Last Updated on December 10, 2023 by Kimberly Crawford
Property prices are rising throughout the world. If you are a property owner, then there’s never been a better time in history for you to sell it. This is especially true for properties held in rural areas, which are attracting freelance business people in search of quieter, more peaceful lives. Properties in cities are also selling fast at the moment.
If you’re new to selling property, then there are lots of things that you can do to increase your chances of making a sale, including 3D virtual home tours. This article will tell you seven of these things:
Marketplaces
One of the best ways of selling property in 2022 is through online marketplaces. No longer must does one need to hire an agent to sell their property for them. Agents take a percentage out of sales that they facilitate, whereas marketplaces simply require a subscription fee paid monthly.
According to the house sale specialists from https://www.propnex.com/, support is also offered on pricing, selling, and getting your listings set up. You will need an attorney to facilitate the sale, however, as will the person who is buying the property from you. You cannot handle the entire sales process alone.
Agents
Agents are another way of selling property, although it can take longer, and they do charge fees. An agent acts on your behalf, marketing your property through their pre-established channels (website, social media, etc).
Agents can be very effective, as long as you don’t mind paying them. It isn’t particularly difficult to find an agent. One can simply look locally in one’s newspaper or online. Some agents do offer very competitive commission rates, with some going as low as 1%. If you aren’t confident selling your property yourself, then an agent is worth consideration.
Instant Sales
There are many companies that will buy your property from you for market value in less than a week. These companies are usually used by people who are going bankrupt and can’t continue paying their mortgage payments.
Other times, they are used by people who need to liquidate an asset quickly and make as much money as possible. Unfortunately, you do lose out when you sell to these companies because they will give you the lowest offer according to your property’s market value. When you sell privately, buyers can enter into a bidding war, increasing the amount that you make.
Auction
Auction is another quick way of selling one’s property. Unfortunately, when selling by auction, one often loses a lot of money. This is because the auction house takes a very large percentage out of the final sale, often around 20-40%.
In addition, one’s property might not sell for its expected value, going for much less. Even so, if you need to liquidate property fast, an auction is worth considering. A good way of increasing the amount one’s property sells for is to sell all of the furniture and contents of the property as well, particularly if the house is large.
Part-Exchange
If you are interested in buying a new property and selling your current one, you might be able to part-exchange it. You may even be able to fully exchange it, depending on your current property’s value, and the other property’s sellers.
When you are trying to part-exchange a property, it’s best to go through an agent. This is because they will be able to market your property for you more effectively, and in addition, will be able to find another property for you to exchange yours with. Part-exchange isn’t suited to everybody, however, particularly those who want cash.
Equity Release
Equity release schemes are a good way of retaining part ownership of your property while receiving payment. There are two types of equity release. The first works by selling your property to a reversion provider, who will give you a lump sum of no more than 60% of the property’s market value.
They will allow you to live in your property rent-free until you die, and the provider cannot sell or do anything with your property until you leave it. The second is a lifetime mortgage, where the provider gives you a lump sum secured against your property, and you can either pay it off or delay payments so that the costs are taken from the proceeds of the property when you die.
Holding Onto It
If you aren’t in an urgent rush to sell your property, you could of course hold onto it. Property prices are still rising, and while now’s a great time to sell, if you hold onto your property for a little longer, you might find that you get more for it. This does take a great degree of patience, something that many people don’t have. In addition, the property market could of course take a turn for the worst and values could plummet, so it can be risky to hold onto it.
Selling one’s property doesn’t need to be difficult. In fact, it can actually be quite easy. Make sure that you’re confident you want to sell and that you’re happy with the price offered before you accept an offer on your property.
