Selling Your Property
Are you asking yourself how to sell my house or apartment in 2021? Our step-by-step guide will walk you through the process of how to sell your property in Ireland. Along the way we will give tips for selling your house and what to watch out for.
Are Estate Agents Open? Covid 19 Update.
Like many industries estate agents have had to open and restrict services due to Covid 19. Depending on the level of restrictions set by government and confirmation from the PSRA, agents are guided by how they can operate. You can review a full breakdown of each level here.
For those looking to sell a property agents can still perform property valuations and market a property at all levels of restrictions. A house or apartment valuation involves an inspection of the property followed by research that can be completed by the agent at their own home or office. If you wish to sell your property the agent can arrange for professional photography and market your property online quiet easily.
Where Covid 19 disrupts a sale is the ability for buyers to view. While most agents will offer 3 D Virtual tours buyers will still want to step foot into the property before moving forward in the sales process. Depending on the level of restriction viewings may be conducted but under certain guidelines, such as confirmation of finance in place or have a property on the market that would finance their next property.
To conclude, estate agents are operating and can assist with your property sale.
What Should I Do Before Selling A House?
Selling a property and moving to your new home has a lot of moving parts. From finding out what are the costs involved in selling a house, what documents do I need to sell my house to how can I sell my house quickly? We have the answers. Our step by step guide is the perfect place to help you understand everything you need to know.
Step 1. Property Valuation
The first step of selling a house is to research the market and get professional advice. There is a huge amount of information out there which can help to give you an idea of the value of your house. Daft, MyHome and most of the big media companies provide detailed market analysis that can provide a good overview on recent market trends and activity.
We recommend inviting three estate agents to your home to provide sales valuations. For a true idea of how hard they will work to sell your property check their Google reviews. Reviews will showcase their commitment and performance for their customers.
Step 2. Get your Finances in Order
If you are selling a house or apartment and not applying for a new mortgage to purchase a new property, you should check if there are any charges for early repayment penalties for terminating the agreement. If you are trading up you need to figure out how much you can borrow and which finance provider offers the best option for you. Luckily, most providers have online Calculators that can help your review, try Mortgages.ie to see how much it will cost you. Other costs to consider:
- Cost of new home
- Stamp duty 1% up to €1,000,000 and 2% above €1,000,000
- Legal fees typically range from €1,200 – €2,500 excluding various taxes and outlays
- Estate agent fees can be hefty and are typically around 1.5% + VAT of the final sale price, many people prefer a fixed fee over a % commission – check out the Moovingo Calculator to learn more.
Second time buyers require a 20% deposit for their new home. If you don’t have this amount you can use the equity from your own home once contracts are legally binding. Exemptions to these rules may also be available.
We recommend chatting to Wayne Sheridan at Smart Mortgages for any mortgage advice or tips.
Step 3. Present your Home to Look its Best
One of the most important steps to get the best result whilst selling a property is presentation. The more effort the better.
Ensure your property is clean, tidy and free from clutter. Potential buyers want a blank canvas to imagine how they would use the space and also appreciate the house has been cared for. Our guide “Selling your home? The life changing magic of Marie Kondo is here to help” is well worth a read as Marie is the Queen of de-cluttering and getting your house in order.
Kerb appeal, don’t neglect the exterior. If it’s all too much contact thegardener.ie.
Home improvements – it is worth talking to an agent first to understand if the extra spend is worth it.
Below is an example of before and after images of some light staging from a vendor of ours. Makes a big difference!
Step 4. Asking Price
The asking price is a key factor to be considered while selling your house. Estate agents will provide a recommended listing price and provide an expectation of where they believe the sale will go. Different types of properties require different types of pricing strategies to reach the best result. Some agents will say the market will dictate the price, this is not always the best strategy. What if there is only one interested party? It can be tricky to negotiate that person above the asking price but easier to negotiate them up to an asking price you have set.
