How to Get the Best Price For Your Property in a Buyer’s Market

Selling your property at your expected price is not an easy task. Most transactions either break or end bitterly. The buyer will always feel that he paid an exorbitant price and the seller will always feel that he didn’t get the full worth; he sold it grudgingly. While this is sadly true, it does not always happen that way and your case should also not be an ordeal. While there is no way that I can give you a good price evaluation of your property (I’m not an expert at this), I can at least give you some tips, the same ones that have enabled me to sell my properties at the prices I desired, every single time. So let’s get started!

1. The most important thing you need to have is the right frame of mind. If you’re not mentally prepared to sell your property, your apprehension will show on you. This will make your prospect suspicious. Is there something illegal about the property? Is the seller forced to sell it because of some misfortune? Is the property unlucky? Are there any structural defects in the property that the seller is hiding? When a prospect comes to inspect your property, he is probably more anxious than you; after all – it’s his money at stake and he is certainly not looking forward to some bad surprises! So make sure you’re mentally prepared, and if you doing a panic selling (which you really shouldn’t unless you don’t have any other choice) don’t let it show on you. Keeping a positive attitude will help you relax your prospect too.

2. Your next job is to decide on the selling price of your property. You don’t want to overprice it, yet you want the best price possible. To do this, you need to study the prices at which properties have been sold in the neighboring area, in the last six months. You then need to make a comparative analysis of the prices, and then compare it with your own, taking into consideration the market trends that have taken place after those deals. This little exercise can also help you arrive at a logical price – first, walk away about a hundred meters from your house. Then slowly walk back towards it, as if you’re coming for the first time. Look around at the surroundings like a stranger; make notes of what appeals to you and what doesn’t. Take an objective look at it – don’t include your emotional attachments. We’re so used to coming to our house naturally that it has become a part of our routine - we’ve even forgotten the messages that the surroundings give. This exercise will help you overcome that. Take the help of a close friend or relative and ask for tips on improving your property to get a better value. You can even think of getting your property evaluated by a certified professional appraiser. If you’re going to use the services of an agent, make the commission amount and payment terms very clear, well in advance. When quoting your price, quote a little higher to keep room for negotiation. Some folks never want to buy at the asking price even if they find it reasonable. Decide in advance how much you would be willing to discount below your expectations and don’t disclose it until your final negotiations on the table. Be flexible on the price only subject to market trends.

3. Now is the time to spend a bit on correction, restoration, repairs and a bit of aesthetics. I would recommend you to begin with the entrance. Always maintain your front door in excellent condition. If the paint has peeled off at places, put a fresh coat of paint. Putting a little statue or a flower pot will also give a good appeal. Your entrance should have a welcoming and inviting appeal – it can make or break the deal. First impressions are last impressions. Quite often, your potential prospects will just come and look around, study the surroundings, look at your property, etc, and drive away before taking your appointment for a visit. So you won’t get a second chance to make a first impression! Painting is a fairly inexpensive job, so I would recommend you to do it if it is badly needed. Also ensure that lighting is in good condition, don’t leave any area without lights or dimly lit. Put higher wattage bulbs in darker areas.

4. Next, always try to keep your property neat and clean. Are there any cobwebs around? Is your entrance crowded by overgrown shrubs? Is there unnecessary clutter around? Once word goes around that you’re planning to sell your property, it spreads fast and sometimes you can expect folks to come at unexpected times. Let everyone in the house (especially children) know that keeping it neat and clean is the new rule of the house that cannot be broken. While some prospects will understand that a little untidiness here and there is OK, some of them will highly disapprove it, especially those used to a lot of etiquette. But this doesn’t change the fact that he is, after all, a potential prospect and also probably the buyer. Are you willing to take chances?

5. The kitchen and bathrooms are also very important areas that your prospect will scrutinize closely. If the kitchen is small, make sure to remove all clutter so it looks efficient. Your bathroom should be free of all odors. In fact, keep it scented at all times, be a little generous on this area.

6. Next, gather as much information as you can about the positive aspects of owning your property and write it down. Each area has its own pros and cons, so you are the best person to know about it. Is there a doctor in your building who doesn’t mind waking in the middle of the night? Are there hospitals, schools, malls, cinemas, railway stations, police stations, gyms, health clubs, pubs, vegetable markets, post office, fire brigade, libraries, etc nearby? Does your property have some exceptional views? Is the rent low? Is there sufficient sunlight? Does your property naturally adhere to fengshui recommendations? Do you have regular water supply? Is there a way to make another bedroom? Is there something special about the construction of the building? If you don’t have children, a nearby school may be of no use to you. In fact, it could also be a nuisance. But it would be great news for a family with children. So you may want to mention it if your prospect has children. As they say – one man’s trash is another man’s treasure!

7. Always warmly invite your prospect. Make him sit on your best sofa, offer a glass of water, sit down yourself, have a small chat about what they do, their family, etc. Then ask them if they would like to take a look around. Then lead the way, show the individual rooms and wait for their reactions. Once they give a sign of completing examination, lead them to the next room. Switch on lights as you move from one area to another (but don’t switch them off). I learned a little trick from someone – put a couple of vanilla extract drops in your oven 15 minutes before you’re expecting your prospect, your house will smell like you’ve just baked some cookies!

If you enjoyed reading my article and would like to read more, you can find them at http://www.bharatbhasha.com/author.php/Nirjara%20Rustom – I write on internet marketing, business and health related stuff. You can even reprint my articles on your webpages as long as you keep the authors bio and links intact.