Errors that first-time property sellers need to avoid in Ahmedabad Priydeep Real Estate Management M. 9824539077
Many first-time property sellers commit errors that can adversely affect a property sale. Let us look at some of these mistakes.
Errors that first-time property sellers need to avoid
One of the most common mistakes committed is that of inadequate marketing and promotion. A property has to have enough ‘visibility’ for prospective buyers to be aware of its presence in the market. Many first-time property sellers do not employ the latest marketing tools like the internet. The internet is one of the most cost-effective ways of marketing and promoting properties – online property listings, social media, blogs, etc.
It is not enough to improve a property’s visibility but also to make sure that it becomes visible to the right pool of prospective buyers by choosing the appropriate channels. For example, the methods for marketing luxury properties and moderately priced properties will differ greatly. Another error made by first-time property sellers is that of pricing.
Without the counsel of professionals like real estate agents and appraisers, one can end up overpricing or under-pricing a property. Overpricing is a more serious mistake and committed often by property-sellers who confuse sentimental value for market value. Overpricing can be a serious turn-off for prospective buyers who may not even bother to visit the property to negotiate the price to a more reasonable figure.
Many first-time property sellers commit the error of emphasizing more on marketing rather than home improvements. While marketing can certain improve property visibility, you must also have a quality product to offer to prospective buyers. A high-quality home will always find prospective buyers ready to pay the best price. Leaders in real estate development understand the importance of quality when it comes to building homes. Premium quality homes like Shantigram – Ahmedabad’s finest residential township – are seen as ‘smart value homes’ by prospective buyers.
While adding value to one’s property through home improvements is definitely recommended, over-improvements are not. Many first-time property-sellers end up over-improving their properties being under the illusion that they will be able to recoup all the costs that went into home improvements. Firstly, there is no guarantee that one can recoup the costs that go into home improvement - there are certain home improvements that have a higher chance of good returns on investment than others, but there is no guarantee that one will be able to completely recoup the costs that went into a home improvement project.
Secondly, beyond a certain limit, investing in home improvements brings diminishing returns. One should not improve a property to the extent that it gets pushed out of the price bracket of moderately priced homes. The average amount for which comparable properties in the neighbourhood got sold recently should be the standard used while assessing how much to spend on improvements. If this is the first time you are selling a property, it is highly recommended to proceed further only with the assistance of a competent and reputed real estate agent. Tasks like real estate negotiations require years of experience and can be overwhelming for a first-time property seller - an experienced agent by your side can make the process of selling a property much easier.
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