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Property Selling Process Guide

Property Selling Process GuideYour reasons for Property Selling

… will be one of the areas discussed at your market appraisal. If you are looking to up-size (or down-size!) locally, let us know as we may have something on our Property Selling register which might be suitable and we can arrange for you to view.

If you are looking further afield then we will be able to recommend an associate member from the Guild of Professional Estate Agents.

Sadly we know not all decisions to sell are made out of choice so making us aware of any sensitive issues is advisable.

It may surprise you to know that whilst we are obviously keen to sell your home, if we think you are better advised not doing so, we will do the right thing and tell you.

… and maybe your private reasons for Property Selling

Something else you can’t expect if you use an online estate agency site to sell your home… discretion. There may be any number of reasons why you’d prefer the fact that you’re considering Property Selling to remain quiet, in which case you don’t want your house details broadcast for everyone on the internet to see. Perhaps you’re avoiding the prying questions of nosy neighbours, or involved in a family dispute… whatever your reason for demanding a low-key approach to selling your property, you can rely on OASiS to respect your privacy and to pursue your sale through other routes, for instance, ‘the whisper market’ (see below).

Market Appraisal

When you call us to arrange a market appraisal, the more information you can give us the better, including style of property, number of different rooms, any extensions, recent improvements, size of garden, garages or off street parking, freehold or leasehold (length of lease).  At the market appraisal we will try and bring a couple of the team to offer two perspectives (click here for more information on how we value your home) and we will explain our standard terms of appointment.


Instruct OASiS and Agree Terms

Once you are happy with the valuation you will need to decide on the selling package that’s right for and whether you are going to follow a sole agency or a dual agency strategy for the marketing of your home. We highly recommend following a sole agency strategy as a dual agency approach can ‘over-expose’ your home and make you look desperate to potential buyers. Like most agents, we prefer to work as your sole agents; however we can also work on a multi-agency and partner agency basis at a higher commission rate.

Instruct a Solicitor

Your legal representative can be crucial to the success (and to minimizing the stress) of the selling process, so choosing the right one is crucial.  It is advisable to appoint one as early in the process as possible so you have time to make an informed decision once an acceptable offer is received. Unless you have chosen a special product such as OASiS’ own ‘Contract Ready’ conveyancing package, you only instruct them to work on your behalf once an offer is agreed.


Marketing your property

The use of ‘For Sale’ boards goes back many years and despite the increasing prevalence of online property websites, they are still important as a marketing tool. There are many occasions when a buyer has stated that they would only buy in a certain area, and if the board had not alerted them to the property being available, they would have otherwise missed it. We do however appreciate that on occasions discretion is required and we will work with our sellers on this area.

‘The whisper market’

A crucial part of our offering at OASiS is our involvement in something we like to call ‘the whisper market’. It’s a specific area of expertise that only comes from years of hard-earned experience in a specific local area… and as such, it’s a powerful and unique bit of ‘added value’ that the cleverest algorithm on any online Property Selling website can never deliver.

Quite simply, over more than a decade, we’ve been building our own database of satisfied customers who’ve sold, bought, let and rented through OASiS. They’ve become friends of the business, and we like to keep in touch with our friends. So we hear in advance when customers’ interest in the property market is about to re-awaken. Perhaps they’re about to sell a property, but are demanding discretion. Perhaps they want to move back into our area. It might be that they’re waiting to move house, but only when the right property becomes available. So when we talk about ‘the whisper market’, we’re talking about a huge and potent wealth of potential customers whom the online estate agents will never even hear from… but to whom we’ve never stopped talking!

Property details

We will arrange for usually two members of the team to visit your property and prepare your marketing details. These will form the basis of your brochure and the content which features online both on our website and other portals. We pride ourselves on our photography and will work with you to present your home in its best possible light. Before we arrive it is worth clicking on our hints & tips about how best to present your home. Beyond the basic property, if there is anything particularly special about your home that will help may it more saleable (e.g. the history of the property) then please let us know. Once you are happy with your property details, we will be in a position to launch your home to the market.

Energy Performance Certificate

This is a legal requirement for the sale of every property in the UK and must be carried out before a property can be officially marketed. OASiS can organise this for you although you are free to appoint your own Energy Assessor should you wish.

Property Selling Process GuideProperty Information Questionnaire (PIQ) and qualified buyers

At the point of instruction, we will ask you to complete a PIQ. This will contain a lot of information which will be useful to us during the selling process. It will include factual questions such as current utilities suppliers and a basic fixtures and fittings list, as well more qualitative ‘emotional & lifestyle’ questions such as what you love about your home and what you have enjoyed about living there.

When we bring prospective purchasers to view you property, we will also have screened them (to weed out the timewasters!) and qualified them as a serious potential buyers. We take care to gain important insights into where the buyers currently are in the decision-making process, gleaning information about such topics as their reasons for moving, the number of properties they’ve already seen and – crucially – how they will be financing their purchase.

Pre-launch Trialists

This will be discussed at your market appraisal as a really good way of making sure that our appraisal is correct and also helping to fine tuning the way we present your property. Pre-launch Trialists are a select number of active buyers on our database who have viewed other similar properties and can therefore give us a valuable market insight into your property; they could also be your hottest potential buyers!

