The statement, “prior preparation prevents poor performance” may be a cliché but it is true even in the real estate business. It is all the more important when you are looking to sell off a property quickly, with minimal mistakes, and maximum returns. No matter the reason why you are putting your house on the market, there is a basic understanding you must have about selling properties before you attempt to do so.
Before You Sell
Anybody can sell a property but not everyone can do it without mistakes, save cost, sell quickly and make maximum returns while at it. We all know it is not an easy matter and will require some preparation and expert advice. At least for all the time you take learning the foundations for personal negotiations. In this guide from Ask Susan you will get valuable insights into determining the right price for your house and how to manage to stick to it during negotiations. The difference is in the understanding and we have here listed five things you need to know before you sell that property
1. How do you want to sell?
In 2020, you are not stuck to one method of selling – you have options. Understanding which best suits your needs will help you make the right choice. You can choose to sell by yourself if you have the requisite knowledge of the market and the time to face it. You can also hire the services of a real estate agent who knows the property market in your area. You can also sell to a wholesaler or sell at an auction (through an auction room).
Most people choose to hire a real estate agent to handle the sales of their property and for obvious reasons – A good real estate agent knows the lay of the market and can help you navigate the hurdles you are bound to face while trying to complete the deal. You can find a real estate agent by visiting local listing websites and comparing the records of the agents.
2. How much is your house worth?
Overpricing is a common reason many houses fail to sell. Except of course you are a qualified realtor, chances are that you may not be accurate about the valuation of your house and may end up setting a price that will discourage potential buyers.
An understanding of the prevailing conditions in the property market will give you an idea of what is fair and competitive. Enlisting the services of a real estate agent with knowledge of the local market may be required to help you set realistic expectations about the pricing of your property. Speaking of the local market, if you are in Australia, you should seek advise from a property valuation Melbourne expert so you will know the best price for your house. You should be able to at least get a return of investment but as much as possible make a profit out of the sale.
3. What is the market saying?
Sometimes, the location can influence the speed of the sale. If for example there are more properties for sale with fewer buyers, it is a buyers’ market and cost will likely reduce. If on the other hand there are few properties for sale with a large pool of potential buyers, price increases. Understanding this can help you decide whether to sell or wait for a peak period.
4. How much do you need to make the sale?
Most prospective house sellers only think about the potential price their property can get sold for. They forget all the hidden costs that go into making that happen and that can be a whole lot.
Some of these hidden costs include agents commission, marketing cost, home staging fees, conveyancing costs, and cost of renovations and repairs. If you can’t afford them all, you may consider asking for a reduction to enable you to see the sale through.
5. To Sell as is or not?
Understand that the fact that you like the outlay and outlook of your property does not mean someone else will love it. Seek advice on the best way to make your house presentable for any potential buyer before deciding to sell. Interestingly, home staging always pays for itself so you don’t have to worry.
You may even want to consider renting out your property for additional income. RWinvest has an extensive guide on top property investment tips should you wish to keep your property and rent it out to tenants.’
Rounding Up
Once you gain understanding, selling although often emotional (especially when you’re attached to the property) can also be a richly fulfilling experience. Time to get-a-selling.
