You have inherited a property and want to sell it? Even before the actual sale begins, you need to make some important decisions.
One of these decisions is whether to sell your inherited property yourself or with the help of an estate agent. If you are dealing with the sale yourself, there are a few mistakes you should avoid.
In this blog post I reveal to you: In my experience as a real estate agent in Tyrol, there are 4 things you urgently need to consider when selling a property.
These 4 points determine the success of the sale when you sell your inherited property privately
In the following, I would like to give you an overview of the 4 aspects that property sellers only partially consider or do not consider at all. However, this reduces the success of the sale. That is why you should pay attention to these 4 points in any case:
#1: Consider the time involved.
If you have decided to sell an inherited property yourself, the first thing you need to factor in is the amount of time you will have to spend on the sale.
The following tasks, among others, will come your way:
- Obtain documents
- Prepare and photograph the plot
- market
- Arrange visits
- etc.
I have summarised the best way to proceed when selling a plot of land in the article "Checklist for selling a plot of land: How to do everything right! (to be published by 30 April 2022 at the latest).
#2: Target the right audience to sell your inherited property quickly.
Depending on the size of the inherited property, you will need to target different potential buyer groups.
Do you want to sell an inherited plot of land on which one or two residential units can be built? Then a private sale usually makes perfect sense.
However, if the plot for sale is more spacious - there is room for a terraced house or an apartment building - you should contact Property developer turn to.
Project developers and builders have a larger financial scope, which means that you can sell your inherited property more expensively.
#3: Set the right price.
The same applies to the sale of land as to the sale of real estate: the price determines success or failure.
A land price that is too low only pleases the buyer, because he virtually acquires part of the land for free.
However, a selling price that is too high also leads to a losing deal. If you set the price too high, potential buyers will be deterred and the real estate professionals will strike.
They lure buyers with cheap offers and you can't get rid of your property. The property is on the market for a long time and visibly loses value until you sell at some point - usually with a financial loss in the 5-digit range.
You can have the right selling price determined by a real estate expert. He or she will tell you what price you can really achieve with the inherited property when selling it.
#4: Make sure that the documents are complete.
Last but not least, I would like to remind you: the completeness of the documents to be presented is essential in every real estate and property sale.
In addition, you should always be careful to give the prospective buyer the information at the right moment. Everything at once could overwhelm the potential buyer. However, he needs the most important key data (size, value or buildability) right at the beginning.
Therefore, have the most relevant documents at hand at all times, without asking too much from the interested parties.
You can read about the documents you need to obtain in order to sell an inherited property in this article: "Checklist for the sale of property: Doing everything right! (published by 30.04.2022 at the latest).
Conclusion: Private property sales require the utmost attentiveness in order to proceed successfully and smoothly!
In my experience, the private sale of an inherited property often fails because of the disregard of the points I have mentioned.
Far too often I have heard of cases where important documents were missing right at the beginning of the sales negotiations or the wrong sales price was estimated.
No matter which of the 4 points you do not observe, the consequence is always financial damage. Even if you underestimate the amount of time you need:
Because it is precisely then that you run the risk of eventually becoming frustrated and throwing in the proverbial towel and selling to the next best prospect.
If you rely on a professional, you don't have to worry about these four points.
An estate agent can help you sell your inherited property:
- You have no loss of time,
- do not have to worry about the bureaucracy or the legal aspects of the sale,
- sell to a suitable seller,
- and thus achieve a good price in line with the market.
We at Arealita are happy to assist you with the sale of your property. Why not convince yourself of our services during a free, non-binding initial consultation?
In addition, we are also active as property developers in Innsbruck and Tyrol. Therefore, we are always on the lookout for suitable plots. Perhaps your plot will match our plans. Contact us for a viewing appointment.
You can reach us by phone(+ 43 512 580 242), via e-mail(immobilien@arealita.at) or by using our contact form(click here).
With kind regards
Yours, Bernhard Großruck
My name is Bernhard Großruck. I work as a real estate agent and appraiser in Innsbruck and would like to give you helpful tips about real estate in this blog.