We easily blame the moribund state of the real estate market for our difficulty in selling our real estate property. This may be true in many instances. However, there are certain variables that most of us fail to consider when putting our property on the selling block. Before we finally attribute to the down market our inability to bring in prospective buyers for our real estate property, it is crucial for us to do some house cleaning and assess the things that we have done and have not done regarding the sale of our property. The depressed condition in the market is not the only reason we fail to get a good deal. In most instances, buyers make mistakes and errors in judgments which ultimately result in a breakdown in the negotiations with prospective buyers.
Mistake #1. Pricing your Property out of the Market
Price is the king as far as real estate selling is concerned. This is especially so when the market is going through extreme lows and highs. You will naturally want to get the most out of the sale as a seller. Unfortunately, you may end up outside the buyer’s radar range if you price your property excessively high. Worse, prospective buyers may develop unrealistically higher expectations from the property you are offering for sale.
Mistake #2. Inability to Keep an Open Mind
Buyers tend to react and resist low offers from hard-nosed buyers. Most of the real estate sellers who fail to make significant headway in their offer to sell are unable to handle prospective buyers who engage in hardball negotiations. In most instances, negotiations break down, and no deal is reached. In these times when buyers dictate the tempo in the market, you must anticipate every possible scenario in your negotiation with prospective buyers.
Mistake #3. Failure to Link with the Right Buyers
One of the major reasons most deals don’t push through is the failure of buyers to raise the agreed amount for the real estate property. Your prospective buyer may have a poor credit rating or does not have sufficient liquidity to meet the down payment. In this case, you end up with a botched deal and, together with it, all the lost opportunity of finding a better and more qualified buyer.
Mistake #4. Failure to Make an Effective Real Estate Showcase
This is probably one of the most unforgivable mistakes that a buyer can commit. Before you even move, you must ensure that your real estate property meets the basic requirements of a valued property for sale. Look at your home from a buyer’s standpoint and assess all the things that may turn you off from buying the property. The most basic things that must be attended to are the basic repair, repainting, and cleaning the house and its surroundings. An unkempt and rundown property will never attract serious buyers.
Mistake #5. Hiring Unreliable Brokers
Your real estate agent is supposed to be your strong and reliable link to your property’s most qualified potential buyers. Unfortunately, buyers fail to see the importance of due diligence regarding their real estate agents. You must only hire the services of brokers with the initiative, capability, experience, and network to create the opportunity to give you the best deal with the most qualified buyers in the shortest possible time frame.