sold

  •   ESTIMATING THE PROPERTY VALUE

  •   COMPULSORY DIAGNOSTICS

  •   A PROPERTY SHOULD IMPRESS VISUALLY

  •   PUT FORWARD THE STRONG POINTS

  • 4 WAYS USING AN ESTATE AGENT WILL HELP YOU SELL FASTER

  •   INSIST ON A REGULAR FOLLOW UP FROM YOUR ESTATE AGENT

  •   DON’T REFUSE AN OFFER TOO QUICKLY

  •   SALES PROCESS

    Further OPTION : YOU COULD RENT OUT YOUR PROPERTY

 

 ESTIMATING THE PROPERTY VALUE

Selling a property needs careful preparation. It can be complicated to try and estimate the value of your property on your own. For a start, you will tend to be influenced by the price at which you bought it, the work that you have done to improve the property and the sentimental value you attach to it. These criteria are not necessarily realistic and valid. The best solution is to ask one or several estate agency professionals to estimate the property value for you. A property fixed at the right price will have twice as much chance of selling than one which has been overestimated and which will take much longer to attract potential buyers.

 

COMPULSORY DIAGNOSTICS

The technical Diagnostics have been made compulsory so that information concerning properties can be made public in order to protect people, properties and the environment. A diagnostic consists of several different modules. They vary according to various criterias:

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  • the surface area of the property
  • its location
  • its type (whether it is an apartment or a house)
  • its date of construction

 

Additional diagnostics can be required when certain fittings are old, such as for gas, lead pipe fittings and electricity for example. It is extremely important that you get these diagnostics done before you put your property on the market. Future buyers will request them, as will the estate agents who are in charge of the sale. Normally, a diagnostic is valid for 10 years (although not all tests are, such as lead, which lasts a year only) so check the one you received when you bought the property as it may still be valid.

It would be a good idea to contact several diagnostic companies as the prices can vary considerably. Ask your estate agent for help and advice.

 

A PROPERTY SHOULD IMPRESS VISUALLY

When clients visit a property, the visual impression plays a big role. The pictures you put online will also determine whether someone shows interest in your property over someone else’s. Don’t hesitate to simplify the overall visual aspect by taking away many of your personal objects and ornaments.

This will give an overall impression of neutrality and will appeal to more people’s criteria, it will also help them to imagine their own selves a bit more in your home. People should find visiting your property an enjoyable experience.

 

It is more and more common these days in France to consult someone who can help you to “home-stage” your property. This will help you arrange your house to make it appealing for both the photos and visits .It will increase your chances of selling, especially at a good price !

 

 PUT FORWARD THE STRONG POINTS

If you have decided to sell your property yourself, do not hide the faults and the more negative aspects from potential buyers when they visit. If a client discovers a flaw by himself, it will always appear more serious to him than if you had explained it to him beforehand. Put forward all the positive aspects:

  • proximity to shops, public transport, schools, industrial zones, sport activities…
  • the habitable surface, garage, cellar, ski locker
  • the newly fitted kitchen or bathroom, painted walls, double glazing
  • low running costs, low energy loss with modern insulation technologies…

 

Organizing visits and following up phone calls is very time consuming, especially if you are working and looking for a new house all at the same time. Putting everything into the hands of an estate agent would be the best option and would considerably simplify things .

 

4 WAYS USING AN ESTATE AGENT WILL HELP YOU SELL FASTER

  1. He will help you to estimate with precision the value of your property and prepare your home for the photos and future visits
  2. He is responsible for finding potential buyers. Your property will be advertised on various professional websites and magazines and will be made widely visible
  3. The agent will look after sorting through all the potential buyers,  making sure only the suitable clients come and visit and the ones with a financial capacity
  4. He knows how to enhance the positive aspects and provide the client with the exact information that will convince him to buy your property
business handshake over blue background/apreton de manos sobre fondo azul

Hand over your project to a professional

All of this will save you a lot of wasted time and effort. Agency fees are usually paid by the buyer so you have nothing to lose by selling through an agency.

