Unless you are an experienced broker, selling a property is usually a first-time for a majority of people. There are many factors that we do not take into consideration while taking such a huge step.
In this post, eProperty Nepal brings you 6 mistakes to avoid while selling your property:
1. Not updating property's price to market rates
Real estate market is dynamic in every part of the world. The prices of a specific property does not remain the same throughout months, let alone years. Set the price of your property in par with the current market rate to be relevant.
2. Not including broker's fee in the house's price
This mistake is usually done by people who hire a broker to sell their property for them. Lets assume you want to sell your house that is worth 1.90 crores. You might want to increase the price to 2 crores as brokers have a fee of ~5%.
3. Overpricing your property
After spending so many years of your life in a house, you might get emotionally attached to it and set unrealistic price because of it's importance to you alone. Overpricing your property is not a good idea while trying to sell it to rate-conscious customers.
4. Rushing to sell the property
You put up your house for sale and get a customer in the first week of posting it. However, this buyer only offers 80% of your ask price. Out of fear, you might want to accept premature offers but it is never wise to rush while selling a property.
5. Depending on a single customer
Selling a property might get frustrating after a while and many sellers end up depending on one particular customer just because s/he seems persuasive about buying. Make sure such buyer is genuine and not someone who is wasting your time(which could be used in marketing your property to other potential buyers.)
6. Not disclosing local environment
Real estate requires huge investment which buyers work very hard to accumulate. Lets assume a buyer is satisfied with every aspect of your house but only after living for two to three months does s/he realise that the local community show no interest in investing in renumerating the community's road. Different localities have different mindset which might be hard for the buyer to adapt to. Disclosing such information while making the deal lets the buyer know if the location is right for him/her.
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Published on 22, March 2017 by Nishant Acharya