As tempting as it may be we would strongly avoid choosing the firm who over value your property and suggest a high asking price, this can be their strategy to win your business. A good agent will explain their rationale behind their advised asking price. For instance, a nearby property may have recently sold for a higher than anticipated price but quoted a much lower amount – this should be taken into account. An asking price is there to attract buyers so the agent has the right buyers to work with. If the asking price is too high, there may be no buyers for the agent to work with.
Step 5. Instruct an Estate Agent
Choosing the right agent relies on a number of factors.
- How effective were they at communicating?
- Did they carry out good research in ascertaining the value of your property?
- Did they demonstrate market knowledge?
- Are their fees reasonable?
- Do they use a professional photographer?
- How easy do they make it for buyers?
Check their reviews online for the real scoop.
Once you’ve chosen which estate agent to use, you’ll sign a Letter of Engagement also known as Property Services Agreements which will outline what property services are being provided along with all costs involved.
Step 6. Prepare your Property for Marketing
Once you’ve instructed an estate agent to sell a property, you will agree a date for photography. It is imperative that you use an estate agent who provides a professional photographer (that specialises in home photography) as part of the service. A professional photographer will be familiar with all types of properties and how best to capture each angle and work with the light. Schedule a time that best shows your property.
Covid 19 has accelerated the usage of 3D Virtual tours during the sales process. We are requested more and more frequently by buyers as they provide a convenient and safe way to view a property. It allows buyers to take a more interactive tour either before or after a viewing. They also use it to show family members (bank of mum and dad!), who more often than not have an important say in their final decision and may not be in a position to view. Both Daft.ie and MyHome.ie now have dedicated sections for properties with virtual tours therefore enhancing your listing further. See an example of a 3D Virtual Tour here. We strongly recommend all vendors to opt for a 3D Virtual Tour.
Make sure the house is spotless and clutter free, even if it means shifting everything into the hall or another room and then moving it back to get the last shots. We always recommend that the agent make themselves available for the photo shoot, they are familiar with your property and will ensure no key shots are missed and start to take notes for the property description. The description is key to note points that the camera can’t catch, i.e parking arrangements or management fees.
Your estate agent will also measure out property to create floor plans, ensure they are using a laser and create black and white floor plans to include the measurements. Buyers want to easily digest this information.
Step 7. Hire a Solicitor | Solicitor Fees for Selling My Property
Solicitors can charge by no sale no fee, fixed or a percentage of the sale price, compare each carefully. Don’t make your decision based purely on price. Try to use one who is responsive and give them your expected timeline and ask can they work to it. Check for reviews online. As previously mentioned budget between €1,200 – €2,500 excluding various taxes and outlays for their service.
Instruct one as you instruct your estate agent, this way they have time to retrieve all necessary documents and will demonstrate to the buyer that you’re organised and serious about selling.
Step 8. What Documents do I need to Sell My House?
Other paperwork to get sorted include Title Deeds (locate as soon as possible), BER cert, NPPR Certificate, Title Map, Irish PPS Tax numbers and any Planning Documentation along with KYC documents (recent utility bills and photos ID).
Once sale agreed, your agent will provide a sales advice note to both solicitors advising on the sale.
Step 9. Listing your Property
Your advert should be professional in all aspects and designed to target specific buyers. Unique selling points should emphasised and clear to buyers searching online and when viewing the property.
Agree a launch schedule with your agent. For maximum exposure you need to market / sell your house online. Advertising your property on Daft and MyHome is therefore essential. Property portals are the number one destination for buyers to find their new home. The listing should also be on the agents own website, targeted at their registered buyers and a press release issued should the property have a story to tell. Premium adverts on the property portals are a great way to increase viewings numbers and generate extra interest.
Step 10. Best Time to Sell a House in Ireland
There is no guarantee that a specific time of year will generate the best result. However, certain times of the year often give you a better change of attracting multiple bidders. The end of November and December are often classed as times to avoid as evenings are darker (less viewings) and most people are focussed on Christmas. Buyers will also hold off on renewing mortgages until the new year.
