Mistakes Real Estate Sale

Mistake number 1: I’m just starting to sell my property

Many homeowners dive into the adventure of selling a property without knowing exactly what to expect. There are many questions to clarify in advance. For example:

  • When is the best time to sell?
  • How long does the sale take?
  • How do I replace my real estate loan?
  • When should I buy a new property?
  • Do I need a loan?
  • How do I organize the transfer of ownership in temporal and economic terms?
  • How do I get the best selling price?
  • What are buyers going to ask?
  • What legal pitfalls might exist?

Mistake 2: I know the price of my property!

Every owner knows how much they have paid for their property and what they have already invested in cash. It is not uncommon for this to be the basis for your own price expectations: “I want to get what I paid for.” But this concept of price often differs from the actual price. The actual price may be above or below.

The sale price is determined only by supply and demand at the time of the sale process. Predicting the achievable price is not so easy. This requires a great deal of experience and a great deal of knowledge about the factors that influence the value of a property. As for the property valuation, therefore, resort to the old wisdom: when in doubt, ask someone who knows.

Mistake 3: I don’t need a real estate agent to sell my property!

In fact, many people sell their properties without going to a real estate agency. The key question should not be whether they can do it themselves, but how to sell it at the best price without investing a lot of time, effort and money.

Experience proves that a dedicated professional can be of great help, justifying the money invested in their work. They can make a professional evaluation, create better exposure, advertise the property, organize visits to the property, be available for phone calls, make price negotiations, prepare the purchase contract, help in a possible unforeseen event, ensure marketing costs and only receive fees if successful.

Mistake number 4: I can make an ad myself.

Many private sellers just put the property in the newspaper or on the Internet and wait to see what happens. However, those who set a very high price usually generate low demand. On the other hand, if you set a price too low, you are giving up money unnecessarily.

Another problem is: Private sellers often want to save money on marketing by choosing just one marketing channel or platform. If a potential buyer does not see the offer, the owner will lose opportunities to sell.

Mistake number 5: Showing the property can’t be that hard.

And who could do it better than the owner? Potential buyers often have a very different perspective on the property. Interested parties ask, for example, at what cost would it be possible to change the plant, how much would the thermal insulation cost, etc.

It is not uncommon to find potential buyers with long questionnaires. Owners are not always prepared for this, mentioning, above all, what they consider to be relevant. And sometimes they forget to mention something really important (like hidden defects that can lead to damage).

Mistake number 6: Why bargain? I say what I want!

Not all owners are good at explaining themselves and potential buyers want to be successful in the negotiation. An owner should think carefully about what price he wants to set, how much they can negotiate, and how much they can offer (eg, “I’ll leave the kitchen equipped if we go to the registry office next week.”).

Experience provides more successful negotiations. Business consultants can be very helpful in sales negotiations. These can strike a balance between the interests of the seller and the buyer and assume a mediating role that the owner himself does not know how to play.

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