Common Property Selling Mistakes to AvoidSelling a property can be a time hungry and tedious task, however, it is important to remain focused during the process to ensure the best result and highest profit is gained.
There is a lot involved in the process of selling a property, meaning it is essential to ensure it is completed correctly, your Is are dotted and your Ts are crossed.
Taking your eye off the prize when selling a property can prove fatal, therefore, we have outlined common mistakes we have noticed throughout our years of experience.
Becoming Emotionally AttachedIt is understandable that when working on a project there will be hints of emotions attached due to time spent and other factors acting as an influence. Working on a project requires an array of commitment levels from an investor, mentally, financially, punctually and sometimes physically (renovations). This can lead an investor to become more than just financially invested in a property investment project.
As an investor becomes more committed to a project and begins to make bigger decisions causing a greater impact they may risk losing the ability to detach themselves and warrant help from others.
This can be damaging for the property’s project and its sale.
This means it is essential that when investing in a property project and/or selling a property an investor must avoid becoming emotionally attached. Emotions can prohibit things and cloud decisions, hindering success.
Not Hiring an ExpertProperty investment and property selling is easier with a team to support and guide you. Whilst an investor may be incredibly experienced seeking the help of an expert can potentially bring the investor fantastic results.
Working with experts in property management, selling etc. can be beneficial to an investor as they hold professional knowledge in their field (Letting Agent, Solicitor). These professionals will be able to judge factors and make decisions with no bias, choosing what is only in the best interest of the investor’s objectives.
Being UnrealisticProperty markets are always fluctuating, meaning you can be middle of the board one day and top of the board the next day. With this in mind, it is important to evaluate your property and be realistic when selecting your asking price.
Not InvestingWhen it comes to property investing you must be ready to spend money, as often properties chosen by investors require a great deal of work. Property investment projects are a huge financial commitment, therefore, you want to ensure every step is done right.
This carries through to the final stage of property investment which is selling the property. Ultimately, this is one of the most important stages, therefore, precision and standards are key. As an investor you will have invested in the decor and aesthetic of the house. This adds to the vitalness of the need for quality property photographs.
Property photos are in many cases the first visuals of the house a potential buyer will see, and first impressions count. This makes it incredibly important for an investor to ensure their budget is extended to providing great photographs of the property.
Ignoring USPsEach property has its own thing, making it individual from others. This can be attractive to many property investors. Ignoring the USPs of a property can be a disadvantage to the sale as these can be used to demonstrate key benefits of a property.
During the process of selling a property ensure to highlight the property’s USPs to potential buyers. WIthout this your property could become part of yesterday’s news.
Lack of FlexibilityThis property investment is your project and has required a number of commitments from you. The final commitment required is the ability to be flexible. Like the sale of anything, it is about attracting the audience and meeting their desire. This means it is important for an investor to provide flexibility for potential buyers, otherwise they could lose potential sales.
ConclusionProperty investment is a great pie to enjoy a slice of, however, it requires a lot from an investor to make it work in many cases. With this in mind, there are many mistakes that will be made and many to avoid, an investor must be prepared for the commitment of property investment before stepping into the industry.
It is important an investor is knowledgeable about what is involved in the sale of a property or at least has an understanding. Without this knowledge or understanding an investor risks running into the aforementioned mistakes.
By gaining an awareness, these mistakes can be easily avoided or mitigated, encouraging the success of the property sale.
Disclaimer: This is information based on our knowledge gained throughout years of experience, education and learnings. This information is open to interpretation, therefore, you must carry out your own due diligence regarding the subject.