The 4 Things You Have To Consider When You Are Selling Property
Selling property, just like any other business venture, needs tactical moves that could be daunting and if not well executed, may lead to total disappointment. Even though a number of these steps may be common knowledge, they contribute immensely towards a successful trade. Making major property renovation, upgrades, and listing doesn’t always guarantee offers from buyers. Making an immaculate presentation that will surely grab the attention of buyers will get you a faster sale than your competitors. Highlighted below are some four pointers that will have a significant impact in your decision making and steps towards making a successful property sale:
1. Find the right real estate agent
The goal of a property owner should be laser-focused on getting the property sold at the highest price and if possible, within the shortest time. With that said, it is clear that not all agents can get this done, which means that choosing an agent should be an endeavor taken seriously. Firstly, the agent should be knowledgeable of the prevailing market conditions and the immediate market where your property is situated. You should be able to ask the right questions to ensure that they give you a roadmap of how they plan to market the property and make a sale. During the marketing and sale, there would be back and forth communication, as such, you should be able to trust the agent enough to share information, make recommendations, and ask questions where necessary. Even though the most experienced agents often charge higher commissions, this should not be a stumbling block towards choosing the right agent. In the long run, paying a little more commission will be worth it.
2. Get the listing price right
Due to competition, it is highly likely that the buyers may pass your property if you happen to have a price that is higher than the existing market prices. Most real estate agents and buyers are often keen on the initial cost, as such, getting the price right when listing can get you a quick sale and at the highest price. With a relatively higher price, buyers and agents are most likely to go for the cheaper properties leaving your property vacant for weeks or even months. After failing to get clients after the initial listing, you may be forced to revisit your listing price, either to lower it or maintain, both of which may not yield any reasonable returns. Lowering of the listing price may be depicted by clients as desperation thus attracting even lower offers than expected. Such rates are often discouraging and combined with the commission to the sales agent; it is an endeavor that can only yield losses. It is therefore vital to get the right listing price off the bat, keep your potential buyers and agents interested, and make that profit you desire.
3. Get your property into a pristine condition
Going by the adage, you only have one chance to make a first impression, and real estate business is not an exception. You could have the perfect listing price, but this is not all. Putting yourself in your potential customer’s shoes is an essential step towards understanding that any customer who gets the best first impression of a property is more likely to make an offer. The exterior of the property must be maintained by landscaping, working on the grass and keeping it green, trimming hedges, and cutting down overgrown shrubs. A customer that walks into the compound must be met by a fresh and welcoming environment that would get them to make haste in making an offer. The interior of the property should be painted and damages repaired and made to look as good as new. When you have planned visits from potential customers, it is essential to ensure that the heating is optimal, not too cold or too hot to make the customer feel uncomfortable. Foods that have strong smells like fish should not be cooked on the property before the visit as they could quickly turn off the customers. Make the best first impression whenever you have a visit, and you will guarantee yourself a quick sale.
4. Pick the best offer
Last but not least, after engaging the right real estate agent, implementing proper pricing, making the necessary renovations and upgrades, you will get offers, and one crucial last step is picking the best offer out of all proposals on the table. Even though the motivation of a property owner should be to make a sale at the highest price, there should be some considerations before settling on an offer. Considering contingencies, financing and closing date should be a priority. A proposal with a definite closing date will save you the trauma of having to start the process all over again when it fails to close. You need to engage the real estate agent in reviewing the contract line by line, pre-qualification letters, loan type, and the down payment made. It is also important to watch out for unreasonable and excessive contingencies. Demanding buyers looking to keep some items in the property or those asking for credit are more likely to make the process very complicated. Potential buyers that are not direct in submitting their offers may not be worth the trouble in the long run. You cannot be sure that a client who makes an offer one time may not be a guaranteed buyer at a future date. It is, therefore, crucial to close the deal at the earliest opportune time and get the best offer off it.
Prevailing real estate market conditions change all the time. You may list the property at a price that may seem perfect today, but in a few weeks, it could be a loss. It is, therefore, crucial to adequately study the market and have a grasp of exactly what is going on before making a move. If one is not sure enough, then the service of an experienced real estate agent becomes a lifesaver as you are guaranteed the best price and a timely sale.