13 Jul 9 Things to Consider if You are a First Time Property Seller
While investments come in many forms and sizes, experts agree that investing in real estate is generally a smart choice. Real estate property is a tangible investment, with a value that generally appreciates over time, making it an asset that can you profitably sell.
If you’re ready to sell your house and lot or any property in the Philippines, there are a number of things you need to know.
Consider hiring a real estate broker
If it’s your first time selling, you might be inclined towards listing your property as “for sale by owner” (FSBO). Selling your property yourself means earning more profit for a sale because you won’t need to pay a broker a commission, which is usually 2.5-3% of the selling price.
However, what most first-time sellers don’t realize is the amount of time, effort, and money it takes to sell a real estate property. From marketing expenses to meeting potential buyers to the processing of an insane amount of legal paperwork needed to make a real estate sale, a 3% commission won’t seem much in the long run.
If you do decide to work with a broker, find one who has been actively selling in the last year and has a successful sales track record, and listen to their advice and recommendations.
Do minor repairs and clean-up
Before any viewings, ensure that everything’s in working order. Minor repairs you should consider include broken door knobs, cracked tiles, holes in walls, and electrical and plumbing fixtures. You want to give potential buyers the impression that they can move in right away without having to spend more time and money to fix things.
While function is important, aesthetics are also often essential for the typical buyer. Make sure to clean everything; get rid of tile grout, wax wooden floors, and eliminate odors. A fresh lick of neutral paint may also help in your property’s appear more spacious and appealing.
Declutter and depersonalize
When selling your property, imagine that you’re the buyer. You’ll want to visualize what it will be like to move into this property and live there.
To do that, you’ll want take all the things that make your property too personal—from religious decor to family memorabilia. You’ll also want to put your property in a ready-to-move-in condition, without anything sitting on countertops, tables, and other flat surfaces. Pack up anything that may be considered clutter.
Pricing your property right
Possibly the single most important factor to consider when selling your property is pricing it correctly. You want to list it with the right price tag—not too low that you won’t make any profits and not too high that potential buyers won’t even consider you.
Listing price should always be comparable to other homes for sales in the area, but make sure that you’ve considered the aesthetics and improvements you’ve made to the property prior to selling.
You can do this by going to online real estate websites like Lhoopa to see if your pricing is not out of line in the market. Have local real estate professionals, friends, and even neighbors tour the home and weigh in their opinion as well.
Look for an online marketplace
Selling house and lot online is the current trend when it comes to property selling. If you want to speed up the whole process, you might want to consider to consider making accounts to real estate listing websites. In the Philippines alone, there are hundreds of websites where you can showcase your property and get quality leads.
You just need to prepare a good image of your house and write engaging description to entice people to contact you. This is the rule of thumb when it comes to selling properties online.
Check if you house is good for an open house event
Not all house is viable candidate for an open house especially if you are selling a low cost property. But if you are selling a house that cost 10 million and above, then consider doing an open house event.
Another consideration is the proximity to the traffic. If you think your house is located in an area close to major traffic, then open house would be a good idea.
Be ready all the time
Especially if you don’t want to hire a real estate broker to do the selling and marketing job for you.
You should be prepared to answer inquiry promptly and be free for a site viewing when client demands it. Remember that buyers want every attention when they are asking about a property. And making them wait could end up badly for you.
Always bring legal forms and documents, property images, and other important collaterals so that you can answer any inquiry anytime, anywhere.
Plan your negotiation
You know property buyers are going to beg a discount, right? This is when you should be ready to negotiate. When selling a property, one of the top priority is knowing how much you can get the price down.
Try to anticipate what your buyer may ask and prepare some answers to them in advance so that when you get to talk to them in person, you have something in your arsenal. By doing that, you can easily identify if a buyer is worthy of your property or not.
Prepare high quality images of your property
Whether you sell it online or offline, it is strongly advisable to have images of your property that on sale ready. Be it on your phone or hard copy, you should have these wherever you are.
There are certain circumstances where you get an inquiry in an unusual time and place. It gives you an advantage if you can show them right away. You can send the images from your phone through email, or you can show it personally if you are talking to a buyer.