signed.
You may not be able to improve the market value of your house (finish basement, remodel kitchen, etc), but you can improve its marketability. The key is to put yourself in the buyer's shoes.
The exterior
First impressions are hard to break, and the way your home looks from the street is the first impression a prospective buyer will get. This can make or break the sale. Does it look a little dingy or dull? Give it a face-lift with a good old-fashioned paint job or power wash. Keep the grass mowed and the weeds pulled. Trim trees and bushes. Plant flowers to add a touch of colour. Replace a weather-beaten mailbox, and add visual interest by positioning rocks and potted plants around it!
Once you get the potential buyer out of the car, continue the allure them with a friendly front door. Restore its luster with a few coats of varnish or spiff it up with a rich, new accent colour. In other words, make your house a showpiece from the curb to the front door. Here are a few pointers:
- Trim your lawn,
- Make sure your shrubs are well-proportioned.
- Remove garden hoses, lawn tools, dog house, and toys from the yard.
- Clear windows that give a glimpse of something nice inside.
- Clean, or even paint the front door.
- Keep walks and steps free of any dry leaves etc
The Interior
They're ready to open the door. Is your home in order? Start by getting rid of the clutter (don't forget the garage), leaving a blank canvas for buyers to fill in with their own ideas. Clear out closets and cupboards. Remove knickknacks from tables, countertops and bookshelves. Remove all unnecessary furniture to make your rooms seem more spacious. Brighten rooms with a fresh coat of paint. Choose neutral shades of white, off-white, beige or light pastels that will coordinate with most decors.
Here are some general pointers:
- Give your home an open, airy feel by opening the curtains and pulling up the blinds.
- Turn on as many lights as possible.
- Kitchens should be absolutely spotless. Pack up all excess kitchen appliances.
- Clean the oven inside and out.
- Run a lemon through the garbage disposal for a fresh smell.
- Bathrooms are just as important. Remove stains from bathroom fixtures, repair dripping faucets and polish mirrors.
- Add sanitizers to toilet bowls and keep lids down.
- Potpourris and scented soaps add a nice fragrance to the air.
- And as a final touch, appeal to the home buyer's senses by playing soft background music while people tour your home.
The kitchen
Many buyers judge the housekeeping by the oven and stove. Appliances must be spotless and make sure everything works perfectly. Replace or repair anything that sticks, squeaks or drips. The counters and cabinets should be kept open and uncluttered without countertop appliances.
The master bedroom
The second-most appealing room to a buyer is the master bedroom. Furnishings should be uncluttered. Try to define sleeping, dressing and sitting areas with furniture arrangements. Show the true size of closets by removing or packing items that can be stored elsewhere like off-season clothes.
Bathrooms
Sinks, toilets, bathtubs, tiles, and even shower curtain must be immaculate (no soap film). Fix leaky faucets. If there are rust stains, it indicates faulty plumbing. Lighting must be soft (no harsh fluorescent).
The recreation room
The recreation room should give the ‘feel’ of an open space that accommodates an assortment of activities. Fireplace or wood stove with fresh logs is an ideal extra for this room.
The garage
The perfect garage holds only cars. Make sure that the garage is uncluttered. Sell, give away or toss unnecessary articles. Clean oily cement floor. If you do use the garage as storage area, make sure it is orderly and tidy.
The basement
Organize the basement by hanging tools on pegboards, and putting things on shelves. Cure any damp smell by placing a bag of limestone in the damp area. Try brightening the basement by painting the walls.
The following conditions may require a work order:
- Broken windows.
- Debris in crawl space.
- Dry rotting or deteriorated wood.
- Earth-wood contact.
- Overgrown shrubbery.
- Electrical not in working condition.
- Gutters and downspouts blocked or missing.
- Inadequate foundation ventilation.
- Inadequate attic ventilation.
- Peeling or missing paint.
- Plumbing not in working condition.
- Single oil or gas space heaters to heat entire house.
- Water damage inside the home.
Step 5 – Showing
BuySell advertising strategy will generate inquiries which will document and forward to you. We will accompany all potential buyers to your property. Before the appointment take your time to tidy up, make beds, light dark areas, perhaps pop something in the oven, like a spicy cake, pie, bread, or even a pan of cinnamon. Make every effort to accept all appointments -you never know when your buyer will walk through the front door.
If you’re Home
If you're home, greet the prospects at the door and politely!
Buying a home may be the largest single purchase a family will make in a lifetime. It is a serious matter for them; therefore, too many distractions could spoil the sale. Real Estate experts recognize through their experience over the years that a number of pointers make things a little easier between sellers and the buyers.
- Too many people present during inspection may make the potential buyer feel like an intruder, which makes it difficult for the buyers to be at ease.
- It's better that you and the kids busy yourselves in one part of the house or outside, rather than tagging along. Leave the buyers to explore your home at their own ease so that they can better emphasize your home's features.
- Noise is distracting, so don't have the radio or TV going. ‘Quiet’ is the ideal condition in this situation.
- It is better to keep pets out of the house. Buyers may be timid around an unfamiliar animal. If asked a question, respond honestly.
- The lived-in appearance makes it a home. There's no need to apologise for its appearance.
If you’re Not Home
Have the house neat and tidy and readily accessible for your estate agent or sales representative.
Remember, potential buyers usually feel more comfortable when the owners are not present!
Step 6 – The Closing
Your homework and patience has paid off. The offers are now rolling in. When someone prepares an offer, they put their offer through BuySell expert negotiators.
Review every offer, comparing the financial qualifications and readiness of each buyer. You may accept an offer as it is, rejects it or make changes and present it back to the purchaser to see if they are willing to accept your changes. In turn, the buyer may then accept your changes, reject it or come back with a counter offer. This process continues until a deal between you and the buyer is agreed or negotiations are terminated. Our property experts will assist you during the negotiations. We will help you to get the highest possible price.
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