Property sales – how to avoid the 7 biggest mistakes

In most cases, emotions and a good deal of history are attached to a property. If a sale is imminent, sellers should observe important milestones to ensure that the process runs as smoothly as possible. Those who hire a professional estate agent often benefit from not having to take care of the process themselves.

1. Incorrect offer price

An accurate property valuation is crucial for the right asking price. If it is too low, the seller loses money; if it is too high, the property will not sell.

2. Inaccurate property description

A precise property description is essential for marketing, the subsequent purchase contract and the legally compliant handling of the sale. It is advisable to avoid assurances that cannot be objectively verified, such as the dryness of the basement without a corresponding expert opinion.

3. Insufficient documentation

Depending on the type of property, different documents are required, which must be made available to the prospective buyer. An energy performance certificate is mandatory. When selling a condominium, further documents such as the minutes of the last three owners’ meetings are required.

4. Concealment of defects

Buyers must be informed of material defects, but the assessment of what is considered material can be complex. To avoid liability risks, it is advisable to record all defects in the purchase contract.

5. Poor marketing

Effective property marketing uses both online and offline channels to appeal to a wide range of buyers. Successful marketing includes appealing visuals such as 360-degree tours as well as professional and informative photos.

6. Changes to the sales price and the wrong approach to price negotiation

Most sellers aim for the highest possible selling price, but price adjustments may be necessary to meet the market value. Too frequent price adjustments make prospective buyers sceptical.

Caution is also required when negotiating prices. Being too quick or too accommodating can quickly lead to financial losses, while stubbornly sticking to your own asking price can cause prospective buyers to jump ship. In addition, as a seller you certainly don’t want a prospective buyer to agree to your asking price and then find out in the end that they can’t afford your property after all. Then the marketing process starts all over again for you. This is often accompanied by financial losses. In order to ensure that price negotiations are conducted objectively and pragmatically, it is worth seeking the support of an estate agent.

7. Failure to check creditworthiness and the purchase contract

The purchase contract should be checked in advance and the interests of buyers and sellers should be considered in a balanced manner. All relevant properties and agreements should be legally correct. The solvency of the buyer should be checked before the purchase contract is signed; it is usual to obtain a financing commitment from the financing bank.

Avoid these common mistakes and seek the advice of an expert estate agent. A local estate agent can advise you on all aspects of selling a property. From marketing and the sales process to handing over the keys, the expert will guide you through the sale of your property.

Are you looking for support in selling your property? Get in touch with us! We will be happy to help you.

Notes

The generic masculine is used in this text to improve readability. Female and other gender identities are explicitly included where this is necessary for the statement.

Legal notice: This article does not constitute tax or legal advice in individual cases. Please consult a lawyer and/or tax advisor to clarify the facts of your specific individual case.

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