In a complex matter like selling your property, mistakes can happen quickly, and some may be irreversible. Most mistakes occur right at the beginning of the sales process.
Mistake No. 1 – Lack of planning
Private property sellers often give little thought to the actual sales process before putting their house or apartment on the market. However, selling real estate is a transaction with significant financial implications.
Therefore, avoid simply "giving it a try" and instead plan the sale of your property in detail.
- By when should the sale be completed?
- How do I set the asking price?
- Which advertising media should be used?
- How can I ensure I am reachable?
- How do I secure the financing?
- Which notary should I go to?
- What documents should I have ready?
- When is the purchase price due?
- Are there still deposit releases that need to be obtained?
- When is the property scheduled to be handed over?
If you have clarified these questions in advance, then you already know quite precisely what the process should look like.
Mistake No. 2 – Raising false hopes
You have undoubtedly always taken good care of your property. Over time, you have invested time, money, and heartfelt effort, and designed your house or apartment entirely according to your personal taste.
Sellers often tend to describe the item for sale in glowing terms in advertising or on the phone, thus often creating false impressions of the furnishings or the condition of the item for the prospective buyer.
Tastes differ, and if the prospective buyer has a picture in their head that doesn't match reality, they will be disappointed when they visit.
This often has nothing to do with objective deficiencies. But it leaves the impression of having been misinformed. A poor starting point for a successful conclusion.
Tip: Describe your property as neutrally as possible! Avoid superlatives and subjective assessments. What one person finds beautiful may not appeal to another!
Mistake No. 3 – Incorrect price assessment
Real estate is highly individual. This makes it difficult to determine its value. When selling existing properties, the achievable price depends solely on market demand, which can vary greatly depending on location, property type, and the time of sale.
Setting the right asking price is one of the most important steps in preparing to sell a property. If the price is too low, you're giving money away. If your expectations are too high, you'll scare off potential buyers. See also our brochure 07 – Finding the Right Price.
A thorough market analysis is essential here!
Look at the offers from your competitors, gather data on properties that have already been sold, and compare carefully.
Tip: Be honest with yourself and put yourself in the buyer's shoes! Ask yourself: Would I be willing to pay the asking price? If you're unsure how much you can ask for your house, consult a professional. A significant portion of your assets is at stake!
Error No. 4 – Missing documents
The prospective buyer will naturally want to know all the details about your property before making a purchase decision. Therefore, make sure you have all the necessary documents readily available so you can answer all their questions!
Important factors include:
- Land register extract and any existing encumbrances
- Cadastral map
- Construction description
- Construction drawings
- Declaration of division in the case of partial ownership
- Statements and minutes of the owners' association
Tip: Create a compelling property listing! Its design should reflect the value of your house. Avoid simply copying and pasting documents!
Error No. 5 – Lack of accessibility
The real estate market currently offers prospective buyers a wide selection of properties! A potential buyer won't try to reach you ten times; they'll simply look at other providers if they only ever get your answering machine.
Tip: Make sure potential buyers can reach you. Also, schedule enough time for viewings, especially in the evenings and on weekends!
Mistake No. 6 – Estimating the sales duration
The time required for a property sale is often greatly underestimated and also overestimated. Both can have disastrous consequences!
Anyone who thinks they can complete the sale of their house in four weeks quickly finds themselves under pressure as the planned moving date approaches and no buyer has yet been found. Under pressure, the seller is regularly in a weaker negotiating position.
But an excessively long sales period also drives down the price! A property that has been on the market for six months or even longer gives potential buyers the impression of being a white elephant. And who wants to buy a house that apparently no one else wants?
Tip: The faster you can sell your property, the better the price you'll get! But don't plan too tightly, so you don't get caught off guard!
If you avoid these mistakes, you'll already be well ahead of your competition. We wish you every success with the sale!
