Selling (Resale) a Home Process Guide
Selling a Home is a big decision to make. There are many reasons why you may need to sell your home.
Knowing and understanding all the required steps is that the sale process is the key to a successful transaction.
RE/MAX Agents will help you understand and prepare for this process with this step-by-step guide we have created.
Selling a home starts with a Plan at least six months in advance
- Appraise your Property Value
- Will you stay at your home until it is sold?
- Are you planning to buy a new home?
- Understand your needs and timeline to sell your home
- It’s recommended to fix all defects and furniture in the property.
- Find your local RE/MAX Agent for the best service you can find
Why you need an Agent?
Sellers spend much time trying to sell their home by themselves. Selling by yourself may take a long time with few results as you are not a Professional Property Agent.
When selling your own home, it can be tempting to do it yourself.
Homeowners assume that a real estate agent won’t make much of a difference and don’t hire one to save on paying out the commission.
The truth is that many things goes into selling your home that you may not have considered. Depending on your experience with selling homes, you may not even know the basics of how things work or where you might fail.
Agents do much more than bring in potential buyers and show them the property.
Selling a house is a full-time job. You will need to find interested buyers, qualify them, and work out where and how you want to advertise your property, schedule an open house, and showing the house at inconvenience time.
You might have a thousand other little things that lead up to a finalized sale. Homeowners may already be busy with life and work, so many of them give up after a short time and agree to lower the price of their property to sell it faster.
Selling your own house will be very emotional. This place may have been your home for many years. You might’ve lived much of your life in this place with a family or maybe even grew a family there. If you've put a lot of love and work into it, you already have a personal attachment to this home, and it may be harder to deal with selling it with these emotions.
Everyone is attached to their home in some ways. Even if you try hard to be objective, there is still some amount of emotional attachment that will affect your negotiation.
Remember that closing the deal involves a lot of paperwork, contracts, and taxes. Forgetting a document or a clause in the agreement may delay the transaction or may even break it.
Some property owners are not aware that most of the process is the responsibility of the owner's side when closing the deal, and they will be required to provide many documents when closing the deal at the Land Office.
* Documents requirements may be different based on the case or the Land Office official request
Here is a list of some Closing Documents and Taxes required when selling a property:
- House Registration
- Title Deed (Chanote)
- Letter that the property is Free of Debt
- FET Form (only in case of a foreigner buyer)
- Company Registration (only in cases where the Buyer is a company)
- Stamp Duty 0.5%
- Transfer Fee 2%
- Specific Business Tax 3.3%
- Personal Income Tax
* Note: Not all the taxes or documents are applied at the same time.
A professional real estate agent's job is to deal with all these exact things.
The Agents will work to find the best places to advertise, coordinate any defect fixing, follow up with leads, collaborate with other agents, make sure people who express interest are qualified, show the property to potential clients any time of the day, negotiate the details, and provide you with offers for you to decide.
Things that are extra burdens for you are the day to day life activities of an Agent, who do these things multiple times a day every day.
The Real Estate Agent's primary goal is to get your house sold and negotiate the best deal without any emotional ties that will prevent them from closing a good deal.
When trying to sell your property, you need to consider all the tasks and components involved in the process of the sale, and you will realize that using a real estate agent is the best decision for the best result.
Find the Right Real Estate Agent
The Agent Goal is to sell your property at the highest price possible, as quickly as possible, with maximum exposure.
The RE/MAX Agent will protect you, save your time, organize the proper marketing plan, and find you qualified buyers.
Our Agent will also negotiate with buyers and/or other Co-Agents to secure the best deal with a price that you both agree on.
You want an Agent who isn’t going to be distracted by other obligations, and an active agent is more likely to be up to date on the market conditions and the law.
You want an Agent that knows the local market, with a minimum number of transactions in your neighborhoods.
Make sure what kind of services your Agent will provide you.
An agent is often supported by a Broker and a team. However, the person you hire will do most of the work.
Good agents will check all available properties in your area, even properties that are represented by other Agents, so he or she can give you the best advice according to the current Property Market in your area.
