Be re­al­is­tic when sell­ing a prop­erty

Yorkshire Post - Business - - FOCUS ON SMES - Ryan Unsworth, de­vel­op­ment man­ager at Key­land De­vel­op­ments, on sell­ing prop­erty.

1. SELECT an agent who has a track record of sell­ing sim­i­lar as­sets into the mar­ket, and has an ex­cel­lent net­work of con­tacts re­gion­ally.

2. Be re­al­is­tic on value. Just be­cause the prop­erty in the lo­cal­ity sold for a sig­nif­i­cant amount, it doesn’t or­di­nar­ily mean yours is worth the same. There are many vari­ables which af­fect the value of prop­erty.

3. When go­ing into the ne­go­ti­a­tion, know what terms you can be flex­i­ble with and what points are fixed i.e. price, com­ple­tion, timescales, con­di­tion­al­ity, pay­ment terms etc. By clearly set­ting th­ese out at the be­gin­ning of the sale process it al­lows all par­ties to know where they stand.

4. Be cau­tious about the head­line of­fer you re­ceive un­til you have dis­cussed the terms with the prospec­tive pur­chaser and specif­i­cally un­til you have checked point five.

5. En­sure the au­then­tic­ity of the pur­chaser. Check for proof of fund­ing and their abil­ity to per­form. Fail­ure to do so can lead to long de­lays, or to­tal col­lapse of the deal, which in turn leads to abortive costs.

6. Due dili­gence. It’s not just a pur­chaser’s duty to un­der­take due dili­gence as ques­tions will be raised dur­ing the sale process and you need to be able to pro­vide suf­fi­cient re­sponses to the queries raised.

7. Ap­point an ex­pe­ri­enced pro­fes­sional team to look af­ter your in­ter­est. With more com­plex trans­ac­tions, a ground en­gi­neer or high­way con­sul­tant may be as busy as your le­gal rep­re­sen­ta­tives.

8. Keep in con­stant con­tact with your pro­fes­sional team to keep on top of any is­sues.

9. Set re­al­is­tic timescales.

10. Be pre­pared to walk away.

RYAN UNSWORTH:

Ap­point an ex­pe­ri­enced pro­fes­sional team to look af­ter your in­ter­est.

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