At any point in time the real estate market is in huge demand. Even though the property prices are increasing, there are a variety of properties out there across various price ranges and providing various amenities. Buying and selling of properties happens all the time. Be is an old city like Real Estate Kolkata or a comparatively new city like Bangalore, the demand for houses is high. So like with everything else people learn with experience. Same applies in Real Estate. Buyers and sellers both make mistakes that could hurt their pockets. But with some right guidance these mistakes can be avoided. Let’s look at some top mistakes sellers make while selling their houses.
Not hiring a broker– A broker or a real estate agent is someone who is qualified and has tremendous expertise in the real estate market. A broker can guide you through a transaction easily. Many people eschew hiring a broker because they think that they will save on the broker fees. Well, this can be a huge mistake especially for novices in the real estate industry. A broker ill help you set a right price for your property, get you potential buyers to view the house, help you with the legalities of the transaction and always have your back. Not hiring a broker is one of the biggest mistake sellers make and many a times they end up bearing losses because of this.
Not repairing the house- Prior to selling the house, it is essential to take care of the repairs and ensure that the house is in perfect condition. Buyers who come to view the house are always judging it. IF they see glaring errors in the house they are less likely to trust you as a seller and hence reject the house.
Clutter-When a potential buyer comes for viewing the house, it is essential to keep the house neat and tidy. You only get one chance to create a first impression, so one should ensure that the house looks good. Many sellers neglect this fact and do not clean the house before showing it to buyers. Clutter in the house is one of the biggest buyer turn off’s and will cost the seller the deal.
Selling the house empty- Many sellers sell the house empty to the buyer. While this works in some cases, many a times it does not work. The buyer needs to visualize the house with furniture and it’s always good to keep minimal furniture in the house. If a buyer is looking at a bare house, he too gets the same ‘empty’ feeling and tends to reject the house.
Wrong pricing- Pricing is another big mistake sellers make while selling the house. Most sellers are emotionally attaches to their homes or a bit greedy and tend to price the house way more than its market value. It is important to remember that the market dictates the value of the house and not the seller. If people sense that the pricing is unfair they won’t waste time on your house, they will just move on to the next property.
There is also another scenario where the sellers tend to under-price the house. This too makes the buyer’s skeptical if all is okay with the property or of the seller is trying to pass up a major flaw with the cheap price. So it’s best to price your property competitively in consultation with a real estate agent.
Ego- A potential buyer will try to negotiate with the seller to get a good deal. But many sellers tend to take it personally and let the ego get in the way of benefiting both the parties.