While selling your Flat
Giving up and putting up on sale the home you’ve lived in is already a tough enough decision, selling it for a blunder that you may perhaps make in hastiness is well, a cardinal sin. Let us say that you are the cautious kind and you’ve gone over the sale details with a fine tooth comb, there may still be some miniscule details that you’ve ended up ignoring.
Keep the house in ship shape
Do remember that when you are selling the house you really must put yourself in the buyer’s shoes too. Think objectively and imagine how the house hunter would view your house. Improvise on the tiny repair jobs if it is possible to do so; think of mending the tiny cracks that will perhaps be in open view or employ a professional landscape gardener to spruce up the front lawn. Of course, do remember that big repairs require big funds, in which case you may need to plan things in advance. However, don’t let anyone stop you from making minor improvements to the house.
It also goes without saying that messy homes create an immediate disgust factor and so does furniture in a state of disarray. Remember that if it doesn’t visually please you, it’s even less likely to appeal to the buyer.
Appoint yourself a good broker
Speak to friends, acquaintances and colleagues- anyone, who has recently sold their home and has had a good experience with an agent/ broker. Meet the broker directly in his office and ask him questions about how he goes about his business. Clarify his terms, brokerage charges and when it would be payable. You’ll get a good idea about his working methodology when you’ve seen him in action with other clients.
Now, let’s take a broad, from the top view of how you can avoid some slip-up’s and still go about selling the house and saving yourself some sweat
1. Dropping the price
The first step is determining the price for your house. It would do a world of good if you are prepared with some idea about the ongoing rates. Scour listing websites and real estate portals; speak with neighbours who are in the know and consider running an eye over the recent price trends in your locality. A good broker should know the history of the area and should be able to give an unbiased figure.
Having said that, once you have determined the price, don’t go about reducing it time and again (worse still, out of anger or desperation). This will make prospective buyers wait for the next price drop. Remember that the trick here is to set it right and then sit tight. Don’t undersell and don’t over quote either– the buyer is just as well prepared as you.
2. Rejecting an offer because it’s come in too soon
Chances are the house is going to have more than its fair share of curious onlookers in the first few weeks, some of which may actually be genuine buyers. Of those who come to you with their first offer, it is best advised to consider it seriously.Usually, the first few offers are looked upon with some trepidation, for wont of a better offer that will come in later. It may not always be like that and it would be a good idea to remember the adage ‘A bird in hand is worth two in the bush’.
3. Pricing the house too high
This is one of the most obvious blunders that sellers make, perhaps thinking that real estate should indeed be a profit making venture or none at all. Of course, if you’re on the other end of the spectrum and have priced it too low you’ll end up worrying that you’re probably giving away the profits. It need not be either scenario.
To say that this is the trickiest part of home selling would be an understatement. You’ll need to consider the advantages of your house versus other similar homes down the street, think about the overall demand and the economical sentiment in general, deliberate over the home’s location and consider the condition of the house.
The right price tag for the right value and at the right time should just about do the trick.