Favorable and safe sale of real estate requires a lot of knowledge and experience. Oversight of important aspects of the transaction usually leads to errors, causing measurable losses for the seller. Here are some tips to avoid the most common mistakes made by property sellers. The conveyancing calculator will help you out.
No real estate sale plan accepted
The two basic goals of the real estate seller are to enter into transactions in the shortest possible time and to obtain the highest selling price. To achieve these goals, the individual stages of the real estate sale process must be planned in advance. Unsuccessful actions taken under the influence of impulse and at the instigation of people who do not have adequate knowledge and experience are more likely to move away from the assumed goal than to help sell the property favorably.
It should be remembered that the plan for the sale of real estate should cover the whole sales process from the moment of making the decision to sell, through completing the individual documents needed for the transaction, determining the offer price, preparing the property for sale, creating a sales offer, promoting the offer on the market, presenting the property to potential buyers, negotiating the terms of the transaction, the conclusion of the sales contract, and the activities related to the transfer of the property to the buyer. Only experienced agents have the knowledge of what surprises can wait for sellers at each of the above stages.
Significant prolongation of the property sale process and sale of real estate at a price lower than the market price are the most common effects of the lack of the adopted plan for the sale of real estate. There are also situations in which ill-considered activities lead to the collapse of almost a certain transaction and, as a result, failure to achieve the intended goal of selling the property despite even several years of efforts by the seller.
For sale, apart from the real estate, it must be prepared by its owner and potential tenants. Do not be under the delusion that selling real estate is a simple task. To avoid surprises, it is worth asking for support from an experienced specialist. Cooperation with a professional and reliable broker will allow us to avoid errors that we describe in the next sections.
Incorrect property valuation
Accepting an inadequate real estate offer price is one of the most common mistakes made by inexperienced brokers and people trying to sell their property by themselves. The right offer price is derived from four factors: the situation on the market, demand, the technical condition of the property, and its location. When determining the bid price, you must consider each one.
Too high a price at the start will significantly limit the circle of potential buyers and will make similar properties put up for sale gain on attractiveness at the expense of our offer. As a result, the transaction will be impossible or, at best, the sale process will take much longer, which in the case of falling prices on the market, may mean the inability to obtain the originally assumed price and measurable financial losses for the seller. In the case of accepting a low offer price, the sale usually takes place relatively quickly. However, the seller unnecessarily loses a part of his profit.