Sellers Guide

It is worth noting that our guide only supplements the help of a competent and trusted real estate agent/broker who will guide and take you through the entire process. Intercity Property Hub has a system in place that scrutinizes and develops the capacity of its agents, a situation that ensures high-quality service and a high level of professionalism. As such, our registered agents broadly understand their Fiduciary role, which demands them to uphold the interests of our clients above all else. Below are some of the key responsibilities of our agents: -

1. Describe their fiduciary role and professional responsibilities to our clients during real estate transactions.

2. Help clients determine the best asking price based on detailed market analysis.

3. Market clients’ property effectively to maximize their visibility to potential buyers.

4. Provide expert opinion and proven advice on how to prepare, stage, and show your property to attract potential buyers.

5. Help clients to procure property-related services that will increase the value of your property (if need be).

6. Communicate effectively and regularly with clients to keep them fully informed and updated about progress.

7. Provide feedback from all showings to clients.

8. Update clients on both real estate and money market dynamics that could affect real estate transactions.

9. Be available and assist clients in pre-qualifying potential buyers.

10. Promptly present and evaluate each offer with clients.

11. Assist clients in negotiating the highest possible price and best terms.

12. Manage documents/contractual, title, and transaction details and keep.

13. Clients informed.

14. Ensure that all important items are signed, sealed, and delivered on closing day. A closer look at the above responsibilities suggests that selecting the best agent to assist you in any real estate transaction is critical for the success of the business.

First Impressions matter. It is always important to ensure that your property will attract and grab the attention of potential buyers from their first sightings. Buyers begin grading your house/property the moment they first set their eyes on your property. Most buyers prefer to buy or rent a property that is clean well-maintained and clutter-free. In that regard, we recommend making some improvements to your house/property before showings as this will likely impress buyers, promote the property’s saleability, and boost the sale price. In improving the quality of the property, one may decide to renovate, upgrade or repair, reorganization, and maintenance. The decision to choose one of these options will depend on the property/house conditions. Regardless of the improvement option you choose, make sure you make strategic changes to enhance both the visual appeal and long-term value of the property. Some of the areas you can focus on include the interior (e.g. kitchen, bathroom, and energy-efficient improvements) and exterior of your house.

Setting the best-asking price is among the most challenging decisions one must make when selling a property/house, especially in the buyers’ market environment. The best-asking price is the one that is not too high to discourage showings and serious offers from qualified buyers, but it is also not so low that it attracts lots of interest but sets the stage for offers and negotiations that end up in selling the property with an amount less than the market would offer if you were a little more aggressive. The act of balancing between low and high prices is what makes setting the asking price tricky. In that regard, you are advised to conduct thorough research and seek advice from experienced agents and financial professionals. In a nutshell, the best-asking price is the price that the market is willing to pay for the property/house at a given time. However, determining a true market value is challenging. Therefore, a seller is urged to remain impartial, remember why he/she is selling the property, and conduct thorough online and in-person research. If you are working with our real estate agents, we will assist you in determining the best-asking price using various techniques including conducting a Comparative Market Analysis. NB: The popular practice of overpricing your property when listing with the hope that you can reduce the price later, might seem to make sense at first glance. Nevertheless, it rarely works. Overpricing the property even by just 10% above market value and then reducing the price one or more times often ends up getting less amount than you would get if you had set the correct and realistic price from the beginning. This note underscores the importance of using real estate experts to guide you when setting the price.

The overarching goal of a property seller is to get the property sold at the best price possible. To achieve this goal, one must undertake a couple of activities that enable the timely selling of the property. Marketing of property/house involves among others house preparation, pricing, presentation, negotiation, strategic advertising, and networking. These activities are carefully pursued to maximize property/house visibility to potential buyers, the number of showings, and serious offers, a situation that expedites the selling of the property at the top market value. Our real estate agents are well-resourced and equipped with the necessary knowledge, skills, and experience to implement the marketing plan and coordinate all these activities effectively.

Once the property/house is well prepared, the price is realistically set and the marketing is effectively conducted, it is likely some prospective buyers and other agents would want to see the house (showings). It is for this reason that sellers should ensure that their property looks great and has the best visual appeal. It is worth noting that our real estate agents have, through practical experience, mastered the art of home staging and showing. In that regard, you are asked to make use of your valuable skills and practical experience to create the best impression and that buying feeling on your property. It is crucial to make your property/house always available for showings when buyers’ interests are at the highest. Below are some of the highlights that can help to enhance the attractiveness of your property to buyers: -

1. Property owners should be absent during showings to let buyers feel comfortable to air their views, comments, and concerns.

