1. 77% of property owners price their property too high.
The most common mistake owners make when selling a property is overestimating its value. Meaning that they put their property up for sale, asking for an unrealistic price. Unfortunately, this mistake is the most important, because it can "harm" their property without them knowing it. A wrong pricing can be due to many reasons, with the main one is usually that they have not done the necessary research. Sometimes they are afraid that they will set a low price, so they decide to start from the highest point, which often leads to the wrong results with very negative consequences.
2. They choose the wrong real estate agent.
Not everyone is suitable for your property. A wrong choice will cost time and money. The wrong real estate agent will "burn" your property and as a result, it will not be sold at the best possible price, its sale will be delayed and this will cost you a lot. It is important that the property’s valuation is correct, that the best possible promotion is applied and that the property is presented through the best & most efficient means. This is not common knowledge for all realtors, let alone owners.
3. They do not prepare their property.
Every house must be prepared by the owners before a visit by a prospective buyer. That means it should be clean, tidy, set up and repaired every time a buyer visits. Usually, owners do not repair their properties and even when they do, it is important that they make the right repairs. Very often, owners make a few very costly repairs that do not increase the property’s value enough, resulting in them just losing money.
4. Minimal availability from sellers.
A missed presentation is a missed opportunity. When you start selling your property, you will need to work together with your realtor or even directly with the prospective buyer in order to present your property. That means that the appointment might have to take place during lunchtime, the buyer could run late, the presentation might take too long, or it might need to be repeated several times. If your home is not easy to present, then it will not be easy to sell.
5. They are present during the presentation of the property.
Many homeowners believe that their participation during the presentation of their property will help the buyer's decision. This is wrong. Buying a home is usually a purely emotional action. The seller's participation during the presentation, talking to the prospective buyer can make a bad impression, which may affect the buyer's decision or their offer. It is wrong even if the seller does not talk but follows the buyer and the realtor everywhere making everyone feel uncomfortable.
6. They underestimate the cost of selling their property.
Such an action can take them by surprise and destroy an agreement, only because they were not aware of the actual costs. A sale’s costs may include certificates, declarations, fees for the professionals involved in the sale, such as realtors, engineers, etc. Many times additional costs arise that they had not thought of, such as notarial deeds, land registry fees, bank liabilities from loans etc.
7. They sell their property when they are not ready.
They need to be confident about their decision. Selling your house can be a very emotional period. During a sale, it is common for sellers to face their memories and decide that they are not ready to take the final decision. The selling procedure is usually stressful and it may need to be decided by many different people. This means that ALL the co-owners of the property should be aware of all actions taken, in terms of deadlines, financial issues and of course, EVERYONE must agree.
8. They avoid the truth.
It is often tempting for homeowners to turn the attention of the buyers or the realtors towards other directions, avoiding to inform the involved parties about any technical or legal issues that might exist. This is wrong because in the process of acquiring a property, the buyer will consult professional lawyers and engineers while researching the real estate market, so it is very likely that all the potentially existing issues of a property will be discovered.
9. They take it personally.
Don’t let your emotions affect the sale of your property. Regardless of the reasons why you are selling your property, the fact that you have lived there, probably for a long period of your life, means that you have many strong emotions attached to it. Therefore, when you receive a low offer, it is natural to feel a little offended. Don’t close the door to the buyers, but instead discuss the issue with your realtor and make a reasonable counter offer. If the buyers are truly interested, they will discuss with you and you will not lose a chance to sell your house.
10. Hoping for very, very fast.
During the majority of real estate sales, there are various obstacles causing delays. A common issue faced by home sellers is that they expect the sale process to be quick and easy. The reality is that during such a significant transaction -which many times includes a buyer who needs to get a loan for thousands of euros - there is a lot of work to be done. Bureaucracy may not be as fast as you might expect. Inspections could discover something you were not fully aware of - something you need to fix before you can complete the sale. You must prepare yourself for some disappointment. As long as you are prepared and have the right real estate consultant, you can face these issues. And who knows, you may actually sell your home quickly, for a lot of money and without any obstacles to overcome. This happens as well. Just don't assume that it will happen for everyone. Be prepared for everything, because during a sale anything can happen.