Maybe you’ve read lots of advice on selling a property. But do you know the biggest mistake many people make when selling a property ? Not understanding real estate value.
You see, it doesn’t matter what you think your property is worth. It doesn’t matter what you did to make it nicer for your family. The value of your property is determined by buyers. What you enjoyed about your property may be irrelevant when it’s time to sell. Think in terms of what buyers want, and use some of the following advice on selling a property.
1. Know the market. What other similar properties have sold for ? Have those examples ready to show potential buyers.
2. Decide on a minimum price – the price below which you just won’t move. Don’t tell your agent what this minimum is, but negotiate with any buyers who make an offer near or above it.
3. Concentrate on the visible things first. First impressions of the outside of the property are important. When buyers fall in love with the property before they even enter it, they forgive a lot of problems within it.
4. Clean the area outside of your property boundaries, communal access roads etc. I know it will probably be a neighbour or someone elses failings, but buyer’s can easily be put off by other issues which are not of your making even if your property is exactly what they are looking for.
5. If you or your agent aren’t getting many calls, try something new. Is more advertising necessary ? Is the price too high ? If price is the problem, drop it fast. That perfect buyer might pass on by while the the property is still over-priced.
6. Listen to prospects. They’ll be more objective than you. If you hear several times that the kitchen is dark, get out the white paint.
7. Find the average selling time for properties in your area. If your house is taking longer than average to sell, there’s a problem, and usually it’s the price.
8. Ask your real estate agent what she plans to do – before you sign a listing agreement. Write down what she says, and hold her to her promises.
9. If there are known problems, such as a roof tiles needing replacing, get an estimate for repairs. The sellers may want a price reduction of €500 to replace the tiles – until you show them your €200 estimate.
10. Do improvements that can realisically get you at least a two-to-one return on investment. If €300 to replace cracked solarium tiles is likely to add €600 to the sales price of the home, do it. Always consider first those things that are most visible.
There are dozens of things you can do to sell your property faster, and get a better price. Start with the ones that will get the most “bang for your Euro”.