Your home is more than a building. Through the years, it has become an extension of you, representing your personality, style and values. That's why selling it can be both an emotional and an intimidating experience. But it can also be an exciting, as it allows you to pursue new experiences.
QPS, the fastest growing Real Estate Agency in Crete, will help you objectively plan the selling process by providing you with key inside information.
The QPS Sellers Guide is designed to help you understand the selling process beforehand. Of course, this guide cannot answer all your questions. For more specific information, we encourage you to contact us.
Meet with a QPS Real Estate Agent
The first step towards putting your property up for sale is to meet with a QPS Real Estate Agent. Together, we will review the current market conditions and advertising options and discuss any inquiries you may have.
You’ll need to have a copy of the title deeds or the original contract of your property, the plans and an accurate description of where the property is located.
Setting the right price
Setting the list price for your property involves evaluating various market conditions and financial factors. During this phase, QPS supported by real estate professionals, will help you set your list price based on:
- market value
- comparable sales
- market conditions
- estimated net proceeds
When deciding the list price for your home, it is important for you to be aware of a buyer’s frame of mind. Consider the following: If you decide to set the price too high, your house won’t be picked for viewing, even though it may be much nicer than others. If your price is too low, you'll short-change yourself. Your house will sell promptly, yes, but there is always the chance that a buyer might have been willing to pay for it.
TIP: Never say "asking" price, which implies you don't expect to get it.
The “right” price is a balance between the maximum amount the current housing market will allow (your “competition”) and your own time limits in selling. Although you will decide where to set the price, it is the prospective buyers that will determine the value. They will compare your home and 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 that a house priced more than 10% over its market value discourages offers and limits the number 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 been sold and (in some cases) with similar properties currently on the market.
Real estate experts agree that the best guide is a record of what the buying public has been willing to pay in the past few months for a property in your neighborhood. QPS can provide data on sales figures for those “comps” through its advertising databank, which you can analyze to determine the listing price. The final decision is always yours.
QPS 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 promptly, offer an attractive bargain price.
By 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 when you start looking for another home to buy.
From the estimated sales price, subtract:
- payoff figure on your present loan
- any prepayment penalty on your mortgage
- attorney's fees
- unpaid property taxes
- cancellation 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.
A listing agreement is a personal service agreement between you and QPS describing the property to be marketed and the terms under which it is to be marketed (listing time, property price, viewing conditions, agent fee etc.).
QPS promotion includes advanced communication technology, printed media and the internet to advertise your property to hundreds of thousands of potential buyers every week.
Our listings executives enter the full details of your property on our website, www.qps.com.gr. As soon as your property is listed with QPS, it will instantly reach the prospective buyers in our database that have inquired about properties similar to yours. Our promotion also includes listing in newspapers, “For Sale” signs and advertising at all international property exhibitions where QPS is present.
You may not be able to improve the market value of your house (finish basement, remodel kitchen, etc.), but you can improve its marketability and the key is to put yourself in the buyer's shoes.
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. So, 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 color. Replace a weather-beaten mailbox and add visual interest by positioning rocks and potted plants around it! Trim your lawn. Remove garden hoses, lawn tools, doghouse and toys from the yard and clear the windows that give a glimpse of something nice inside.
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 color. In other words, make your house a showpiece from the curb to the front door.
They're ready to open the door. Is your home in order? 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. 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. 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.
And as a final touch, try to appeal to the home buyer's senses by playing soft background music while they tour your home.
QPS advertising strategy will generate enquiries, which will be documented and forwarded to you. Potential buyers using our online tools will contact us in order to book an appointment to see your house. 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. Make every effort to accept all appointments, you never know when your buyer will walk through the front door.
If you’re home, greet the prospects at the door politely! 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 would be better if 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. 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 apologize 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!
When someone prepares an offer through QPS it will be immediately transmitted to you. Review every offer, comparing the financial qualifications and readiness of each buyer. You may accept an offer as it is, reject 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.
This agreement identifies the buyer and seller and states all relevant details of your property (location, description, agreed price, estimated transfer tax, legal fees and all other terms and conditions agreed until the signing of the final contract).
Also, the purchase agreement states the deposit amount to secure the property purchase (usually a 10% of the agreed price).
Once your purchase is secured you will need an attorney in order to represent and assist you throughout the legal buying process. We can provide a list of experienced lawyers upon request.
Additionally, you can give your lawyer the authority (by signing a power of attorney) to legally represent you through the buying process in case you can’t be present.
When your lawyer and the notary have successfully completed all necessary checks, the notary drafts the contract. He/she is present when it is read to both buyers and sellers or their legal representatives and proceeds to the signing.
At this stage the balance of the agreed purchase price (after deposit has been deducted) is required and the deed is transferred and registered in the name of the buyer.