In this housing crisis, it is becoming increasingly difficult to sell real estate. Real estate agents are finding it harder to convince potential buyers that the asking price is reasonable. Selling times have increased since mid-2008 and inventories are rising.
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This causes a lot of distress. Generally, a seller is committed or wants to commit to another purchase, and once the decision to sell is made, they are understandably eager to see it happen, only here: the collective hysteria is over and it is no longer possible to establish its state.
Here are some practical tips for selling a property quickly.
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1. Have realistic expectations
The main element to consider is simple: price. To sell a property quickly, there are no 36 solutions; you must be truly motivated to sell and divert to the “right” price. The “right” price is as subjective as the relative beauty of a poodle. The right price can be defined by a similar property in a similar environment, which is almost never the case. Get quotes. If you stay at the high end, you will inevitably stretch and make it impossible to sell.
In general, the faster you want to sell, the lower the price will need to be perceived. Simple, but how many homeowners are surprised that they haven’t sold their property after 6 months?
2. Make the staging clean and homey
A well-known method now, staging involves depersonalizing a property so that buyers can imagine themselves inside. It is also a step that signals to buyers that you are genuinely interested in selling and not just testing the market for a big added value (good, perhaps for more value).
You will find many home staging tips and even specialized agencies on the subject. The goal is to make it neither too modern, nor too stylish, nor too bland. It should be the equivalent of a show home. Colors are often neutral, and the furniture is recent but not futuristic.
Additionally, preparing your property for sale means repairing and cleaning everything that needs to be done. We tend to think that €100 invested in this case is wasted, but the results are proven. Between those who carefully wash their car, even using the engine cleaner, and those who bring it dirty to sell, the one who cleaned it is much more likely to get a better price.
The staging tips are simple: small furniture, no knick-knacks, rather airy. Some accessories come up often: rugs, mirrors, and curtains. It is possible, without hesitation, to invest 0.4% of the estimated resale price of the property in renovation (i.e., €1200 for a €300,000 property). The 1-2% is largely justified depending on the condition of the property.
At this stage, you should seek external advice because when you live in a place for years, you end up not seeing the obvious, such as damaged doors, loose colors, or other uncommitted details.
3. Take beautiful photos and present the property well in writing
If you look at ads published on major markets, you will be impressed by the amateurish photos and descriptions, even when done by real estate agents.
When a buyer pays €200,000, €300,000, or €600,000, they expect to have clear and descriptive photos. If not, get a camera, buy one or borrow one!
Take beautiful photos in good weather after cleaning around the house. I remember an ad where a photo of the living room showed a frame with essentially “MotherFucker” written on it. Despite illustrating questionable taste in decoration, this is not very appealing 🙂
The second step is to describe the property. Everything must be presented. Put yourself in the buyer’s shoes: what do you want to know?
Floor, year of construction, number of rooms, total area, area of each room, heating modes, exposure, type of insulation…
Again, a buyer expects to have a clear and simple text. Measure the surface area of the property to prevent the real estate agent from being caught off guard and in a difficult situation once in front of the notary.
Give it to the buyer!
4. Use the new means at your disposal
You already know all the general sales sites like PAP, Seloger, paru-vendu, à vendre à louer… Many other sites exist and often offer new ways to sell your house (often targeted in the Paris region). If the record industry did not see the internet coming, real estate agents are worried about being stoned…
Here is a selection of sites that can help you:
MeilleursAgents.fr has a tool to make a price estimate as accurate as possible. In case of sale, they take a 4% commission.
Keltoa is a free real estate social network where you can post an ad (157,000 currently).
PanneauGratuit.com allows you to create your own “For Sale” sign (80cm x 60cm). 2 signs cost €20 plus €9.9 for delivery and also offers a voicemail service to avoid being harassed on your mobile phone at a cost of €5.9 per month.
Efficiity.com is a low-cost real estate agency that requires much lower fees than traditional agencies. Of course, you will have to work a bit, like visiting your property (but you would have been present anyway).
D’appart à part offers videos (please do something for the page design) of real estate. For €1 a day, your ad made by you will be presented to potential buyers.
Drimki (limited to Paris and PR) looks like a “real estate dating” site that, for a commission of 0.9% on the estimated sale price of the property, gives you the “For Sale” sign, publishes the ad, and receives calls (you do the visits). For 3.9%, they do the visits.
LowcoStappart is a site (including its name is really average) that offers low-cost ads for a few dozen euros per month.
5. Don’t trust a real estate agent
Real estate agents are among those professions where, until proven otherwise, I consider the person in front of me incompetent and malicious. So, of course, you will think it is easy for me to face such obvious facts and that I am not taking much risk: you are not wrong! I had posted the testimony of a former real estate agent who spoke about the “bottom” of the profession, and I advise you to read/re-read it.
At best, your agent will not tell you that your expectations are delusional (like selling at the price of the neighbor sold in 2007) and will let your property rot unless a pigeon is willing to pay what you need. In the worst case, he will try to negotiate with you, and if you are not really motivated to sell, he will hit a wall.
If you want to be helped in your sale, don’t be like 90% of the people who go to 4 or 5 agencies and register their property with as many IAs as possible. This profession works in such a way that the uncertainty of a sale is very demotivating and costly.
It will therefore be much more effective to entrust an exclusive mandate to someone who seems competent and motivated. You will also be able to provide your photos and description to make it simpler. Always pay attention to how your property is promoted. Of course, the commission should be modest because you will have made it easier for him by following all the previous steps. Here, 5% is high, and 3% is welcome.
Good luck!
Tag : lt advice