FIND AREAL ESTATE AGENT THAT WILL BE ON YOUR SIDE
Qualify your Real Estate Agent with some questions:
- Is this your full-time job?
- Can you evaluate my Property Price?
- How many clients have you served this year?
- How many sales have you completed in my target neighborhoods?
- What services do you offer beyond showing the property?
- Are you working with other Agents?
- What is your marketing plan for my property?
- What sets you apart from other agents?
- Can I get any references for your work?
- What is your timeline to find me the best deal?
The Right Property Price is the Key for a Successful Deal
Pricing your home is the key to a successful transaction deal.
It’s hard for Property Owners to separate their emotions from the property that they are about to sell. The decision to sell the house might have already been hard. You probably made many improvements to the house throughout the years that will make your feelings even stronger.
It’s hard to be objective when setting up the price to list your home for sale.
Commonly, homeowners will expect the purchase price they paid for their home many years ago to be highly appreciated. In most cases, homeowners have no tools to evaluate the current property price and usually they only depend on what the neighbors are asking.
REMAX Agents can help you evaluate your property price as they know the neighborhoods, the local market, and how to use Comparable Market Analysis (CMA). Professional Agents will advise you what should be your Asking Price, Target Price, and Lowest Price to make sure you’re pricing your home effectively.
The Agent will guide you through what should you price your home for, what other houses nearby are being sold, what homes were sold recently in that area, and what is currently on the market but has not been sold for over year, based on the real estate market condition.
If there is a big gap between what the Agent believes the price should be and what you want to get, it’s something you can discuss. There are many pricing strategies, but keep in mind that pricing too high to test the market then dropping the price later on may create difficulties in negotiation as buyers already feel that you are stressed to sell.
*Don’t worry either way you will have the final decision on the price.
Ask your RE/MAX Agent to create for you a CMA for your property based on the same criteria and location.
The system will generate a side by side properties analysis from the full RE/MAX database to compare.
Review the market condition and properties CMA with your Agent and ask for more information and explanation.
Listing your property on RE/MAX Systems
It’s time to get your property on the market. RE/MAX is the largest real estate Agent network worldwide with over 125,000 Sale associates in over 100 countries. When you list your property with REMAX, everyone will see it, and your Agent will start marketing your property in many channels to get maximum exposure.
One of the most critical parts of selling your home is the marketing. There are many options to market the property, and there is never just one way to do it; from online to offline marketing, your Real Estate Agent will cover the most effective marketing options that are relevant to your property.
The RE/MAX Technology platform is a powerful system integrated with multiple property portals and posts your property on their website. This will save much time for your Agent so he or she can be focused on other things in order to sell your home.
The iConnect system will also automatically follows up with potential clients and generates a seller report with the current activities that the property listing have already succeeded to perform.
As you are starting the process of selling your home, you want to find the right real estate agent who will use as many of these Marketing options as possible. A large audience will help maximize the amount of sale offers that you will get.
Property Marketing Action Plan (MAP)
There are many factors to consider when creating the marketing plan. Every property is unique, and the Agent may have different marketing strategies for different properties. Property Marketing is not about reaching a broad target audience but ensuring that the marketing will get to the relevant audience who are most likely to be interested in your home.
Experienced RE/MAX Agents have proven the MAP (Marketing Action Plan) for you and know exactly what works and what doesn’t work in today’s market. It will give you peace of mind to know exactly how the marketing aspect of selling your home will be executed.
There are clear objectives in the MAP (Marketing Action Plan), along with sensible means for achieving them. You should expect your Agent to show you the MAP goals and schedule.
As we go with the Marketing Action Plan schedule, we will tightly fine-tune the Marketing Campaign to highlight the bestselling points of your home and neighborhood as we want to attract quality buyers that are likely to be interested.
There are many marketing media outlets that can be used to promote your property. The internet is one of the prime targets, including RE/MAX Regional and Global website, Office Agency and Agent websites, and other real estate portals like hipflat, dot-property, Thailand-property, ddproperty and many more.
