Selling Your Property: What You Need to Prepare

As a property investor, your ROI climaxes once you re-sell your asset – that is, of course, when the time is right. Once it matures in value, you can start making your preparations to put it on sale.

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What exactly do you need to prepare before selling a property? Here are some of the most important ones to put on your checklist:

Research on prevailing market conditions

First and foremost, you must determine whether selling your property now is in your favor according to market conditions. Selling when the demand is high would allow you to list the property at a higher price. On the other hand, going on sale when the market is slow can depress your profits.

One important aspect is to survey the climate of your local area in particular. The selling conditions in one town may be different in the next one.

You can stay updated about current developments in the real estate sector by monitoring data regularly provided by resources such as the UK Land Registry.

Set your selling price

One of the biggest and most obvious questions is how much will be your asking price? The answer is still up to you, but if you want to sell the property, you have to set a price that will meet the expectations of buyers.

One of the most effective ways to determine this is to check the pricing of other properties in the area. The UK Land Registry Price Paid Dataset online search tool is a useful reference that you can use. This site feature enables you to browse through all property sales that had happened in the UK and filter them based on specific information such as the actual building number and address, the house specifications, and the date of the transaction.

Rather than a fixed amount, it may be wise to set a target price range instead. This will leave you some space for negotiations later.

Conduct necessary repairs

Maybe you are ready to sell your property – but how about the property itself? The physical state of the property will greatly influence its sellability. A leaking pipe or a broken window can easily put off a potential buyer. Before posting it for sale, you have to allot time and budget to fix any issues.

If you have the funds, you may consider doing a full-scale renovation. This will significantly increase the value of the property, letting you sell it at premium price.

Do a photoshoot

To sell the property, you have to present it visually. You need to be ready with your marketing materials once you post it online. This may include a written description, a list of features, and good set of images.

If you have the equipment and if you are confident with your skills, you can do a property photoshoot yourself. Otherwise, you can always hire a professional to do it for you.

Before taking any photos, make sure that the place is clean and well staged. You can read our previous article where we share our top tips for doing a property photoshoot.

Choose the best websites to enlist your property

There are many Property Buying websites where you can publish your house for sale. These sites offer publicity, allowing you to broadcast your property to thousands of online users. Some of the most popular ones are Zoopla, Rightmove, and On The Market.

You can also market your property independently such by posting it on social media. There are many social media groups that you can join where you can share your property too.

Consider hiring agent

If you prefer to be less hands-on, there are always local real estate agents happy to assist you in the marketing and selling process. You will need to pay a certain fee but it will save you time and energy in executing both the paperwork and legwork.

Agents hold the advantage of having knowledge on the local market as well as an existing network of potential buyers.

Before You Go…

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Selling Your Property: What You Need to Prepare