THE MOST COMMON MISTAKES IN PROPERTY SALES | WENET AG
MISTAKES IN PROPERTY SALES - WHAT TO DO?
If you want to sell a property privately, there are many things to consider. Thorough preparation is crucial for the success of the property sale. If this is not done, there is a risk of making mistakes that will cost you a lot of time and nerves and have a negative impact on the sale price. We will show you the most common mistakes and how you can avoid them. Mistakes when selling a property: the typical mistakes and how to avoid them
Fehler 1: Allow too little time
Error 2: Incorrect assessment of the property value
Error 3: Neglect of the exposé
Error 4: Poor preparation for property viewings
Error 5: Lack of willingness to negotiate
Error 6: Blue-eyedness
Error 7: Ignorance about bidding procedures
Error 8: Do without a broker
From preparation to handover, a private house sale is a complex and usually lengthy process. Ill-considered actions, poor preparation or a lack of knowledge can lead to massive mistakes. Of course, sellers want to achieve the best possible price for their property, but the most common mistake is an inflated asking price. Below we have compiled 8 typical mistakes in private property sales and give you tips on how best to avoid them.
HOW CAN MISTAKES BE AVOIDED WHEN SELLING A PROPERTY?
Selling a house involves a great deal of time and money, which should not be underestimated. It is a process that involves many different and time-consuming tasks, such as
- Determine value and price,
- Place an advert,
- Answer enquiries,
- Search for documents,
- Have an energy performance certificate and other documents drawn up,
- Prepare and conduct a tour,
- Price negotiations,
- Organising the legal, temporal and financial transfer of ownership
- Arrange a notary appointment
If you plan too little time for this process and do not prepare sufficiently, you risk losing sight of the big picture and neglecting important points. You can then expect unplanned additional costs and a significant loss of time. You should therefore plan thoroughly, make all preparations carefully and pay attention to timing. The average selling time for a private property sale is around 6 months. We prepare your property sale with professional expertise and pay attention to all the important steps - the property consultants at WENET AG do the right thing at the right time. Rely on professional support.
MISTAKE 1: DOING THE RIGHT THING AT THE RIGHT TIME
If the price is too high, buyers will be scared off; if it is too low, you are giving away money. But how do you know how much your property is actually worth? A mere gut feeling is not enough. For a realistic property valuation, it is necessary to know the market situation and all relevant values in detail. In order to value a property objectively, numerous different factors must be considered. It is therefore advisable to leave this step to experts who can provide reliable figures, data and facts. We recommend involving professionals in the preparations right from the start.
ERROR 2: INCORRECT ASSESSMENT OF THE PROPERTY VALUE
You can advertise your property with the help of an informative exposé. If the text in the exposé or the design of the advert appear unprofessional, this will cost you trust and deter potential buyers. If no, only a few or poorly photographed images are used, this will also have a deterrent effect. It is better to emphasise the advantages of your property in the property description. Keep it factual, descriptive and correct. Numerous, well-lit and sharp interior and exterior photos are an absolute must. But all this takes time, creativity and a good camera. Pay close attention to what all needs to be included in professional and complete sales documentation. It's not just about text and nice pictures on high-quality paper. Many important documents should not be missing here - our property consultants at WENET AG will support you in this regard with comprehensive, professional expertise.
ERROR 3: NEGLECT OF THE EXPOSÉ
You can advertise your property with the help of an informative exposé. If the text in the exposé or the design of the advert appear unprofessional, this will cost you trust and deter potential buyers. If no, only a few or poorly photographed images are used, this will also have a deterrent effect. It is better to emphasise the advantages of your property in the property description. Keep it factual, descriptive and correct. Numerous, well-lit and sharp interior and exterior photos are an absolute must. But all this takes time, creativity and a good camera. Pay close attention to what all needs to be included in professional and complete sales documentation. It's not just about text and nice pictures on high-quality paper. Many important documents should not be missing here - our property consultants at WENET AG will support you in this regard with comprehensive, professional expertise.
MISTAKE 4: POOR PREPARATION FOR THE PROPERTY VIEWING
If the previous steps have been successful and prospective buyers have decided to view the property, it is important to take time to prepare for the viewing. You should have all the relevant documents and information to hand before the viewing. As the seller, you should have an answer to every question from the prospective buyer and be able to produce all the documents required. The most important documents are
- Floor plans,
- Calculation of living space,
- Extract from the land register,
- Site plan,
- Overview of additional costs,
- Property description,
- List of recent renovations and investments.
Please note that you are liable for the information you provide about your property. Be precise at viewing appointments and take the time to prepare properly for the viewing. Also check all documents in advance to make sure they are up to date and valid. A professional knows what to say, when and how to say it, so that you can provide customers with legally correct and complete information and avoid any inconvenience after the sale.
ERROR 5: UNWILLINGNESS TO NEGOTIATE
As the seller, you set the price for your property and naturally want to sell it at the best possible price. But the prospective buyer also wants to achieve a successful negotiation. It is therefore important to enter into negotiations and conduct them professionally. Only persuasive sales arguments and a confident approach to the dialogue will ensure successful price negotiations. You should therefore allow for room for negotiation when selling a house or flat so that you can make compromises.
ERROR 6: NAIVETY
When a property is sold, a large amount of money is involved. It is therefore important to check all documents, especially the purchase contract, and also the prospective buyer. Insist on binding information from the bank confirming the creditworthiness and solvency of the buyer.
The purchase contract should also not simply be signed in good faith. Check all the details in the purchase contract again thoroughly. This includes above all
- the detailed recording of the object of purchase
- the purchase price and the date of transfer of ownership.
If the contract is unclear, use the notary's duty to provide information. He acts as a neutral authority between the two parties.
ERROR 7: IGNORANCE OF BIDDING PROCEDURES
The bidding process is a popular way to sell property well, as high interest drives up the price. However, the game does not work everywhere and also has disadvantages - for both owners and prospective buyers. Do you know all the different types of bidding processes and which is the most effective and lucrative? Can the seller or prospective buyer withdraw their offer?
What is important to know about bidding procedures is that the prospective buyer can withdraw their bid, which means that there is a risk for the seller that the sale will not materialise after all. However, there is also a risk for potential buyers in the bidding process: if interested parties are not prepared to take part in this process, they are directly excluded as buyers. You should therefore find out in advance about the various bidding procedures and whether you would like to use or take part in one. Your estate agent can provide you with ideal support in making a decision and evaluate the advantages and disadvantages together with you.
MISTAKE 8: DO WITHOUT A BROKER
All of the above-mentioned mistakes occur above all when the property sale is carried out privately. Many owners are of the opinion that a sale without an estate agent is cheaper and therefore refuse assistance. In some cases, for example if demand far exceeds supply or if you have experience in selling property, you can take the sale into your own hands.
In most cases, however, it will turn out to be an expensive mistake, because selling a property is complicated and requires various specialist and legal skills throughout the entire process.
Our property experts at WENET AG will be at your side as a competent partner throughout the entire sales process. Thanks to years of expertise, we know the ideal marketing strategies, create professional exposés, have in-depth regional market knowledge and take care of the property viewing and purchase price negotiations for you. We will market your property together. Avoid mistakes when selling your property and rely on the expertise of your estate agent. Get in touch with your advisors at Wealth Investment Network AG.
