When selling a flat: These 3 mistakes you should avoid

You have inherited a condominium that you do not need and would like to sell it due to the current market situation? When selling a flat, mistakes can easily happen that cost you a lot of money.

Especially in the high-price province of Tyrol, a small mistake can already make a difference of 10 percent in the sales price. If you sell your condominium for 300,000 euros, for example, that is a difference of 30,000 euros that you may have gambled away.

As an experienced real estate agent in Tyrol and sworn real estate expert, I would like to share my knowledge with you in this article: I will tell you which 3 expensive mistakes you should not make and how to avoid them.

1. mistake: you estimate an incorrect sales price when selling a flat

The right selling price plays a central role, because it ultimately determines whether you make a financial profit or loss. If you ask for too much or too little, this can mean a serious financial loss.

If you set the selling price too low, you are giving away part of your home from the outset. That means you don't get the money you would be entitled to for a property of this type. But then only the buyer is happy about that.

Now you might think to yourself: In Tyrol the prices are outrageously high anyway, so you might as well charge more. I advise you not to do that! Because a selling price that is too high ultimately leads to a sale below value. Let me explain this in more detail.

Let's assume you are deliberately asking more for your flat than it is actually worth. Real estate professionals watch the market closely and see your overpriced offer. As a result, the professionals offer their properties at cheap prices - prospective buyers buy there and your flat stays on the market for a long time.

The longer it is not sold, the further its value decreases - a downward spiral begins. Eventually, you will have to sell the flat for less than its value.

To avoid this problem, I advise you to hire an expert for real estate in Tyrol in advance and have him or her draw up an appraisal. This way you will know how much you can ask for your property and avoid the - in my opinion - most expensive mistake when selling a flat.

2. mistake: you slow down the sales process through incomplete documentation

At every stage of the sale, you must be able to provide the relevant documents for the interested parties. If this is not the case, the sales process stalls. This is a moment of frustration for the potential buyer. If this happens to you more often, you as a seller lose respectability and the prospective buyer jumps off.

Therefore, it is important that you have at least the following documents well prepared:

• Land register extract
• Building decision
• Building plans
• Use permit depending on the legal situation on the date of construction
• Energy certificate

On the one hand, you have these 5 documents with you as a printout for prospective tenants when viewing flats. On the other hand, these documents should be stored electronically on your computer as PDF files with a file size that is easy to send.

Please make sure that you name the files correctly and understandably. You can read more about the documents and where you can get them in my blog post "Checklist house sale: How to proceed step by step".

My tip: Try to build up an "arc of suspense" for the potential buyers and do not immediately hand them all the documents you have collected. Especially at the beginning, this could overwhelm the prospective buyers.

Hand over the documents one by one, explaining what they are and why they are needed.

Mistake 3: You don't take enough time for interested parties.

As an estate agent, I hear horror stories time and again from people looking for a flat who have been fobbed off with several other interested parties in viewing appointments of 15 minutes. I am aware that many sellers have a full-time job, family, hobbies, other commitments...

However, bear in mind that the potential buyers are probably "in for the deal of their lives". If the buyers do not feel well looked after, they will look for another property. Therefore, it is important that you give the prospective buyers time and attention.

This means:

• You respond promptly to emails and phone calls: If prospective buyers have to wait 3 days for your reply every time, they will see to look for another property instead.
• They answer potential buyers' questions in detail and provide further pictures and documents on request.
• You make time available for viewing appointments. Note: Most potential buyers will probably want to view the flat several times before making a final decision to buy.

How can you sell your flat flawlessly?

I have now presented the 3 most common mistakes and given you a few tips on how to avoid them. However, when selling a flat, you can also make other mistakes that have legal or further financial consequences for you.

To make the sale smooth and flawless for both parties, I recommend using a real estate agent.

Of course, this is also self-promotion. "What else is he going to write?", you may ask.

BUT: A real estate agent knows the real estate market situation, which is why he estimates the right price. He obtains the relevant documents and prepares them for the interested parties.

In addition, a real estate agent has legal background knowledge due to their specific training, which means that you are legally protected when selling.

So if you want to avoid expensive mistakes when selling a flat and instead prefer to rely on the experience of a professional, you are welcome to contact us for a free initial consultation. We are also happy to answer any questions you may have about selling a flat.

You can reach us by phone(+ 43 512 580 242), by e-mail(immobilien@arealita.at) or via our contact form.

With kind regards

Yours, Bernhard Großruck

 

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