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Ten Steps In Concluding a Property Deal


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Listing. The estate agent would need to obtain information on the property such as address, asking price, land area etc, and also obtain the owner's authorisation for sale by putting up banner on the property and later, the key if the property is not occupied.

Inspection. Conduct inspection to understand the property's condition, interior, facilities, amenities and neighbourhood. Advise owner to rectify damage, if any because this may impress the buyers and or end users. Marketing. Marketing is a vital as it disseminates the sale information of the property via newspaper advertisements, magazines, flyers etc. Signboards and posters are effective and the owner's authorisation must be obtained prior to putting them on the property.

Qualify callers. Screen through all caller response from advertisements to avoid unwanted problems such as property shoppers. Such callers are window shopping calling up and asking a lot of questions about buying properties, etc but with no real intention of buying. Sometimes lonely elderly people just want to see the houses but they won't purchase anything in the end. Show potential buyers the actual property.

Negotiation. Negotiate the price with the prospective buyer by placing vendor's interest as priority. Update both parties with the latest information. Reporting. Generate report based on the prospective buyer's enquiries and comments. Closing deal. Seal the deal by collecting 2 percent earnest deposit and explain the contract elements stated in the Letter of Offer and Acceptances. Follow up. Liaise with solicitor on the preparation of SPA or Tenancy Agreement and arrange for signing upon completion of the agreement.

Hand over. Hand over vacant possession reaching final stage of purchase as advised by solicitor by assisting previous owner to check that all keys handed over are correct. Billing. Submit invoice to vendor for commission payment upon completion of service.

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