Common Mistakes People make when selling their properties
Common Mistakes People make when selling their properties
A lot of properties are usually up for sale all over Nigeria every year. Unfortunately, while a few get sold within weeks many do not attract a single buyer year after year. Off course, this could be quite frustrating and portend business loss. This often make a huge difference between discerning property owners and rigid landlords who constantly lament over unoccupied properties. Property marketing dynamics has shifted and to thrive and stay on top of the market, property sellers/owners/ landlords must put on the new real estate attitude.
Since nobody wants to spend a year waiting to sell or rent out a property, I have carefully put together major mistakes that delays the sale/rent of properties. Avoiding these real estate marketing gaffes will definitely scale down your waiting time, and maximize your overall return on your properties, bearing in mind that money is valued with time.
Solo selling: not engaging property agents
For some reasons, many property owners and sellers choose not involve the services of property agents in their bid to sell or rent their property. This is clearly not the best choice as far as selling properties on time is concerned. Most real estate agents charge as high as ten percent of the sale price and some property owner considers the fee too high. Trying to get buyers or renters for your property when your hands are tied in a job or business could be very difficult.
No matter how you see it, property agents are key players in the real estate market and they have come to stay. Their role in the marketing of properties cannot be overlooked. I think it is better to sell off a property in weeks than wait for 3years trying to sell it all by yourself.
Besides, the agent fees are born by the seller/property owner and the buyer/renter. Instead of being overly concerned about the fee, you could focus on finding genuine and experienced agents with track record of huge sale success.
More so, Professional and established agents/agencies are the first call for big time buyers. They know the locality so well that finding prospects comes easy to them. Often, they have the contact of big time investors and individual property hunters in the city. So to sell fast and also at a good price, use the services of genuine and experienced agents.
Setting unrealistic price
More often than not, price determine whether a property is sold quickly or not. Setting the right price for a property could be a bit tasking. Majority of the property that stays so long in the market share the common features of either being overpriced or suffering from poor marketing. To determine a good price for your property, you should do some homework: find out the average pricing of simikar properties within 1-2km of the properties. Get to know how much similar property owners sold theirs within the last 12 months. Find out from property listing sites, what is a good price for such house by comparing the prices of similar properties. Some people, in the bid to make a killing out of property deal or out of greed overprice their property leading to overstretched delay in selling the property.
However, the pricing of your property should take into consideration the location, quality, kind of development, title ownership, neighborhood etc.
Not engaging in social media marketing and online property listing
It is no longer news that we are in the information age. Today, the first port of call for property hunter is the internet. We need to accept this fact and adjust appropriately. Research have shown that properties advertised on the internet sales faster than those that were not. Sharing your property on social media and listing on reputable properties portal such as ugetproperties.com avails you unlimited viewership, making it possible for you to attract good number of prospective buyers from around the globe.
Every market needs huge exposure, so does every property. Imagine that a Nigerian living in the United Kingdom needs to buy a duplex in Enugu, you will agree with me that he or she may not quickly travel down to Enugu for that. He will first search on the internet and if he finds any that meets his choice and budget that will be a deal for the property owner.
Yea, listing properties online will come at a cost but the possible returns far outweighs the cost.
Do not put up a wreck for sale
Nobody wants to buy or rent a wreck. Some property owners sometime, due to urgent financial pressure or need, fail to give their property a fair face-lift before putting it up for sale. From experience, most properties offered for sale in their bad shape are often priced low by prospect and many end up selling below the asking price. The state and look of a property when offering it for sale or rent is very important. A prospective buyer or renter often need to be able to appreciate the state of the property. Dirty bins, gutters, walkway and the surroundings of a property should be kept clean. Doing minor renovation, repainting, re-wiring or plumbing could make a huge difference. Once buyers can appreciate what they are about to own they wouldn’t mind even paying a little more. I know this could be a lot to ask a property owner, especially when under financial pressure but doing it increases the chances of selling your properties faster.
Finally, do not be ignorant of property market cycle
The real estate market is affected by economic and political situation of the country. Selling a property during unfavorable times, many not happen as fast as it could when the economy is booming. Properties will sale faster during economic peak and will experience lags during off-peak seasons. Therefore, to avoid waiting for too long to sell, you can offer the property for rent/lease in the meantime. While you gear up for the best sales deal, you could be earning rental income in the short term.
Thank you for reading and I believe you learnt a couple of things. Always return to Ugetproperties to keep abreast with property trends in Nigeria.