Did you know that more than a third of real estate transactions are carried out solely by individuals? If you have also decided to tackle the sale of your home yourself, then you know that this is no easy task. Without any experience in the industry, it is very normal to make many mistakes. Mistakes that, without you realizing it, can sometimes cost you a lot of money.
So how can you successfully execute your real estate project while maximizing your time and money savings? In this article, we give you the 10 common mistakes that cost sellers money, so you have all the keys in hand to avoid them in the future!
Showing a too high price for the value of your property
Showing a too high price for the value of your real estate is often one of the most common mistakes sellers make. Although it is natural to want to make a profit, you must not forget that the main goal is still to sell your property. How many sellers have already missed out on offers because they did not evaluate the market trend well enough? Too many. The result is that the property is not sold, and you lose time and money.
So stay realistic about the value of your property, and you will find that you can be surprised by the number of offers you can receive.
Not being available enough. Offering a quality property and an attractive price is not always enough to complete a real estate transaction. An unsuitable seller not only limits the number of viewings but also rightly prevents the establishment of a climate of trust with future buyers. In this way, potential customers will be much less inclined to be open to negotiation in turn. And you may understand that fewer negotiations inevitably lead to fewer offers in your favor.
Doing too many renovations. Although this initially well-intentioned action is motivated by good intentions, too many sellers decide to fully engage in large-scale renovation work to have all the odds in their favor. Ultimately, these additional costs lead to extra expenses that you could have done without. So instead of investing in an interior designer or artist, you are better off choosing home staging! Home staging is very popular in the United Kingdom and involves upgrading your property in a cost-effective way. Bring out your interior, declutter the spaces, and organize the rooms, and you will find that your house is ready for sale without spending a dime.
Having a too personal decoration. The decoration of a house often says a lot about the seller, and it can sometimes be difficult to let go of it. Yet, a busy decoration or an overly pronounced wall color during viewings can quickly deter potential buyers from imagining themselves living there. Remember that a buyer usually makes their decision within the first 90 seconds of a viewing. It would be a shame if a simple decoration cost you time and money! So if initially it seems difficult to part with your decoration, remember that this is only during the sales period, and otherwise, you may miss out on great opportunities.
Refusing to hire a professional. Hiring a real estate expert inevitably involves extra costs, usually around 5% of the sale price of your property, unfortunately, a percentage that cannot be ignored! So as a seller, you naturally think that you can do it yourself and that the internet will be your friend if there are any problems. Unfortunately, the real estate sector is much more complex than one might imagine, as it requires both in-depth knowledge of the market and some legal and geographical concepts. So although it may initially take effort to hire a professional, you will soon find that this decision has resulted in valuable savings for you.
Not being open to negotiations. Whether you want to sell or buy real estate, you know that negotiations are a common practice in the industry. However, to this day, there are still too many sellers who hesitate for the wrong reasons to apply this practice, fearing that they will have to significantly lower their original selling price and thus lose money. Yet this idea is often unfounded because real estate that is not negotiable will mainly deter potential buyers. Rest assured, being open to negotiations in a real estate sale does not necessarily mean that your original price will be significantly lowered. Sometimes just a slight price drop of your property can lead to a successful sale. So instead of remaining closed to all forms of negotiation, show yourself open to these proposals. You will always be better off, and you will be surprised by the time and money you save!
Neglecting the outdoor area. Who would really want to invest in real estate with a neglected garden and a terrace you cannot enjoy? You probably already have the answer. Yet outdoor areas are often neglected in real estate sales. So before you sell, pay close attention to the care of your outdoor space, such as your terrace, as this criterion can provide unnoticed added value to your property and therefore offer you better real estate deals.
Lack of visibility. Whether you have the most beautiful house in the region or a price that defies all competition, if your real estate sale is not visible enough, you risk being stuck with your property and the associated costs for many years. So, do not neglect your visibility, especially, we count on you to present your best photos!
Not being up-to-date in terms of administration. Indeed, some buyers may be willing to cooperate, but others will not be willing to wait, and you risk missing out on valuable opportunities. So make sure you prepare all the necessary documents before offering your property for sale.
Being too impatient. Do not confuse speed with haste! It is normal to want to complete your sale as quickly as possible, but do not panic if things take longer than they should. In haste, we often tend to skip steps and thus incur unexpected extra costs. By being patient, you can avoid many financial problems.
If you have any other questions about selling your property in Spain, do not hesitate to consult our services and visit our blog.
