While our primary preoccupation is to look after buyers (read more about how we work), a functioning property market also requires sellers that are willing and able to sell their homes at reasonable prices. Here are a few tips for sellers who would actually like to find a buyer.
Settle on a reasonable price
In a textbook example of unreasonable sellers, we know of a property whose asking price has been steadily increasing by EUR 100,000 for the past five years. No, they did not sell last year, nor the year before, and yet the asking price keeps going up. Why? “Because prices keep going up”. A race to get the price up will not magically make buyers appear that were not there when the price was lower. Discuss with an expert what is a reasonable price, and settle with that.
Come to terms with your own family
More on the topic of unreasonable prices: if you are 20 heirs and everyone wants to take home EUR 20,000 – well, that is not a way to come up with an asking price. And yet it is one of the most common.
Other family problems include groups that have not actually agreed to sell a property, and yet some of them advertise it for sale, wasting everyone’s time. Your reassurances that you will take the other half of your family to court are not going to please the average buyer. Work out your family differences before you come to market.
Clear the clutter
In most transactions, buyers are planning to make the house you are selling their own family home. The sight of your grandfather’s taxidermy – stuffed dead birds that have now lost all feathers and look like a horror film prop – and your nanna’s boxes of sewing materials, long gone to rot, are not helping the buyers imagine their future love nest before their eyes. Get rid of the clutter. Yes, sometimes a family can get stuck on who among the heirs should pay a couple of hundred euros to get a guy and a skip and clear up the old furniture and the rubbish. But it is worth spending that money. A clutter-free home looks brighter and cleaner.
Let go of the “For sale by owner” sign and the DIY listings
Yes, we can hear you say it: “Hey, aren’t Property Hunters always telling me that I should not advertise with traditional agencies?”. Yes that’s us. Guilty as charged (see next point). But your marketing efforts should not begin and end with a For Sale By Owner sign. First, very few will see it. Second, no one who is looking at properties on the Internet will ever see it.
So why not list the property on Facebook or other DIY listings websites, you ask? Go for it! There is one problem. These DIY websites are full of people listing the same properties at inflated prices, hoping for the unwary to fall for the inflated price. Often, the “owner” listing in these channels has no relationship whatsoever with the actual owner. Do you want to advertise in such illustrious company?
Don’t let agents inflate the price
This point is sure to ruffle some feathers. There are three ways in agents use to inflate the selling price of your property:
- – Outrageous commissions: 5% plus VAT – call it 5.9% – is the norm for our competitors. This means, on a EUR 200,000 property, the price goes up to EUR 211,800. Hardly an incentive for people to buy.
- – They play on your greed: greed is a natural human feeling. Normally – there is plenty of research on this topic – people get greedy when markets become expensive and bubbly, and they become panicky when prices plummet (which is very unfortunate, because plummeting prices are a good indicator it is time to buy). So it is also natural that you respond well to agents that want you to put up your price up, up, up. In the meantime they get your listing, and a few months later you will get the phone call: “Sorry, we could not sell at that price. Why don’t we put it down a bit?”. You have wasted months in the meantime. Just sell at a reasonable price and move on.
- – They are played by their own greed: agents are humans too. The 5.9% on those extra 10 thousand euro they hope to make seems very attractive. It is easy to miss a sale or two while hoping to make a pie just a little bit bigger. In the end, the game is to sell and buy at a reasonable price. Dragging it on for the sake of a few hundred euro is poor service to everyone involved.
What can Property Hunters do for you, the seller?
When you choose to sell your property through Property Hunters, we can offer you something no one else does:
- 0% commission – Maybe we should write that in all caps: YOU DO NOT HAVE TO PAY US ANYTHING. You list your property for the money you want in hand, and you get all of it.
- Professional photos and videos – in exchange for that 0%, we give you our full marketing services, including professional-looking signs, photos and videos that we advertise at our own expense.
- Floor plans – at our own expense, we draw floor plans. Properties advertised with floor plans sell faster.
In exchange, we ask for two things:
- The property needs to be reasonably priced for the state it is in. We only sell quality properties.
- We, not you, will take care of the marketing of your property. It is sad when agency and seller fight about who introduced which buyer. We ask you to take the back seat while we professionally sell your property, at no cost to you.
We think it is a fantastic deal we offer in exchange for 0% commission. Interested in selling through Property Hunters? Contact us today.