Selling real estate is usually complex and lengthy.
Whether it’s a house or a condominium: If you want to sell a property, you must ask yourself several questions from the outset: When should you sell? What is the market value of the property? And how can suitable buyer groups be reached? It not only requires specialist knowledge and time. Many typical mistakes can also complicate the sale of real estate – real estate sellers should consider the following points!
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1st mistake: Unsuitable time for the property sale
Never sell head over heels: The right time to sell a property is the decisive factor in selling. However, because real estate prices are constantly changing in most regions, you should pay close attention before selling: could prices in the area continue to rise in the coming years? Or are there already signs of price swings? In addition, the time of sale plays a major role in speculation tax: this does not apply if there are at least ten years between the purchase and sale of a property. To find out all you need to know about the real estate market, make careful decisions when choosing the right time and Kingdom Valley Islamabad
2nd mistake: Insufficient real estate valuation
A tip first: Real estate value is not the same as real estate value. The value of a property is always determined by supply and demand and various other factors. As a result, the market value of a house or apartment can fluctuate and sometimes deviate significantly from the original purchase price. Therefore, it is advisable to have a professional market value appraisal drawn up to get an objective and comprehensive assessment of the sales price. Experts use various valuation methods such as the comparison value method, the material value method, or the income value method. A market value appraisal contains all the important clues for real estate valuation. For example, it is also considered an important basis for decision-making in courts, authorities, and insurance companies.
- Mistake: Exclude real estate agents as a matter of principle
It is better to think twice about whether a real estate agent would be helpful: Selling a property requires a wide range of specialist knowledge and a lot of time for marketing. So if you want to sell your property on your own, you should think your way around the real estate market and bring good nerves and patience. On the other hand, real estate agents specialize in buying and selling houses and apartments. They know the exact processes and provide support with the property valuation, viewing appointments, and the preparation of the purchase contract. In addition, brokers can often achieve higher sales prices. In any case, it should be checked whether hiring a broker makes sense.
4th mistake: unprofessional synopsis
It should be appealing and informative: an exposé contains all the important key property data without appearing exaggerated. Moreover, it should pique the interest of potential buyers without hiding or over-hyping anything that might disappoint prospects later. For a stunning impression, it is worth cleaning up the house or apartment thoroughly or furnishing it using home staging and using high-quality photos – preferably when the weather is nice. In addition, all extras, e.g., B. an unfinished attic or a garage, can also be included in the exposé to give buyers a comprehensive overall impression.
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5th mistake: Marketing does not reach potential buyers
How do you reach the right buyers? Each property is only interesting for certain groups of buyers: Depending on the size, location, and price of an apartment or house, potential buyers can be approached with the optimal marketing strategy. Therefore, online platforms, print media, or social media should be specifically selected and used for marketing to correspond with the buyer groups. In addition, it is usually worthwhile to spread the sales offer widely to increase demand.
- Mistake: Unprepared for the viewing appointment
Preparation is everything: To convey the best possible impression of a property, not only the house or apartment but also you should be well prepared for a viewing appointment. On the one hand, this means that viewings in the dark should be avoided, and inhabited properties should be left in a tidy and clean condition. On the other hand, the preparation of the content counts: Anyone who leads prospective buyers through a property must expect detailed questions. Proper preparation is the be-all and end-all. But reactions of all kinds should also be considered: Prospective buyers can, of course, also express if they do not like something – in order not to jeopardize the sale, this should always be the case during viewings proceed with sufficient distance and sovereignty.
- Error: Important documents are missing
No progress without them: Certain documents must be available when selling an apartment or a house. The property type includes floor plans, the extract from the land register, the energy performance certificate, and site and construction plans. All invoices for repairs, renovations, and modernizations should also be kept and to hand. In addition, other documents such as rental contracts for currently rented properties, house allowance statements, proof of reserves for apartments, etc., should be available – it is best to inform in advance which documents are required for the sale of the apartment.
- Mistake: No or the wrong negotiation strategy
Bargaining allowed: While sellers often estimate the value of their property higher and do not want to give up because of the emotional weight, buyers always aim for a lower price and want to negotiate. Therefore, it is advisable to get involved: If you deny any price reduction, you will be left with your property in case of doubt. It is worth developing a pricing strategy in most cases because simply starting to negotiate can also backfire. With a good negotiation strategy, sensible arguments regarding the asking price (e.g., regarding special features, location of the property) are useful to reach an agreement with the buyers on a good price level.
9th error: ambiguities in the purchase contract, not checking the creditworthiness of the buyer
Are the kitchen and built-in cupboards staying in? A good sales contract creates security – for both the buyer and the seller. For this reason, every oral agreement should be recorded to avoid later disputes from the outset. In addition, it is advisable to check a buyer’s creditworthiness: This increases the security for sellers and allows the property sale to run smoothly on the home stretch.
10th mistake: underestimating the necessary specialist knowledge and effort when selling real estate
Broker, Photographer, Appraiser, and Negotiator: Real estate sales require a wide variety of knowledge and skills. However, if you have difficulties in one or the other point, you should rely on professional support from a real estate agent right from the start. In addition, the effort involved in selling a property is often underestimated, which begins with the market value appraisal and only ends after the purchase contract has been signed. The entire process consumes not only time but also money. Therefore, proceed in a targeted and step-by-step manner – this way, you avoid mistakes when selling real estate and get the desired result.
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