How to sell a property - Guidance

Pricing

Determining the best price for your house or apartment is not easy. As the owner you want to get the maximum from the sale but potential buyers do not want to pay more than necessary. From this perspective there is a conflict of interest. The right price must satisfy both sides.
Optimal pricing results from both objective research of pricing for similar properties in the market and an intuitive judgement of how many potential buyers can be reached. The right price will stimulate interest in viewing the property and likely then lead to a sale.

In the open market, price is one of the most important factors determining which properties buyers choose to view. It is important to remember that although you and the broker set the offer price, the selling price is determined by interested buyers.

Strategies for Reducing prices

If the price is set too high then no one except real estate agencies will show an interest. It is then a common mistake to gradually reduce the asking price by small amounts. This is unlikely to attract the interest of potential buyers even when the price has eventually reached a much lower level. So if the initial asking price has proved to be too high then it is better to reduce it once significantly (e.g. 10% or more) to get the attention of potential buyers.

Sales activities

In addition to the right price it is essential to have well-prepared texts, with quality photos, delivered through the best real estate portals or other sales channels actively targeting potential buyers.

Preparing the property for sale

First impressions count for real estate. Many potential buyers make a decision during the first ten seconds. This is typically an emotional decision, so emotion needs to go into the preparation process too. Our homestaging process prepares the property for sale or rental, making it more appealing using lighting, furniture and decorations to emphasize its best characteristics.

You get used to the defects in your own home and learn to live with them. So it is important the get unbiased opinions and help preparing it for sale. You cannot rely on potential buyers to tell you what matters.

To sell a flat or house today is a challenge. Feel free to use the contact form below to get our professional help on specific questions.

Mistakes

Finding potential buyers is not the only important thing.

Property owners and inexperienced brokers often assume that finding potential buyers is the only important thing, but there are many pitfalls that experienced brokers can help you avoid, such as:

• The land on which a property stands may have a different owner. This can also apply to the driveway or other access.
• On the other hand, the property can be burdened by an easement.
• The property may be encumbered or subject to repossession so that the owner is unable to sell it and the purchase agreement is invalid (at least, without involving other parties).
• If the property is joinly owned by a married couple, the purchase agreement must be signed by both owners, otherwise it is invalid
• A purchase agreement must be balanced from the outset. Presenting a one-sided contract to the other party will cause delays and could result in a complete loss of trust making it impossible to conclude an agreement.
• Failure by the seller to pay property transfer tax results in problems for the new owner too.
• Problems may arise with fractional ownership, where a part owner attempts to sell their share in a property independently of others.

Offering real estate through a number of agencies, to accelerate the sale.

The result is that the property is sold at different prices and with different information as brokers try to gain competitive advantage in various ways.

Those with experience of this situation learn that it is better to have an exclusivity agreement with a single reputable agent, who takes care of the entire sale to the satisfaction of both parties, saving both time and money. It is enough for buyers to see just one well prepared advertisement.

Other errors ...

No double some people who sell their properties themselves, are satisfied with the result and feel they got the best deal possible, but the risks include ...

• setting the initial offer price too low or too high hence either losing money, delaying the sale or both.
• being unable to verify the creditworthiness of buyers and so unsure whether the buyer has, or will get, finance.
• simply being unable to sell as well as an experienced broker.
• failing to understand the perspective of potential buyers, as is required to reach an agreement.
• being unable to negotiate a good deal and ending up underselling the property.
• risking loss of money due to a lack of familiarity with the various processes which can be agreed to securely transfer funds.
• without a broker from a reputable agency, you are relying on establishing trust with, most likely, a complete stranger. This is risky even in the usual case that the intentions of both parties are honest, and in the case of a stranger you never know for sure.

Want a help? Contact us and we will help you sell your property.