
Selling real estate – how to avoid the 7 biggest mistakes
1. Incorrect asking price
An accurate property valuation is crucial for setting the right asking price. If it is too low, the seller loses money; if it is too high, the property will not sell.
2. Inaccurate property description
A precise property description is essential for marketing, the subsequent purchase agreement, and the legally compliant completion of the sale. It is advisable to avoid making claims that cannot be objectively verified, such as stating that the basement is dry without providing a corresponding report.
3. Insufficient documentation
Depending on the type of property, different documents are required and must be made available to the prospective buyer. An energy performance certificate is mandatory. When selling a condominium, additional documents such as the minutes of the last three owners' meetings are required.
4. Concealment of defects
Buyers must be informed of any significant defects, although it can be complex to assess what constitutes a significant defect. To avoid liability risks, it is advisable to record all defects in the purchase agreement.
5. Poor marketing
Effective real estate marketing uses both online and offline channels to appeal to a broad range of buyers. Successful marketing includes appealing presentations such as 360-degree tours and professional, informative photos.
6. changes to the sale price and the wrong approach to price negotiations
Most sellers aim for the highest possible sale price, but price adjustments may be necessary to reflect the market value. Frequent price adjustments make prospective buyers skeptical.
Caution is also advised when negotiating prices. Making concessions too quickly or too generously can quickly lead to financial losses, while stubbornly sticking to your own price expectations can cause interested parties to back out. As the seller, you certainly don't want a prospective buyer to agree to your asking price only to find out later that they can't afford your property after all. Then you have to start marketing your property all over again. This often results in financial losses. To ensure that price negotiations are conducted objectively and pragmatically, it is worth seeking the support of a real estate agent.
7. Failure to check creditworthiness and the purchase agreement
The purchase agreement should be checked in advance and the interests of both buyers and sellers should be taken into account in a balanced manner. All relevant characteristics and agreements should be recorded in a legally correct manner. The buyer's solvency should be checked before the purchase agreement is initiated; it is customary to submit a financing commitment from the buyer's financing institution.
Avoid these common mistakes and seek the advice of an expert real estate agent. A local agent can advise you on all aspects of selling real estate. From marketing and the sales process to the handover of keys, the expert will accompany you throughout the sale of your property.
Are you looking for support in selling your property? Contact us! We are happy to help.
Notes
For reasons of better readability, the generic masculine form is used in this text. Female and other gender identities are expressly included insofar as this is necessary for the statement.
Legal notice: This article does not constitute tax or legal advice in individual cases. Please consult a lawyer and/or tax advisor to clarify the facts of your specific case.
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