There are various opinions about the sale of real estate. Some are convinced that this is a simple task that does not require skills, while others would not dare to sell without the help of professionals. Indeed, this process may seem simple. However, every owner has similar questions. How to sell real estate? What mistakes to avoid? Is it worth hiring a real estate broker? In this post, I will try to answer the questions that arise.
Market Analysis
The biggest and most common mistake of inexperienced sellers is to determine the price of the property based only on the data of ad portals. On these platforms, we only see initial prices before negotiations, people’s wishes and expectations. If you familiarize yourself with the list of already sold objects, you will see that in reality the property is sold even 5-20% cheaper than the original advertisement. After understanding this factor, the owners often refuse to sell, so a significant number of visible objects on the market never find new owners. You can find data on the property sold in the official real estate register using the ntsandoriai.lt service.
Another important step is to understand the situation from the buyer’s perspective. Buying a home is a very important step in a person’s life, so serious buyers usually spend several months searching and thus get to know the market better than inexperienced sellers. After observing the market for a long time, people will definitely not rush to buy a property that has not found a buyer for several months and is sold at a higher than market price. Reducing the price every week is also not an option – it is a signal to potential buyers that the property is not in demand.
Thus, determining an accurate starting price is a key step in order to sell real estate at a high price and successfully. By knowing the exact value, it is possible to position the object in the market in such a way that it competes and attracts the interest of serious buyers. The more people interested in the object for sale, the easier it is not only to sell the property, but also to get the best price offer. Buyers compete with each other, are less inclined to negotiate and make a buying decision faster.
Presentation of the object to the market
In order to increase the chances of successfully selling an apartment or house, it is also necessary to present it attractively to potential buyers. High-quality photos, a sense of space, clear layout, order and highlighted advantages of the object raise the value of the property in the eyes of people. After all, potential buyers will first see the ad in the public space among many other offers, and only then will they come to view it live. Therefore, it is necessary to take time and present the object responsibly. However, you should not overdo it either. If you misrepresent information in your ad or play around with photo retouching, you will lose the buyer’s trust and possibly the deal.
Negotiations
After determining the optimal initial price and attractively presenting the object, the interest of potential buyers appears. This creates natural competition and gives the seller an advantage in negotiations. However, it is very important to listen to all interested parties and only then start negotiating for the best deal. A common mistake for sellers is to try to aggressively market the property, as this causes buyers discomfort and an unconscious rejection reaction. Instead, the seller must rely on demand for the property and create competition among buyers.
If more than one offer is received, the price will be raised by auction. This way, the seller gets the best deal the market can offer at the time. However, it is also necessary to pay attention to the fact that the best time for this is the first weeks of sales. After that, it becomes increasingly difficult to sell the property and the chances of getting the best offer diminish. In the terms of real estate brokers, the offer becomes “worn out” and visible to all.
Documents and contracts
Even the biggest skeptics of bureaucracy must make sure that all the necessary documents are properly prepared before selling the object. The register center statement must not contain marks that would prevent the execution of the transaction, the cadastral measurements must be accurate. The slightest inconsistencies can scare off buyers and rob you of your best offer.
After finding a buyer, it is recommended to sign a preliminary sales contract and receive an advance. This contract is not necessary, you can immediately register for a visit to the notary. However, in many cases, the process takes time, so there is a risk that the buyer will change his mind and you will lose not only this, but also other potential buyers. All other legal process of purchase and sale must be performed by a notary in the selected notary office.
Is it worth hiring a real estate broker?
The recipe for a successful sale consists of three parts: determination of the optimal price, presentation of the object to the market and negotiations with interested buyers.
A professional real estate broker knows not only how to determine the optimal price, but also feels the pulse of the market – which objects are attractive at that time and how prices change – rise or fall. However, if you are an active participant in the market and follow the trends, this task will be overcome.
Bringing real estate to the market is also a biting task. It will take time to arrange the facility, cameras with wide angle lens and a detailed description highlighting the advantages.
Negotiation is the most underrated stage of the sale, where the value of a professional real estate broker is greatest. When selling a property, there are often potential buyers who promise to buy already during the phone conversation. Some will try to negotiate aggressively, emphasizing the downsides of the property. Others will ask for time to think and consult with loved ones. The third will come to the facility inspection with a printed sales contract.
A real estate broker clearly knows how to act in such and even more curious situations, often practices negotiations and is not emotionally attached to the property. Also, a professional naturally has more authority and advantage, knows how to communicate with aggressive buyers and knows how to take advantage of the right situation in order to raise the price or close the deal at the right time. All this significantly increases the probability of agreeing on the best offer.
However, if you are not unfamiliar with negotiations, and stress and pressure are not scary, you can also successfully handle this task as a real estate broker. However, if you do not have the necessary skills and information, do not follow market trends and are not experienced in negotiations, the services of a broker will help you not only reach the best deal, but also save a lot of time and nerve cells. Finally, if your time is worth more than the broker’s, such services will pay off unequivocally.
Contact me and I will be happy to provide information about the position of your property on the market, help you evaluate and highlight the advantages of the property, help you get rid of old things and improve the overall image in other ways, organize a professional photo shoot, take care of advertising. I will perform all the management part in order to succeed in selling the apartment or house for the maximum possible price, saving your time and reducing the pressure and stress you experience.