MAP – On-Line Marketing
In today’s world, buyers consume a vast amount of information through the internet, and it doesn’t seem to be slowing down. The internet offers limitless possibilities to promote your property, fast and on-demand. It’s necessary to promote the property in all major property portals as it can be accessed at anytime, anywhere in the world.
As many agents are using the internet as their preferred marketing media, it’s essential to stand out from the crowd. Although you can post your property on the internet, the key to success in effective marketing that will make your home as visible as possible are appealing, clean, with high-quality photographs.
A 3D/360 degree property scan of your home will be far more effective than any dry website description.
Thailand Main Property Portals:
A unique property page will be created on the REMAX website (Local and Global), which allows visitors to view details of your home and learn more about what your property has to offer. The clients will be able to save the property or share it with friends and family for future review. The potential buyers will also be able to compare your home to other homes on the website.
The Agent will leverage other marketing opportunities such as social media, search engine marketing, Google PPC (pay per click), blogs, forums, etc.
The Sale Sign
In some areas, the traditional sale sign can drive more interested buyers than any other advertising method. They may seem like an old-fashioned marketing style, but a sale sign has been proven time and again to capture the attention of drive-by people. The survey shows that RE/MAX Sale Signs drive 13.5% more traffic than any other sign out there.
Printed Media Marketing is still alive
It’s already many years that the printed media has slowdown significantly. Some would say that printed media is dead and that it’s no longer useful. In REMAX, we see a change in the way we use the printed media, and this is why we believe advertising in the local newspaper and property magazines can still be effective marketing.
E-Mail Marketing and magazines offer an exclusive, attractive way to showcase property.
Many kinds of printed media can be used, such as brochures, letters, postcards, mailed newsletters, and pamphlets that offer prospective buyers in-depth information.
3D/360° Degree Property Scan
RE/MAX uses cutting-edge technology to showcase your property with a unique 3D and 360 Degree camera. This Innovation Technology provides high-quality Panoramic Photography for your property.
This 3D/360° Degree Camera is designed to scan the interior of a property to maximize and showcase the property in the best way possible for potential buyers.
By providing an actual walkthrough Photography for the property, clients can look up and down, left and right, and move forward and backwards. This incredible technology helps to show the property in a way we haven’t been able to experience before.
Get Ready to Show your home
After listing your home with RE/MAX your Agent will receive inquiries for more details about your home and requests to view the property. Your Agent will qualify and filter your buyers and show your property only to the right potential buyers.
When showing your home, you want the buyers to engage emotionally with your home because the decision to buy a property is based more on emotions and less on logic – people need to “love” the house to buy it. Present your home in a positive manner and do not draw any attention to the negative aspects and even if the buyer finds any flaws in the house, the Agent will find an excellent answer to overcome any objection.
Potential Clients and their Agent expect you, the seller, to leave the house when showing the property. If you are selling your home as a For Sale by Owner, though, you will need to show them the home yourself.
Here are some tips for what buyers are looking for when they are viewing a property.
1. Check for bad smells
Mold can be a big issue and costly to fix; odd smells can indicate mold, flaky plaster, and watermarked walls or ceilings.
Pleasant smells make people relax and feel comfortable – spray some air fresheners before clients arrive.
2. Structural Integrity
A weak structure can break a deal, so clients should be expecting some hairline cracks.
Significant issues should be fixed before starting the sale process.
3. Storage space
People like to collect things, so storage space is valuable space.
Clear your storage space and make it available to view when clients come.
4. Electrical condition
People want to feel safe to live in your home. Sloppy wiring can be hazardous.
At RE/MAX we always recommending hiring a specialist to do the checking and get the proper recommendations on how to get your property to a reasonable minimum safety standard.
Necessary checks that you may able to do:
- Check out the main fuse board – often an indication of the state of the wiring, but a survey will confirm if it needs replacing.
- Check if you have enough electrical outlets - in our increasingly gadget driven world, we need more plug points.
