5 mistakes when selling real estate

...and how to avoid them.

Garcia Immobilien

YOUR SPECIALIST FOR REAL ESTATE

We are happy to assist you in selling your property

5 mistakes when selling real estate

...and how to avoid them.

Garcia Immobilien

YOUR SPECIALIST FOR REAL ESTATE

We are happy to assist you in selling your property

Avoid pitfalls

Garcia & Co. Immobilien

Find property Your personal consultation

Most people don't sell their homes because they want a change of scenery, but because their life situation has changed fundamentally. This could be due to separation, the arrival of a new family member, age, or a career change. In very few cases is this time stress-free and relaxed. Selling your home is just an additional burden that needs to be completed as quickly as possible. very few owners give much thought to the necessary paperwork and proper time management. Since selling a property is very complicated, it's easy to lose track of things or make mistakes that can cost a lot of money.

If you sell your property privately, you have a lot of work ahead of you: determining the right selling price, obtaining all relevant documents and information, creating a detailed property description, searching for the right buyers, placing advertisements, organizing and conducting viewings, Checking the buyer's creditworthiness, negotiating the sale, concluding the notarial contract, and finally handing over the property to the new buyer. This effort is often underestimated. To save time, important tasks are forgotten or skipped. This almost always leads to mistakes and problems that cost money. Here, we show you how you can avoid many of these pitfalls.

It is often joked that real estate agents are the most expensive locksmiths in Germany. If that is the case, then the property should sell quickly. What many people underestimate is that the preparation for the sale alone takes a lot of time. It takes quite a while to request and gather all the information and important documents—at least if you don't know where to look. Those who simply want to skip this step may be in for a nasty surprise. If legally required documents such as the energy performance certificate are missing, this can even result in a fine.

And even if you save time by not taking professional photos, drawing floor plans, and gathering other information, you will only end up investing it elsewhere later on. Depending on demand in your region, two scenarios are likely: If demand is high, a large number of interested parties will contact you for a viewing. How many of them will still be interested after the viewing can often be counted on one hand. If demand in the region is rather low, it is even possible that no one will respond from the outset.

Many real estate sellers believe that a professional appraisal of their property is not absolutely necessary. They simply use an online appraisal calculator or ask around to find out how much the house three streets down was sold for. To be on the safe side, they add a few thousand dollars to the price—just to make sure they get what they are entitled to in the end. After all, buyers like to negotiate. Both of these are big mistakes. Buying a property is an important decision that no one takes lightly. Prospective buyers search for several months and know the real estate prices very well. They know what properties they can expect for what price. And if a prospective buyer finances the purchase of a property with their bank, the bank's experts take a close look at the property.

To sell a property safely and successfully or to determine the purchase price, you need good contacts in the industry. It is worth knowing an experienced local contact even at the valuation stage. Otherwise, owners run the risk of falling victim to an untrustworthy seller – especially in times of online review portals. Real estate valuation is a complex process that can be simplified by software, but still requires the experience of a professional who can estimate the price at which the property should be offered in the region.

People who work long hours appreciate their evenings off. Anyone selling their own property must expect to be contacted by interested parties at any time—yes, even in the evenings. There are inquiries, price negotiations, and repeated viewing appointments. There is no receptionist. And if an address is known, the doorbell is likely to ring frequently.

When the phone won't stop ringing and your email inbox is full, owners are faced with a time problem. How are you supposed to answer all these inquiries, and when are all the viewings going to take place? At this point, at the latest, selling a house becomes too much for many sellers. Because the viewing appointments are not the end of the journey: many interested parties want to negotiate the price, view the property again and again with family, friends, architects, and tradespeople, and there is also the question of the creditworthiness of the interested parties to consider. And if you commit to the wrong buyer, you may end up with no buyer at all—and then the whole process starts all over again.

In times when real estate is scarce, people looking for a place to live will take almost any opportunity to view a property. However, it is impossible to say with certainty whether the right buyer is among them. Maximum demand is therefore the problem. A high number of viewings is not always a good thing. Quite the contrary.

It is not uncommon for serious interest in buying to be low because other aspects are much more important to the visitor. In the worst case, they may ask about whether there is an alarm system or where valuables are kept. IMPORTANT: Always ask to see ID before letting strangers into your home. But even if there is a genuine intention to buy, a transaction that is in the pipeline carries risks if it turns out too late that the buyer is not solvent.

