For many people, their homes are their lives’ prized possessions. Many of us work hard and save money to buy and own a real estate property. Isn’t it freeing to know that you have a place you can call “home” and the result of your hard work and sacrifices?
Undoubtedly, many people in the world dream of being able to say that someday. Unfortunately, there are many unforeseen circumstances in life where people have no choice but to let go of their properties. It could be a financial need, a need for business capital, or simply wanting to let go of the property already.
When that happens, you won’t only be letting go of the property but also the memories you spent in there. Of course, it’s not easy to go through the process of selling your real estate property, regardless of your reason. It can also be hard to disassociate your emotions as you go through the selling process.
That’s why it’s best to consider many things before negotiating with real estate agents and potential buyers. To help you, here are seven things to consider before selling your real estate property.
1 – Consider renovating or repairing the areas in the property that need one, if there are any
Since you’ll be bidding farewell to the property where you spent years making memories, there could be areas in the property that you need to repair. I know it can be tempting to disregard the spaces in the property since you won’t use them anymore. However, ignoring those could lessen its market value.
Like you, potential buyers will use their hard-earned money to buy your property. One thing you can do is to remember what your non-negotiables were when you were first looking into a property. Likely, you also didn’t want to spend money on one that would require you to repair and pay for additional expenses.
So if you’re thinking of leaving the property as it is, try to recall your younger self when you were first scouting real estate properties.
2 – Are you planning to sell the property bare or with furnishing?
Today, buyers are more practical and decisive with what they want. Since we live in a century of hustle culture rising, people value their money more. And if they were to spend money on a massive purchase, they’re after one that comes with a good deal.
A bare property will be ideal if you target selling your real estate property to people starting a new home. On the other hand, a fully-furnished property would appeal to buyers who don’t want to spend money on furniture. That’s why before you sell your property, you must identify the audience you want to target.
Also, if you choose to sell the property bare, you can still use your furniture or sell them separately. If you plan to sell it with the furnishing, you can increase your pricing to cover the expenses you made on the furniture pieces.
3 – Where and how do you plan to sell your property?
Today, it’s easier for businesses to reach their target audience with the help of the internet. With all the available social media platforms, you can market your property easily and quickly, compared to if you’re to do it the old-school way. But if you wish to sell your property traditionally, no one’s stopping you.
And so you must plan where and how you’ll sell your real estate. If you plan to list it online, which platform will you use? Are you going to rely solely on social media platforms? Or do you plan to use a third-party real estate company to help you? Plan your market strategy because you’re selling a high-value commodity.
4 – Consult a real estate agent to discuss the value of your property
Whether you sell your property on social media pages or work with a real estate company, it’s helpful to consult a real estate agent. If you’re unfamiliar with the market, it’s best to work with a real estate agent to help you sell your property at the best value.
Today, the process of how real estate selling works is changing. Since potential buyers are now more careful and decisive with what they want, how you price your property is critical. If you base your property’s value on what you think people would like, you might not get the best value for your real estate. That’s why it’s best to have the perspective of a professional to help you out.
5 – Consider your selling timeline. Remember that finding a buyer in real estate could take a while.
According to online statistics, selling a real estate property in Australia takes an average of 30 days. The waiting time could be longer for expensive and luxury real estate properties. If you’re aiming to sell the property within a specific timeline, it’s best to work with professionals to meet your expectations.
When you consider your selling timeline, you’ll be able to manage your expectations well. Since you’ll be selling a high-value commodity, as I mentioned earlier, it could take a while to find buyers that will settle with you immediately.
6 – Consider being flexible to the requests of your potential buyers, but make sure to discuss their demands with your agent before approving.
As you meet and find potential buyers, you’ll receive demands that could be too much and unreasonable on your end. However, there are demands and requests that you can approve of, especially if the buyer is eager to buy the property.
That’s why you must consider being flexible to the requests of your potential buyers. But before you say “yes” to any of those, discuss the demands with your real estate agent.
7 – Consider working with a lawyer when you settle the payment and contract with a potential buyer
Did you know that it can take more than 30 days to settle the contract, payment, and other legal documents when selling a property? Since it’s a massive purchase for the buyer, they may have requests and amendments to the contract.
Going through the settlement process alone is time-consuming, demanding, and challenging. It’s also harder to negotiate and settle your property seamlessly if you have a full-time job. You must consider working with a lawyer to assist you during the settlement period. With a lawyer, it will be easier to ensure that no details in the contract are vague and would lead to future complications.
Considering these things will help you sell your property better.
Saying goodbye to your real estate property is hard, but you probably have a better reason for selling. To make your selling process easy, consider these seven things to ensure that your negotiations will be smooth and on point. Good luck!
Written by Bianca Banda
