First of all, if you decide to sell your house or apartment, you need to learn a lot about selling property before beginning the sales process. Not only can a lack of knowledge get expensive, it can also lead to unexpected surprises. Here are the mistakes you should avoid:
No professional valuation
Before selling your property, the most important question you need to ask is: how much is my property worth in the first place? Did you know that nearly half of Swiss property owners incorrectly estimate the value of their property – by a margin of up to 40 percent? A successful sale begins with the right valuation. Be careful – it isn’t just a low sales price that can cost you money. Paradoxically, if an offer price is too high, you can often end up with a sales price that is significantly lower than what you could have gotten if you had used the market price from the beginning.
Lacking or insufficient market analysis
If you are selling a house or an apartment, understanding the market is essential. Rather than assessing comparable homes on the market through their online presence alone, you should visit key properties in person. This will allow you to position your own property correctly and open with a strong negotiating position. The market analysis shouldn’t just take place solely before your property is listed, but instead continue throughout the entire marketing period. Even if a house or apartment is on sale for a longer period of time, conditions can change, which may then require adjustments to the offer.
Lack of negotiating experience
When selling a house or an apartment, many home owners approach the situation too emotionally – after all, it’s their property that’s at stake, which they've poured lots of blood, sweat and tears into and is associated with many memories. This can have a negative impact on marketing the property. An external property specialist on the other hand will enter into negotiations with a neutral position and armed with plenty of expertise. They will rule out any probing for willingness to negotiate on the part of the prospective buyer, referring to the offer price. They also know what to do when there are several parties interested in buying the property. Anyone who negotiates the price too early and concedes to ‘mates’ rates’ has already lost. A professional, however, will quickly recognise any further negotiating potential. Any price offered must be self-evident and feasible.
Complexity in marketing processes has increased significantly in recent years. Home owners often lack the necessary specialist knowledge – especially when it comes to financial matters, tax issues and impeccable contract design. It’s also worth spending a little extra for help with drawing up the sale documents or target group analysis.
You see, a lot of time and knowledge of real estate are essential to the successful sale of your house or apartment. Have you decided to sell your property? Rely on the expertise of Engel & Völkers. We look forward to hearing from you.