If you don't want to have people coming to view your home, you need to make an initial selection based on your listing. This should not be done randomly, but in a targeted manner. If you simply don't respond to half of your emails, you run the risk of excluding serious buyers. Good photos and tools such as digital 360-degree tours are therefore good ways of filtering out interested parties in advance. Professionals also know what information should be included in an online advertisement or property brochure and what should only be disclosed once serious interest has been expressed.

The first home you shared, the garden where your children learned to ride a bike: for most owners, their home is not just a piece of real estate. When it comes to parting with all of that and selling the house, many private sellers fail. Their high level of emotion often leads to a lack of objectivity in sales negotiations. Defects or problems are often downplayed or even concealed—a fatal mistake that can cause a sale to fall through or cost a lot of money if a purchase agreement has to be rescinded. Negotiating deals worth hundreds of thousands of dollars is not everyone's cup of tea. For experienced real estate professionals, however, negotiation is part of their daily business. They bring years of experience to the table and are used to responding to objections competently.

Liability in real estate sales

When selling a property, you can quickly become legally liable for statements made or information withheld or unintentionally omitted. What do you need to bear in mind? A professional real estate agent can help.

Selling real estate – with or without an agent?

Selling a property involves a large sum of money – when it really matters, you want the best possible service, such as that provided by a specialist lawyer. A real estate agent uses negotiation, marketing, and pricing strategies that they have tried and tested over many years.

The property listing is the calling card for the property and contains all the important information that a buyer needs to make a purchase decision. A high-quality property listing promotes a positive assessment by the prospective buyer and has been proven to lead to a more successful sale.

Do I absolutely need an exposé to sell my property well?

Can I sell my property via an online portal?

No, not at the moment! I can offer my property to many interested parties via an online portal. I can also find my buyer there. But the online portal does not determine how conveniently, securely, and successfully I ultimately sell my property.

There can be various reasons for this. Often, despite high demand, properties are offered to the wrong prospective buyers.

Why won't anyone buy my property?

Which is better: selling to friends or strangers?

Unspoken expectations make selling to friends more challenging than selling to strangers: the friendship bonus alone can quickly involve a lot of money. Dealing with problems that may arise after a sale can also quickly put a friendship to the test. TIP: A professional real estate agent can use their experience to help ensure a smooth sale to friends and acquaintances.

When combined correctly, both deliver significantly better results in real estate sales.

Which is better: local marketing or online marketing?

What is better: conceal defects or point them out?

Never conceal defects! As the seller, you are liable for defects that you have deliberately concealed, even after the sale. TIP: Not all defects are the same. Always have a defect assessed by an expert beforehand and find out about the options for rectification and the costs involved.

Online valuation tools provide good guidelines for a property. A professional local real estate agent also knows the local characteristics that influence value. If you want accuracy, go to a professional local real estate agent.

Which is better: online valuation tools or a local real estate agent?

Which is better: full mandate or partial mandate?

Both depend entirely on the seller's intentions. Professional real estate agents can offer individual services as part of a partial mandate. TIP: It is best to consult a professional real estate agent about the options available during a non-binding consultation.

With just the right amount of emotion! People don't buy real estate just for the square footage it offers, but for the feeling of what it will be like to live there or the advantages of owning it.

Which is better: selling with or without emotions?

Why not make it easy on yourself?

There are two ways to avoid all these pitfalls: Either you plan your house sale perfectly from start to finish and take the time to obtain documents, respond to inquiries, conduct viewings, and negotiate—or you get help. As experienced real estate agents, we know how to handle your property and prospective buyers in order to achieve the best possible result for you: Whether it's selling in the shortest possible time, achieving the best possible price, or acting as your personal contact who is available to answer any questions you may have and guide you through the process.

Feel free to contact us—we look forward to getting to know you and your property better during a non-binding initial consultation.

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Riccardo Giamporcaro

Real estate consultant for residential properties

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Pedro Garcia

Managing Director - Real Estate Consultant for Commercial Properties & Investments

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Peter G. Beuth

Real estate consultant for property owners Real estate valuations – DEKRA-certified expert in real estate valuation D1

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