The Sales process
1. Using the Right Listing Agent is Important
Real estate agents are not created equally. They have various levels of experience, knowledge, and skill. You will want your home listed with a local agent familiar with your area and your property type. This will ensure they understand the current real estate market and trends that will affect the sale of your property. You need dependable representation during all phases of the selling process, from listing and showing to negotiating and closing. Partnering with the right seller’s agent is a crucial first step towards selling your property with a successful outcome.
2. Preparing to Sell
There are many factors to consider before selling your home. Your Realtor© can help analyze market trends so that you have a firm understanding of what to expect. Start thinking about your bottom line and the market nuances that will affect it, such as the amount of available inventory and average days on the market. These, combined with your timeline requirements, are significant factors that will affect your sale.
When preparing to list, ensure that your property is prepared to be shown and is competitive within today’s market. Are there any renovations or upgrades you are willing to complete to raise your maximum asking price potentially? Are there necessary repairs that will affect the value of your home? Now is the time to address these issues. Your agent will help you
3. Listing Your Property
Once your preparations are complete, your Realtor© will take the necessary steps to add your property to the MLS and officially begin the sales process. But first, you need to determine the asking price for your property. This may seem easy, but careful consideration is essential in choosing a list price. Every seller wants to net the maximum, but if you price it too high, your property may sit for months, or worse, not sell at all. List too low, and you may leave money on the table. An experienced agent will analyze the market and comparable properties to help you arrive at the right asking price.
4. Effective and Modern Marketing is Key
The Las Vegas real estate market is inundated with properties and buyers. Your agent needs an effective marketing plan to get your property seen and bring as many buyers as possible. For maximum exposure, A real estate professional should utilize a combination of traditional and contemporary marketing strategies to expose your property to the right potential buyers. The more qualified buyers that see your property, the quicker you will sell for the best price.
5. Showings and Open Houses
A good marketing plan will deliver as much exposure as possible. As your realtor schedules showings, it is vital that you remain flexible and allow your property to be available. Yes, it is inconvenient to be ready at a moment’s notice for a last-minute showing, but you do not want to lose an interested buyer due to an inflexible schedule.
During the showing period, keep your home as show-ready as possible. This will make showings easier, especially last-minute showings.
The better your property shows, the more attractive it is to potential purchasers. It is vital to keep the home as clean and de-cluttered as possible. A show-ready home helps the buyer vision themselves living in their future home.
6 Receiving and Accepting Offers
When you receive a purchase offer, you have several options on how to proceed. If the terms are acceptable to you, you can accept the offer as-is and move forward. This will put the property under contract. If there are terms that you disagree with, you can make a counteroffer. You can counteroffer on any of the terms in the contract, such as purchase price, deposit amounts, and contingency lengths. These negotiations continue until both buyer and seller are satisfied with the terms. If you are unable to agree, the seller can reject the offer.
Once an offer is accepted, the seller can take backup offers, so if the buyer cancels the contract or the deal falls through, the backup offer will kick in.
7. Due Diligence Period and Escrow Phase
When an offer is accepted, and the contract is executed, the buyer and seller move into the due diligence and escrow phase. The buyer places the deposit into an escrow account to show good faith. All documents and disclosures are completed, reviewed, and evaluated. The buyer will conduct an inspection and appraisal of the property and is expected to proceed with the home purchase if no material issues or defects are found. All contingencies, including financing, are met.
8. Moving Out and Maintaining the Property
After all of the conditions are met during the Due Diligence and Escrow phase, you will need to fully move out of the home. The homeowner should maintain the property in its present condition up until the closing date. Maintenance includes the utilities, landscaping, and cleaning of the property, and any damage done during the move must be repaired.
If any agreed-upon repairs or renovations were necessary, they should be finalized before the final walk-through.
Getting your tasks completed before the final walk-through will increase the likelihood that there will be no delays in closing on your property.
9. Final Walk-Through by the Buyer
Just before closing, the buyer will complete a final walk-through. The walk-through is their chance to inspect the home before ownership transfers. They will verify that all requested repairs are complete and that the condition is the same as when they made their initial offer. They will be verifying that the seller has not done any damage during their move and that all agreed-upon fixtures are present.
Final walk-throughs are scheduled a day or two before closing takes place.
10. Closing on the Property
The last step is the closing. The seller will sign the ownership deed over to the buyer, and the buyer will receive the keys to their new home. All closing costs are paid, and the proceeds are transferred. Congratulations! You have sold your property!
11. Client Referrals
Selling your home can be exciting yet emotional. We will do everything we can to ensure that the selling process is as easy and successful as possible. We value our clients and hope that all feel confident in referring our services to their families and friends. Referrals make up a large part of our business, and we work hard to earn, and we appreciate every referral.