Many clients offer their own property for sale. But is it easy? Real Estate summarises here the seven most common mistakes that can occur in private property sales and how to avoid them. Or download our guide with 25 tips on how to sell your own property in the best possible way.
The most common mistakes in private property sales:
Error 1: Just starting to sell my property!
Many homeowners begin the adventure of selling their property without knowing exactly what to expect. There are many questions that have yet to be answered in advance, for example:
When is the best time to sell?
How long will the sale take?
How do you pay off your existing loan on the property?
When should I buy a new property and do I need interim finance for this?
How do I organise the transfer of ownership over time and money?
How can the best selling price be achieved?
What will buyers ask?
What traps can be set?
Tip from Realina:
One thing should be clear: your property is your biggest asset. Every little mistake can cost a lot of money.
Mistake 2: I know the price of my property!
Every owner knows what they paid for their property and what money has been collected since. Not infrequently, this is the basis for self-pricing: 'What I paid for, I want to get again'. But unfortunately the sale price has nothing to do with it. The actual price may be above or below your judgment.
The selling price is determined solely by supply and demand at the time of the sale process. Estimating an achievable price is not so easy. It requires a lot of experience and a lot of knowledge about the factors that affect property values. Therefore, an old wisdom applies when it comes to property valuation: If in doubt, you should ask someone who is familiar with these things.
Error 3: I don't need a broker for the sale!
In fact, many people have already sold their property without a broker.
But: the crucial question is not whether you can sell the property yourself, but whether you can sell it to the best pricewithout investing too much time, effort and money yourself!
Experience shows that a professional and specialized broker can be of great help and worth the money. They carry out a professional valuation, create a meaningful prospectus, advertise the property, arrange viewings, are easily accessible by phone, conduct sales negotiations, prepare a pre-contract, help in the event of problems, marketing costs are covered and they only get paid if successful.
Error 4: I can run an ad myself.
Many owners just put the property in the newspaper or on the internet and see what happens. However, if you set the price too high, you only generate low demand. The property stagnates and potential customers lose interest. Those who set the price too low price, on the other hand, lose money unnecessarily.
Another problem: Private sellers often want to save money in marketing and choose only one marketing channel or platform. If a potential buyer doesn't see the offer, the owner could lose money.
Error 5: Showing the property may not be that difficult.
And who could do it better than the owner himself? However: potential buyers often have a very different point of view than the owner himself. Buyers often think, for example, about what costs would be needed to change the layout, how much insulation would cost, etc.
It is not uncommon for a prospective buyer to come up with a long list of questions. Owners are not always prepared for this and talk primarily about things they themselves find important. And sometimes they keep quiet about things they should mention (for example, hidden defects that could lead to compensation). Our "Checklist of Buyers' Questions" contains the most common questions you should answer as an owner.
Error 6: Why negotiate? I have set the price I want!
Not all owners are clear: prospective buyers always want to be successful in negotiations. The owner needs to carefully consider how the haggling can happen (e.g. "I leave the kitchen if we go to the notaire next week").
Successful negotiation is all about experience. Brokers can be very helpful in sales negotiations. They can strike a balance between the seller's and the buyer's interests and take on a mediating role that the owner cannot fill themselves.
Error 7: The notary will prepare everything.
Actually, the notarial work is to draft the deed and seal the deal. A preliminary contract for the purchase of real estate is intended to reflect the agreements made between the seller and the buyer. Since the notary is not present at the negotiations and the oral agreements are not yet clothed in legal form, the owner needs to know which points he wants to be included in the preliminary contract, for example:
How will payment be made?
When exactly will the transfer take place?
Which things remain in the property? etc.
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