You own a small condominium. The problem: you have no use for it... Of course, you have already thought about renting it out. An additional source of income couldn't hurt. But even the thought of how much time and money it would cost to renovate the flat and then find suitable tenants puts you off. The decision is made: The flat will be sold.
The next problem: Who takes care of the sale? You can't concentrate 100% on the sale. With family and work, your day is already packed. Where else are you supposed to find the time to sell a flat? Moreover, you have no experience whatsoever with flat sales...
The solution: sell your flat with an estate agent! Your estate agent can concentrate fully on selling the flat.
How does the sale with a broker work? In 9 simple steps. Read here which steps these are and how you can unmask the bad brokers!
Selling a flat with an estate agent: Procedure
Step #1 Find a reputable & competent broker:
When looking for a real estate agent, the internet is usually the first port of call. Even here, you can tell the difference between good brokers and bad brokers. A reputable estate agent takes care to present himself professionally on the internet. This includes presenting his properties and himself with appropriate information and photos. A serious real estate agent has nothing to hide and pays attention to transparency.
Bad broker tip no.1:
The first contact reflects the professionalism of the broker. If several days pass without you receiving a call back, you can conclude about the broker's competence. Because one thing is certain: If he is difficult to reach even in the initial phase and is reluctant to get back to you, the joint sale will likewise end in a protracted dilemma.
Step #2 Free initial consultation
Once you have decided on an estate agent, you arrange an initial meeting with him or her. During this meeting, you will get to know each other and discuss potential sales strategies as well as your individual wishes and goals.
Bad real estate agent tip no.2:
The decision to sell a flat is not one that is made casually. If an estate agent pushes you to sell at the initial meeting, you know that you have come across a bad estate agent. A serious estate agent takes enough time for his clients and adapts to their speed.
Step #3: Obtain the relevant documents
Next, your broker will request the relevant documents from you. What are these? In our checklist "Selling an Apartment" (to be published by 28.2.2022 at the latest) I list those documents that are important for selling a flat.
You don't have some of the documents? No need to despair. A reputable estate agent will take care of it. He will take care of the official procedures for you to request the documents.
Bad broker tip no.3:
Your broker has not yet said a word about documents or records? Beware! If documents are missing, the sale of the flat can be delayed for months! A good estate agent asks for all the necessary documents right at the beginning or organises them himself with the authorities so that there are no delays in the sale under any circumstances.
Step #4: Inspection by the estate agent
Together with your estate agent you inspect the property for sale. In the course of this inspection, photos are taken and any defects are recorded.
Bad estate agent tip no.4:
Your estate agent charges extra for the viewing? A no-go! With a professional estate agent, the viewing is already included in his fee.
Step #5: Preparation of the exposé and marketing
An important component of the sales strategy is the so-called exposé, a kind of sales prospectus. It should show your property from its best side and arouse curiosity in potential buyers.
The exposé should contain all important information about the flat:
- Location
- Equipment & condition
- Offer price
- Floor plan of the flat
- Energy certificate
In the next step, he places your advertisement for sale on his website and the usual real estate portals. If a potential buyer shows interest in your flat, he sends him the exposé.
Bad estate agent tip no.5:
Your estate agent sends you invoices from the property portals? Then you have come across a bad estate agent. A reputable estate agent will pay for the costs of the property portals!
Step #6: Viewing appointments with prospective buyers
Viewing appointments are certainly one of the most important stages in selling a flat. A good estate agent will guide potential buyers through your flat and inform them about your sales ideas. An added bonus: He can answer questions for which you lack the expertise: Is there a forecast for future value development? Are there already plans for future construction work around the flat? Etc.
Bad broker tip no.6:
Again, the commitment of the estate agent is crucial. If they are unavailable to prospective buyers and slow to respond, your potential buyer will turn to other properties for sale.
Step #7 Preparation of a written purchase offer
If a prospective buyer's intention to buy becomes concrete, your estate agent will draw up a written offer to purchase for a limited period of time. This already contains the most important points of the purchase contract. The more precise the details are recorded in the purchase contract, the clearer they are for buyer and seller. In this way, possible points of dispute can be prevented.
Bad Broker Note No. 7:
The broker waives a written offer to purchase. In principle, a purchase offer does not have to be recorded in writing; a verbal offer is just as possible. In practice, however, the problem of provability arises. What exactly was agreed? Is there a commitment or not? Who is right, who is wrong? As you can see: A lengthy back and forth that could have been easily avoided. Namely with a written purchase offer.
Step 8: Drawing up and signing the purchase contract
An agreement is reached between you and the buyer. Your lawyer or notary draws up the purchase contract at an appointment based on the purchase offer. Once this has been drawn up, a meeting is arranged between you, the estate agent and the buyer to sign the contract.
Bad broker note no. 8:
Your broker is not present at the meeting with the notary/lawyer. A reputable estate agent will support you at this meeting with his specialist knowledge. In particular, he will point out special contract clauses, warranty obligations and the like to you!
Step 9: Transfer & handover of the flat
You receive the purchase price and the buyer receives the flat.
Bad Broker Notice #9:
The money transaction takes place without trusteeship.
Escrow ensures that your sale is quick and safe. Escrow means that the buyer does not transfer the money directly to you, but to your lawyer/notary. As soon as he has the purchase price in his account, he will take care of the land register entry and then transfer the money to you. This ensures that the purchase price is only paid out once the purchase contract has been properly completed.
Do you still have questions about the process? Contact us without obligation
Why do I recommend this 9-step process? A clear structuring of the process simplifies the sale of a flat immensely and prevents delays.
If you go down this path with a reputable and experienced estate agent, you will have a professional at your side who will guide you through the entire purchase process. Therefore, be careful when choosing your estate agent. As I have shown you in the individual steps, the choice of the wrong estate agent can be the deciding factor in whether your sale is a quick success or a complete failure.
Do you have any further questions about the specific process of selling a flat? We would be happy to arrange a non-binding initial meeting. After all, you also want to make sure that I am the real estate agent in Tyrol for you.
You can reach us by e-mail(immobilien@arealita.at), by phone(+ 43 512 580 242) or by contact form (click here!).
Yours sincerely,
Bernhard Großruck, M.D.
Photo: djile-stock.adobe.com
My name is Bernhard Großruck. I work as a real estate agent and appraiser in Innsbruck and would like to give you helpful tips about real estate in this blog.