Five most common mistakes when selling a property

When you're about to sell your property, whether it's to move to another home or simply because you need an additional financial asset, you'll undoubtedly face a number of challenges. It is possible to make mistakes that you did not even think about and realize them at a later stage, or to trust someone close to you who is not fully familiar with the process and not reach a favorable end result. As real estate experts, we would like to bring to your attention the most common mistakes from our practice.

Top 5 reasons for not making the most profitable sale

It is normal to want to make the fastest and most profitable sale under the best conditions and possibly with zero complications. If you are doing it yourself, however, you should certainly consider several factors - whether the price is adequate for the market and the condition of your property; whether you can negotiate in your favor; whether it is an advantage or disadvantage to work with many agencies and whether the market is currently suitable for selling your home. Let's look at each of these features individually in detail.

Unrealistic price

If you need X amount for an investment you are planning, you decide that the easiest way to cover this expense is to list your property for X price. Logical, but not quite right. The price is determined by various indicators such as location of the home, type of property, year of construction. The condition of the building is important, whether it has well-maintained common areas, whether it has an elevator, which is a great convenience for young families with children, but is missing in housing cooperatives in certain areas. If your property is located in a gated complex with 24/7 live security and video surveillance, this will increase its price, because security and peace of mind between residents is an increasingly demanding requirement from new buyers. They are very informed and the market is very competitive, so artificially inflating the price of your property is not a good move. Even if you want to leave room for a price drop, the initial high listed price may cause buyers to pass on your offer without contacting you, even if they were interested in the property. Some owners end up overpricing because of sentimental value, the investment, renovations, time and resources they put into their former home. It is a wrong step to consult with relatives, because they, just like you, will want to sell your property at the highest possible price, but it may not really meet the criteria and does not fit into the current market. The price of your property should be attractive enough to meet the merits of the home and justify your expectations, as well as fair enough for its value. If you are in a hurry to sell, it is best to trust a professional realtor who can refer to data and expertise to offer the most realistic and favorable price.

Lack of negotiation skills

You may be a very good speaker and quickly convince your friends of something because you are the soul of the company. But communicative and commercial skills are developed in the process of work. Sometimes in your desire to achieve the best price, you may miss out on good opportunities and reasonable offers from buyers when negotiating the price or other parameters of the deal. A good real estate consultant will advocate for you and discuss privately and candidly the pros and cons of your property to come to a consensus on the deal. They will use skillful modern approaches from their practice, will be flexible in negotiations and bold in their decisions, therefore we advise you to fully trust a professional with a proven name, from a reputable company and solid experience behind them.

Working with many agencies

Some sellers believe that the more agencies they work with, the better their chances of finding a buyer quickly. The truth is that when this happens, the result is rather unsatisfing, and the process is prolonged. A large number of agencies advertise the listings they offer on the same property websites. In order to make the offer more attractive, the price may vary, or information about the area of the property, and the photos are often moved to update the ad and come out on top. As a result, there is a lot of duplication, which makes potential buyers doubt the reality of the offer and the credibility of the description in it, because they feel manipulated. Their suspicion increases, time is wasted and, most importantly, the price of the property is undercut. Your best decision is to choose only one agency and realtor to represent you after doing thorough research and ask for referrals. You can work with them with exclusive rights or at a later stage decide to end the contract and choose another company. But the most important thing is to choose a trusted partner with whom you can establish clear commitments, deadlines and expectations and leave yourself in safe hands.

Poor condition or lack of preparation of the property for sale

When selling a property, apart from the price, the biggest impression is made by its appearance. We advise you to prepare the home in a welcoming, fresh and clean way to attract the interest of the potential buyer. Organize thoroughly, get rid of all unnecessary items, magnets on the refrigerator, touching drawings of children and a bunch of trifles that take up space in your home, because they are sentimental only to you. The new person stepping on the threshold should feel the atmosphere in which he can imagine himself living there and feel comfortable enough. If necessary, do a major cleaning or light renovation, remove worn-out furniture and fix problems before listing your house or apartment up for sale. When photographing the home, make sure there is enough adequate daylight, decorate with candles, fresh fruit or books. This will give a cozy look that invites viewing. Take professional photos in high quality and from the right angles to show all the advantages. Many buyers will be comfortable for viewing after working hours or on weekends, so be flexible with your schedule.

Choosing an inappropriate selling period

As with most business environments, the real estate market also has its peaks and troughs. So it's important to determine exactly when it's a good time to list your property for sale - whether you're in a seller-driven market or a buyer-driven market. In the wake of the coronavirus pandemic, there has been an expected pullback on the part of buyers, as well as a temporary halt in investor projects due to the uncertain times we have all been experiencing. We are now seeing considerable calm and movement in the market, but buyers remain just as demanding, well-informed and with a range of great choice and competition to contend with. Also think about the time you have and whether the funds are urgent - sometimes the sale can happen literally in a day, and other times it can take months. On a national scale, the period with the highest prices per sq.m. are the summer and autumn months when the supply is extremely high. Also familiarize yourself with the local characteristics of the city and neighborhood to get an idea of the price. Check listings for properties in the same region or with the same features such as area, furnishings, trends and more, and choose when it's best for you to sell.