- Check for proper Electrical Grounding.
- Check all electrical appliances
- Check the electric water pump
5. Water & Plumbing condition
Water can drip for years in the walls without you knowing it. The damage that water can do to your home and cabinets may cost you a new home.
At RE/MAX we always recommend hiring a plumbing specialist to do all the checking and get the proper recommendations on how to fix any issues if needed.
- Run the water taps to check the pressure, mainly on the upper floors.
- Ask for the pipes type and prior issues.
- Get the water pipe plans – you don’t want to drill everywhere when you might hit a water pipe.
- Check the water tank condition – if it’s old one, you may want to replace it soon.
- Check for leakage.
Thailand has a tropical climate and has many monsoon storms during the rainy season. Unfortunately, Thailand has suffered many flood periods in many areas.
- Check if the property is in the flooding risk map.
- If your property was flooded, disclosed this information with the Agent and buyer.
7. Proper Energy and Sound Insulation
Today people are more aware of “Green” housing with appropriate insulation. Property Insolation can be applied in many ways with different materials. Most of the insulation requires installation during the construction, but some improvement can be made over the years.
8. Emphasis on your neighborhood
- What is unique in this community?
- Is there a convenience store in walking distance from your home?
- Access to public transportation.
- Nearby activities.
Keep in mind that after viewing the buyer may want to arrange another viewing at a different time of day to learn more about the property
The Offer to Buy Your Home
Congratulations! You have received an offer for your home.
The RE/MAX Agent will prepare all offers and discuss with you what will be the best approach for each offer you have received. Remember that the Agent is here to protect you and give you the best advice.
As a property owner, you probably won't want to accept the first buyer's offer on your home since it will usually be below your asking price.
Buyers will expect some negotiation, so their initial offer will often be lower than what you will agree with. Many sellers will give a counteroffer with a price that is a bit below their original listing price. They want to seem flexible and willing to negotiate to close the deal.
Assuming that you set the price fairly to begin with, not countering the offer says that you know what your property worth is, and you intend to get the money you deserve. Someone who really wants to buy and understand the value will remain engaged and come back to you with a higher offer.
Agree to Pay Closing Costs
When a buyer submits an offer, you may counter back not willing to lower the price if the buyer pays the closing costs such as step duty and transfer fee.
Buyers sometimes don't realize the amount involved, and you succeed in transferring your costs on to the buyer.
The Bottom Line
You want to have the upper hand in the negotiations process. You will need an experienced Agent who knows all the tactics in the sale process.
Due Diligence & Agreement - Three Weeks Before
Agreements can be good or bad for you. There is little consumer protection in Thailand. All of your rights have to be in the contract. At REMAX, we strongly recommend you hire a lawyer to review the purchase agreement and help with the transfer process. Buyers should be prepared to pay a deposit of about 10% of the property value, although this is negotiable.
It’s time to get the property appraised in order to secure a final loan approval from the bank.
- Title deed check
- Professional Property Inspection
- Clear all debts
- Furniture checklist – what furniture will you get with the property (make a list with photos)
- Negotiate all fees such as sinking fund, electric & water meter, agent commission, etc.
- Tenancy agreement (if applicable)
- Note: Your lawyer will do much of this for you.
Prepare for the closing – a few days before the due date
You need to be ready for Closing Day with all funds and documents, depending on the type of transaction you will need to provide different documents. There are also different requirements from foreigners. Your lawyer will help you prepare these.
- FET Foreign exchange form
- House registration
- Bank Cashier’s check
- Marriage or divorce certificate
- Mother and father’s names
This is a stressful day during which all parties will need to do their part to complete the transaction. Attend the closing and get your keys! This a great time to celebrate — you did it!
Note that after completing the transaction, you will also need to transfer all utility services on your name, such as gas, electric, cable, phone, etc.
!! Remember !! The Buyer may have assigned a real estate agent to represent them during the closing, and that Agent is going to be focused on the buyer’s best interests. You’re going to need someone on your side, too!