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Common Mistakes to Avoid While Selling a Property

Navigating the Journey of Selling a Property

Selling property could be pretty challenging and complex in the Bangalore real estate market. However, from getting the right potential buyer to negotiating the best price, there are many tricks a seller can use to master the art of selling. Explore the most common mistakes that property sellers make and strategies to overcome them.

 

Top Errors to Sidestep When Selling Property

  • Overpricing the property: An obvious error many sellers make is asking higher prices for their properties. Despite the desire to achieve the maximum price for your property, having big expectations about the worth of your house may put off buyers and delay the completion of the sale. How to set a reasonable and attractive price? Thorough market research and consultation with an agent who knows the area’s real estate condition can help.

 

  • Neglecting property presentation: Overlooking the presentation of the property has a significant effect in bringing down the number of prospective buyers. The little things like cleaning up, sorting, and staging will guarantee that your real estate property is presented attractively. Consider consulting professionals to prevent any drawbacks in your presentation that can be used to bargain with potential buyers.

Image of interiors of a house being staged for sale | JAM

  • Failing to market effectively: Marketing always should be targeted at the right audience and help you find the right prospects. Some sellers make the grave mistake of using just one channel to advertise their property e.g. using the “For Sale” sign boards or just relying on word-of-mouth advertisement. Digital channels like property websites, social media, or listings play an important role in increasing the reach and visibility of your property. If these channels are properly embraced you can consequently improve sales.

 

Pitfalls to Dodge When Selling Your Property

  • Not preparing legal documentation: Selling a property involves a lot of work including a lot of documentation and papers. The need to procure and prepare all the legal documents may pose a challenge, as it could slow down the sale of your property.  Ensure that all your paperwork like the title deed, occupancy certificate, completion certificate and RERA certificate is in order.

 

  • Poor communication with potential buyers: Proper communication is essential throughout the selling process. Failure to answer within the required time or to provide the right and detailed information about your property creates a bad image in the minds of potential buyers. Be active in your communication patterns and get ready to promptly answer any inquiries or complaints customers may have.

Image of the seller on a call with the buyer | JAM

  • Ignoring feedback from potential buyers: Consumer feedback can help you gain a different perspective and improve based on the recommendations. Ignoring customer feedback can slow down the process of selling property and leave potential customers dissatisfied. Spend some time evaluating the feedback you get and amend your listing or description so it looks more attractive for possible buyers.

 

Critical Blunders to Avoid While Selling Properly

  • Being emotionally attached to the property: The buyers and sellers play multiple roles in the process of selling a property. Being emotionally attached to a property can stray you away from opportunities, due to your unwillingness to compromise with any demand and changes by the potential buyer.

 

  • Inadequate preparation for negotiations: Bargaining over the price is an important aspect of selling a property. Sellers should have a strategic plan when it comes to negotiations, otherwise, they could stand at a greater risk of giving away at a price, which might be lower than what they could get. Explore the location of your property and the listings online to know about the market trends and also consider seeking help from professionals like Jones Asset Management.

Image of buyer and seller negotiating price peacefully | JAM

  • Being inflexible with viewing schedules: Property visits are significant tools through which the potential buyers visualize themselves living in the property. Flexible visiting schedules should be provided to ensure you don’t lose any potential buyers. Providing visiting schedules after working hours, on weekends, and even after office hours is a good idea to attract potential buyers.

 

Mistakes That Could Cost You While Selling Your Property

  • Not hiring a professional real estate agent: A seller could deny taking the help of a real estate professional so that they could avoid commission costs. However, proceeding to sell a property without input from a professional may expose an individual to the risk of committing some costly mistakes. A professional real estate company like Jones Asset Management can help you get maximum profits when selling property.

 

  • Neglecting to disclose property flaws: Honesty is key when selling a property in real estate. Failing to disclose any evident defects and drawbacks might result in lawsuits and financial penalties. Ensure your potential buyers know that your property is not perfect and make sure to share anything that deals with its condition.

 

  • Rushing the selling process: Real estate is a sector that needs strategic thinking and research before selling properties. Rushing in with the selling process can be a costly mistake as there is a possibility you may overlook some important aspects. Take your time and thoroughly analyze the various aspects when selling property, to avoid any problems in the future.