Full launch

The full launch involves going live to the internet and social media channels with your property details. If you are an active member of any of these channels we will ask you to ‘like’ or retweet your own details to give further momentum. We will also email your property details to all the active applicants on our extensive database of pre-registered approved buyers and follow this up with a subsequent phone out to the hottest prospects.

Accompanied viewings

Did you know that, statistically, the ‘hit’ rate for converting accompanied viewings into sales is something like 1 sale per 10 viewings. But when sellers conduct viewings on their own without the assistance of a professional negotiator, that rate plummets to something like 1 sale per 44 viewings! For that reason, we pride ourselves on always sending a knowledgeable member of the team out to accompany all of our applicant viewings.  We will endeavour to bring all viewing guides to your property prior to the market launch so that they’ve met you and are familiar with your home. We are delighted that our team are all local experts, with personal buying and selling experience, and they tend to be that much more mature than the standard agent! They will also attend with the Property Information Questionnaire that you’ve supplied, giving them access to a wealth of information beyond the standard property brochure.

Remember, this attention to detail and superior ‘one to one’ customer service is something you simply don’t get from online estate agents – nor, indeed, from the vast majority of our traditional competitors! – but it’s another area where OASiS is proud to be refreshingly different.

Viewing feedback & activity reports

It is our intention to provide you with feedback from your viewings as quickly as possible, usually with 24 hours of the appointment. On a weekly basis we will email you (or post if you prefer) an activity report based on the previous week’s marketing activity.

Offers received, checked and passed on

All offers received on your property will go through a stringent process of due diligence. This will include checking the applicant’s ability to finance the purchase, and if they are themselves selling or involved in a chain, we will assess the position of these associated buyers and sellers. All agents are legally obliged to present any formal offer made, regardless of the ability of buyer to proceed and the amount of the offer.

Offer accepted

Once you are happy with an offer, we will write to both parties to start the legal process. If you have not already done so, you will need to appoint a conveyancer at this stage as the sale cannot progress without one.

Sales Progression

Once the sale has been agreed, you might think that we sit back and take it easy, having done our job. And for most of our competitors, that’s true. But at OASiS, the work continues behind the scenes. We will be chasing up surveyors, conveyancers, and checking that all the necessary boxes are being ticked by all the relevant people in the process. And we’ll also be chasing the professionals acting for the people above and below our customers in the chain to minimise the risk of any omission potentially delaying the process further down the line. It’s painstaking, time-consuming work (we estimate that for every sale, the Sales Progression phase will take up a full week’s worth of one of our negotiator’s time!) but it’s another refreshingly different way that OASiS goes the extra mile to deliver the seamless transactions our customers expect.

Conveyancing

Conveyancing is the legal transfer of ownership of a property from one person to another and OASiS offers comprehensive and great value conveyancing packages for sellers (‘Contract Ready’) and buyers (‘Best For Buyers’). For more information from our Mortgages & Professional Services menu, click here

Property Selling Process GuideSurvey of property

If your buyer is purchasing your property with a mortgage, then their lender will require a valuation survey to be carried out to ensure that the price at which the property is being sold is fully justified given its size, condition and location. This will involve a surveyor attending your property and carrying out a short inspection; however, if the lender fails to be convinced by the surveyor’s report that the agreed value of the property is fair, this can sometimes result in ‘down-valuing’ of the mortgage offered. This is the number one cause of buyers pulling out and sales falling through.

However, this is also one more area in which OASiS is refreshingly different in the way we operate. We make a point of providing surveyors with Properly Prepared Valuation Information, supplying not only the valuation details of three comparable recent local property sales, but also a comprehensive package of accompanying Land Registry information in order to support the price agreed. In this way, we try to solve any potential problems before they even crop up!

Most buyers will also commission a Buildings Survey of some sort and a further explanation of the different types of these can be found in the Surveyors section of our Mortgages & Professional Services menu. These may be carried out at the same time as the valuation survey or at a different time by a different surveyor.

Removals

Whilst we never recommend that you actually book your removals company in advance of the official Exchange of Contracts (see below), it is advisable to have at least done the ground work and secured a trusted, fully-insured company, if only provisionally.  For more information from our Mortgages & Professional Services menu, click here.

Utility Companies & Local Authority

Once a prospective completion date has been agreed it is advisable to inform any utility suppliers and the local authority of your impending move, following this up with final confirmation once you have exchanged contracts.

Advise your key contacts of your new address details

Again, when a completion date has been agreed it is advisable to inform any key contacts of your new address details. This includes doctors, dentists, bank, pension providers, friends and family, DVLA, Passport Authority, telephone and internet suppliers, TV Licence and SKY, insurance company. It is also advisable to set up a mail re-direct service at this time.

Exchange of Contracts

Once all the legal requirements have been completed, contracts can be exchanged and the sale becomes legally binding. Your buyer will have deposited 10% of the sale price with their solicitor (this figure may be negotiated down in certain circumstances) and this is then passed to your solicitor. A completion date will then be agreed for the exchange of the actual property.

Completion of Sale

The sale is completed when all mortgage monies have been received and passed between solicitors. Completion can happen at any time of the day, particularly if the sale is linked to a number of others in a chain. It is worth liaising with your agent who can help agree a convenient ‘moving out & moving in’ time between yourself and the buyer.  You will need to have deposited at least one set of keys with us at OASiS and agree where in the house the remaining keys will be left for the new owner.