Spring and summer offer a great opportunity to sell as a property generally looks its best and the longer evenings allow buyers more time to view. September and October are attractive months too as the kids are back to school and parents are getting ready for their next chapter.
Step 11. Property Viewings
Once the property goes live on the property portals agree viewing times with the agent. This will allow buyers easily book in viewings and you know when to have the property gleaming. If your property benefits or has certain negatives at specific times of the day, schedule appointments accordingly.
For the viewings, we recommend a deep clean and de-clutter of the property just like when you set it for the photography. Light a candle and strategically place a bowl of fruit or flowers to present the property to its level best.
Step 12. Offers on your Property
Your agent should notify you of all offers as they come in. At Moovingo estate agent we provide automatic notifications as actions happen. This is a key feature we use to keep our property sellers constantly updated with offers along with viewings and feedback.
Receiving multiple offers is great, but it is imperative that your agent manages each and every bid carefully as you want to find the buyer that suits you.
At Moovingo, we make it as easy as possible for buyers to bid, giving them options to bid in writing, by email, by phone (and follow up email) or through our website. Either way, our team will engage each buyer to answer their questions, keep them informed and build a relationship on behalf of the vendor.
Step 13. If your Home is Not Selling
If your property is on the market for a prolonged period of time with no offers get the feedback from your agent.
Some properties generally do take longer to sell. Desirable properties correctly marketed usually attract offers within the first 4 weeks and go sale agreed soon after. If your property is not attracting offers you will need to compare your property with other properties on the market.
A price reduction is often the quickest way to attract buyers. This does not necessarily mean a lower agreed price, as often new buyers emerge and bid the property up. Other options to generate new interest include refreshing the campaign with a new lead photo or advert. Other marketing options can include premium ads on the property portals, review the for sale sign, add a social media strategy or to send out a press release to target a new type of buyer.
Moovingo’s advantage when selling is providing direct feedback from buyers to your personalised dashboard. Moovingo send every buyer who registered for a viewing a text for feedback. They will then rate your property and have an option to leave a comment. This provides a clear view of how the market rate your property. We follow up with all buyers to to generate further bids and answer any concerns.
Step 14. Negotiating and Accepting an Offer
An important stage of the process for you agent to be on top of their game, not out of office!
Buyers will often start by offering less than the asking price. It can be a good starting point and gives other buyers the opportunity to begin bidding against them. It also offers the agent more time to get more buyers in to view the property. If your property was priced correctly bids should begin to appear at and over the asking price within a few weeks.
Make sure your property is available for last minute viewings as the bidding gets going. Often as buyers bid, they will want approval from family and friends.
Your agent should have a good relationship with all bidders as they will advise on who is best placed to complete the sale without any unnecessary delays. They should also obtain proof of finance and understand when they wish to close the sale.
Step 15. Sale Agreed, What Now?
Your agent will issue a sales advice note and request a booking deposit. The survey and bank valuation (if the buyer is obtaining a mortgage) should be carried out as soon as possible. The survey shows a real commitment from the buyer and is the first time they will spend irrecoverable costs.
Your solicitor should be issuing contracts at this stage and have an idea of completion date. If this is shared with the buyer now it will avoid any disappointments or delays further down the line.
At Moovingo, we have a dedicated sales progression team along with partnering with Daft Assist. Daft Assist is a brand new service dedicated to improving the closing process for buyers.
Step 16. Exchange and Complete
The moment you have been waiting for. This stage is when the buyer pays the 10% deposit and returns signed contracts. A legally binding contract on the sale of your house means the buyer cannot withdraw from the purchase without losing their 10% deposit.
If you are buying and selling a house at the same time. Aim to complete both transactions on the same day for your convenience.
If you are wondering how to store or move all your stuff Buska have an excellent moving checklist right here.
Conclusion on how to sell your property.
If you are still asking yourself how to sell my house? Let one of our experienced property experts assist you throughout this exciting but challenging process. Moovingo is a full service estate agent and can handle every aspect of your sale for one fair fixed fee. Book a free house valuation here today.