2. Make sure your home highlight sheets are easily visible.

3. Open all curtains and shades during daylight hours to let in as much light as possible but screen out unappealing views.

4. Turn on lights in the whole house, especially dark corners, and hallways.

5. Turn off the television or play quiet background music.

6. Place fresh flowers where they will stand out and showcase, you’re the best features of your property/house.

7. Open all doors between rooms to give an inviting feeling and where possible, open windows beforehand to circulate fresh air.

8. Remove all clutter, and ensure beds are made, and clothes are put in designated places.

9. Floors should be clean, and carpets and rugs vacuumed.

10. Trash and recycling bins should be tidy and odor-free.

11. The kitchen & bathrooms should sparkle.

12. Ideally, pets should be unseen and pet areas should be clean and odor-free.

13. Lock away and hide all cash, jewelry, and small valuables.

While it demands the most creativity, negotiation is another challenging and complex aspect of selling a property/house. It is for this reason that the service of an experienced and savvy real estate agent who has successfully closed many different transactions is critical. In the best-case scenario, the process begins when a buyer, with the help of the buyer’s representative agent, presents an offer on your property through a legal contract. The contract enables the buyer to set a sale price and present several clauses/provisions that specify the terms of purchase and several other conditions. The buyer’s agent will then deliver the offer to the seller’s agent who will then present the offer to the seller. Once the seller receives the offer, together with the seller’s agent, they will keenly review and discuss the details of the offer and raise questions (if need be). The seller has the right to accept the offer, reject it, or present a counteroffer, a situation that triggers the negotiation process. Buyers will exchange with sellers successive counteroffers with deadlines for responding and meeting various contingencies and special conditions until a mutually satisfactory pending agreement is reached or the negotiations collapse. It is important to note that there is no “one size fits all” approach when it comes to negotiations. Therefore it is critical to know some tips that will help you manage the negotiation process. Below are some of the tips that will help you stay on top of the game: -

1. Let the buyer and his/her agent know what they are legally entitled to know. It’s crucial to keep certain aspects of your selling situation (e.g. your finances, why you’re selling, how urgent you are) as concealed as possible from the buyer and buyer’s agent.

2. Understand and respect buyer’s priorities as this will not only improve your position in negotiations but also help to resolve obstacles more creatively and sensitively.

3. In a situation where it is difficult to get reasonable offers, once a buyer makes one you should be willing to make a few compromises to seal the deal.

4. Remember your priorities and reason for selling the property/house.

5. It is a smart idea for sellers to proactively go above and beyond legal necessity to disclose all known defects to their buyers.

6. Ask questions to broadly understand the offer as it may contain complicated legal terminology.

7. Respond to the presented offer quickly when buyers are still in the mood to buy (before their moods change).

8. Always stay calm, and focused and be patient, even if the buyer gets tense, or you might lose your sale.

9. Rely on your real estate agent as your success if their success. It is the agent’s responsibility to represent your best interests every step of the way.

10. Meet halfway, especially when there are disagreements about relatively small expenses, split the difference, and smile.

Once the seller and buyer have efficiently taken care of their contractual obligations associated with finalizing the sale, the process of completing the transaction will likely go smoothly with no surprises. In most cases, a pending sales agreement includes contingencies and special conditions that must be fulfilled by the contracting parties by the closing date, which usually ranges from 30 to 60 days after both parties sign the agreement. It is crucial at this point for each party to review the sales agreement to understand its obligations and meet them accordingly before the closing. Some of the contingencies and special conditions may include: -

1. Securing mortgage/financing.

2. A Title Search.

3. The purchasing of the Title Insurance.

4. Property Appraisal by professionals.

5. Fulfilling additional contractual promises made during the process.

6. Inspecting pest infestations/damages, structural and functional conditions of the property.

7. Conducting a final walk-through (i.e. a final visit to the property to check if the property is in the same condition from the date the sale agreement was signed).

The closing process is handled differently in various places, however, in many cases it involves a closing agent, often a lawyer, who conducts the proceedings – reviews the sales agreement, and does the following: -

1. Determines the total amount due from the buyer and all the adjustments (e.g. seller prepayment of taxes, utilities, etc.) and ensures that they are factored into the transaction.

2. Ensures the transaction costs such as closing, legal fees, etc. are paid.

3. Determines the seller’s payments, credits, and adjusted net proceeds.

4. Witnesses the seller’s signing of the property title and all other documentation associated with the transaction.

5. Provides the seller with the net proceeds and copies of the documentation about the sale.

6. Collects the checks, keys, and any other necessary items from the seller.

7. Ensures that the buyer’s title is properly recorded in the local records office along with any mortgage liens.