Selling a property is a tough job, especially when the economic condition of the county is not good and property prices are declining steadily. There are many interconnected things, which apparently seem to be isolated incidents. You may call it butterfly effect – the flapping of wings of a butterfly in China, might result in hurricane in the US!
Unemployment, recession, mortgage rate hike, repossession and declining property market – all are related. When thousands of people are trying to sell their house fast in order to avoid repossession, property prices are bound to fall.
Selling property under such circumstances might be difficult. You probably need to follow certain specific routes. However, in this article, we will review some basic mistakes that most of the property owners make while selling or marketing their properties.
Ignoring Your Personal Network
According to the National Association of Realtors, one third of the owners sell their properties to their relatives, neighbors or friends. And a higher percentage of owners sell their properties to someone they knew before. This means, your personal network is worth exploring. You can contact an agent any time or you can market the property online even if you are selling yourself.
Probably people feel comfortable to buy properties from someone they know. We will not go deeper into buyers’ psychology. Rather, we will take the hint that we get. As you decide to sell off your property, inform people who are close to you and ask them to spread the words within their networks also. This way the news might reach organically to a lot of people.
You can also take help of social media to inform people who are connected to you. Not only your family members, neighbors, relative or friends, if there are people whom you are connected with through social networks only, can also be informed. Things can actually turn viral through social media.
I will not recommend you to print a flyer and send it to different people. This sounds too artificial. You can simply call people and inform them. You can also place a ‘For Sale’ board outside the property so that your neighbors come to know that you are going to sell the house.
Do not reveal the floor plans
This might result in lesser inquiry calls. Most of the prospective buyers, both first timers an seasoned buyers, start searching for properties online. And most of them are interested in the floor plans. If you publish the floor plans online, then they will not contact you probably and you would miss the chance to pitch to them second time, if required.
What you can do is, you can publish a blurred floor plan if you want. They can see a part of it. To see the full plan, they have to fill up the form and get in touch with you. Or do not publish the floor plans at all. While putting ads on a property listing website, you need to keep this in mind.
Upload photos of the property
This can have positive impact. You have to upload some good, impressive images of the property taken from different angles. Make sure the buyer gets a positive impression about the property as they look at the image.
Competition is very high; thousands of properties are available in the market. To make a mark, to force the buyers check the details of the property, and to compel them to send a query, you have to impress them quickly. Take some good photos with adequate light and upload it along with your property details online.
These are some of the mistakes most of the property sellers make. Do not repeat them when you start promoting your property and have a smooth and easy deal.
This article is contributed by Simmon Pierre, who is a leading financial analyst. He is also a part time financial blogger and he has covered different topics like Cyprus Permanent visa in his blogging career.