 

Shop around the various agencies. Select one or two agencies which seem to be the most active in your area and opt particularly for those who promise wide advertizing, potentially in neighbouring foreign countries. Avoid agents who don’t take the time to listen to you or to really get to know your property. Give the agent a maximum of information (latest general assembly reports, invoices, proof of work done on the property, etc…) so he can answer questions and explain things during visits. As far as possible, try not to be present when visits take place.

 

 INSIST ON A REGULAR FOLLOW UP FROM YOUR ESTATE AGENT

Having access to follow-up reports the agent should provide you with after visits enables you to keep an eye on how the selling process is going. This could potentially help you realize that there is a recurring problem which seems to be putting clients off, such as shabby paint, an old-fashioned kitchen, too many trees in the garden, etc… It is sometimes a good idea to do a little renovation in order to adapt the property to what the buyers are looking for. Doing a little interior decoration may end up not being very expensive but very advantageous.

 

The follow-up reports will also be a guide as to whether you should consider lowering your selling price. Talk it over with your estate agent. If you aren’t satisfied with your agent and think he isn’t doing his job properly, don’t hesitate to change to another agency.

 

It is preferable not to sign an exclusive contract, which will limit you to using only one agency for a given time. It is much better to sign a basic contract with one or two agencies. The competition between the agencies will incite them to put much more effort into to selling your property so they can sell it before their rival does.

 

DON’T REFUSE AN OFFER TOO QUICKLY

If a potential buyer offers you a lower price, do not refuse it straight away. Study it carefully and give yourself time before giving your answer. Talk it over with your estate agent. Negotiation in France is quite common. The buyer proposes a lower price and it generally ends up somewhere halfway between the original price and the initial offer.

 

Sometimes, a buyer will propose a lower price because in his consideration the kitchen needs changing, for example, or a new coat of paint on the walls needs to be done etc…

This is when wrestling over the price starts with the buyer. A well thought counteroffer can be made. You can propose a higher price, wrestle

and in exchange, take at your expense certain renovations. First estimate what the cost is going to be, and make a counteroffer with a margin. This needs careful preparation and good advice. Again, ask your estate agent who is well aware of construction and renovation costs. He can also guide you to the right craftsman.

Always keep the channels of dialogue open!

 

 SALES PROCESS

Once you have found your buyer and agreed on a price, secure the sale rapidly. If the buyer has written down an offer you can therefore sign it.

  •  Compromis de Vente: once both parties have agreed on both the property and price, this first document is introduced. It is a pre-sale agreement, but according to article 1589 of the Civil Code, this document, once agreed on, is to be considered as a contract binding both buyer and seller. It is generally written down and signed with the Notaire / solicitor. However it can also be done with the estate agent alone. This document holds in all the “let out” clauses. The sale is only valid if all the specifically added conditions are met. In France there are certain delays given to all the different administrative departments to collect the necessary documents and give their consent. It is generally a month or a month and a half. The buyer also has about a month delay to find his loan. A sale takes about 3 months usually. A 10% deposit, will be asked of the buyer and kept by a stakeholder, who is either the Notaire or the agent, until completion. This sum will be deducted from the purchase price if the sale is completed.
  •  Acte authentique: Once all the legal delays are elapsed, the final sale document can be signed. This signature marks the end of ownership for the seller and keys are handed over to the buyer.

 

Notaire fees are payed by the buyer. The buyer can request that his own solicitor be present to represent him during the sale process. In this case, both solicitors can work together to conclude the sale proceedings. Notaire fees are then shared between the two.

Always respect and abide by the terms of your mandate with the estate agency. Don’t forget you can never conclude a private sale with a client that came to you through your estate agent.20150911_143309

 

FURTHER OPTION: RENT OUT YOUR PROPERTY

Before putting your property up for sale or if it doesn’t seem to be selling, why not consider the option of renting it out?

Once you have explored all your options, it is worthwhile studying this solution. Certain rent levels could cover your monthly mortgage payments, making it a financially viable option. Once again, in order to avoid having to find a tenant yourself, plus the ongoing management of the property or even the hassle of having to recover unpaid rent, it makes sense to employ an estate agent to help you out. Different types of lease could apply: seasonal rental, yearly rental, furnished or unfurnished. Each of these options imply different advantages and legal requirements. Let your agent help you out !

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