Smart Strategies for Selling Property Successfully

1. Set a competitive selling price: Obtain all the necessary price information for the property from the market by doing comprehensive research. Setting a competitive price when selling a property will ensure you attract more buyers.

 

2. Enhance curb appeal: Small changes like repainting the front door or introducing potted plants can impact sales positively. When the property is neatly maintained, it can considerably be made attractive and catch the attention of your potential buyers.

Image of a neat house exteriors | JAM

3. Utilize professional photography: Showcasing your property in a professional way, especially on online sites can enhance its attractiveness. Hiring a professional photographer will help you capture the essential features of your home properly. Eye-catching pictures including the prominent features of your property will be more noticeable on the Internet.

Image of professional photographs of property vs regular photography | JAM

4. Consider staging: To ensure a successful sale you should display the property properly and thus provide an opportunity for potential buyers to visualize themselves living there. Consult professionals to help you in this aspect and make your property more attractive. As property visits can be the final step while selling property, everything should be perfect to positively influence the potential buyer’s choice.

 

5. Use social media and online platforms: Make use of social media platforms and online advertisement services to reach larger audiences. In a world where social media has become a routine, exploiting it can help you in selling property.

 

Conclusion: Successful Selling Your Property

Selling property can be complicated. From finding potential buyers to completing the sale, all steps in this process can be stressful. However, to improve the potential of sales, you can consider using the strategies mentioned above. By knowing all the potential challenges you can face when selling a property, you can be well prepared to overcome those challenges. To make the process less daunting, consult a professional to take care of it. With comprehensive property management services, Jones Asset Management can help you sell property without the hassles involved with it.

FAQs

  1. What are the essential strategies that help in selling property?

Staging your property, using multiple channels to market, setting a competitive price, minor retouches and consulting a real estate professional can help you speed up the sale of your property.

  1. How do I determine the right price while selling property?

Conducting comprehensive research and exploring the market through online listings can help you gain an idea about the market trends. Knowing the market trends will in turn help you determine the right price while selling property.

  1. What are the common mistakes to avoid when selling property?

Setting high prices, improper communication, rushing the selling process, inflexible visiting schedules and poor marketing are some mistakes to avoid when selling property. These mistakes can result in additional expenses and slow down the sale of your property.

  1. What legal documents should I have when selling property?

Legal documents like the RERA certificate, title deed, tax receipts, occupancy certificate and completion certificate are essential when selling a property. Gathering all the important legal documents will help you avoid any delay in the sale.

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At Jones Asset Management, we offer a wide range of properties including apartments, villas, independent houses, commercial spaces, and plots of land. Our extensive listing database ensures that you can find the perfect property to suit your needs. With Jones Asset Management, you have access to 2000+ properties to choose from and we are committed to helping you find your dream property in Bengaluru.

At Jones Asset Management, we offer a comprehensive range of property management services precisely tailored to meet the unique needs of discerning property owners in Bangalore. Our services include Tenant Search & Screening, Property Marketing, Rent Collection & Management, Property Maintenance, Legal Compliance, Customer Support and more. We find qualified tenants, thoroughly screen their backgrounds, and verify their creditworthiness. We employ strategic marketing techniques to attract potential tenants and maximize property exposure across various platforms, ultimately minimizing vacancies and maximizing rental income. We handle rent collection from tenants promptly and efficiently. We take care of all property maintenance needs. Our experts stay up-to-date with the changing legal regulations and ensure your property adheres to all local laws and regulations, thereby mitigating any potential legal risks. Our team is available round the clock to address any queries or concerns you may have. We prioritize exceptional customer support and aim to provide prompt assistance whenever you need it. 

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The current Bengaluru real estate market is experiencing a steady demand with a slightly upward trend in property prices. The city’s rapid urbanization, prominent IT sector, and growing population have contributed to the overall positive market conditions. Both residential and commercial segments are witnessing considerable growth, with developers focusing on luxury projects and affordable housing initiatives. Furthermore, numerous infrastructure developments and improved connectivity have enhanced the attractiveness of the market further, making it an even more favorable investment destination for both home-buyers and investors.

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