When it comes to selling a property the aim of most property owners is
to get as much as possible for their property. The motive is also
similar when it comes to leasing or letting a property by a landlord.
While this is possible it would only happen if the property owner
understands and applies some basic principles.
Every property has a price range and it is possible to sell or lease a
property for any price within the range. The higher up the ladder the
price expected, the greater responsibility that the owner must be
prepared to assume for making this happen.
Once in a while there are property owners who unilaterally fix a price
without any regards for the fundamentals. What usually happens is that
such properties will stay longer in the market and if such property
owners give it a thought they are actually losing money every day that
the property is not sold or leased.
It often helps for the property owner to identify upfront the reason
why he or she wants to sell. There are several factors that motivate
people to sell their properties. It could be the desire to move to a
bigger home or to move to a smaller home.
There are individuals who built and live in mansions with their family
and home staffs for several years. Then when their children are grown
up and move out of the property they suddenly discover that the
property has become too big for them and they may need to downsize.
It is also possible to suddenly discover that as one's family is
growing there is a need to move to a bigger home. It is also possible
for a property owner to decide to sell a property because of a need to
move to a better neighbourhood or to move to the village after
retirement or to raise funds to do something more pressing or more
important. As our circumstances vary our need to sell a property
varies.
While this decision is entirely a private matter it could influence
how far you are prepared to go in getting a particular price.
More often than not except for very prime properties, the higher the
price the more patience you need. And while it is good to test the
market I do not recommend it. If you have a professional working for
you and you trust their judgment then follow their advice rather than
changing your asking price.
Professionals dislike property owners who arbitrarily change their
mind on whether or not to sell after commissioning. Make up your mind
rather than waste valuable professional time.
First impression, they say, last long and we all know that this is
often true. We humans are very visual by nature. So when you are
thinking of selling your property you need to look at it through the
eye of the buyer. Unfortunately, many sellers are too emotionally
attached to their property to do this. But if you can, approach your
property from a distance on foot and look at it with a critical eye.
Observe all the deficiencies and take note of the various faults that
you can see.
Most potential buyers often view your property from the outside first
before requesting for an internal inspection. If they like what they
see from the outside they may be interested in taking the discussion
further.
It is always better for you to do the little fixings that are required
rather than have the possible buyer point them out or sometimes they
may just simply walk away and inspect another property.
You do not need to spend a lot of money to make a property a little
attractive from the outside.
The next area you should focus on is the inside. You need to focus on
cleanliness, odour and essential fittings that need repairs.
I once went with a friend to inspect a property in an exclusive estate
in Lagos. Externally the property was beautiful and was just about two
years old.
However, the inside was quite dirty with a lot of personal items and
pictures on the floor. In the masters bedroom was a smashed wedding
picture. Of course the turn offs were too many for the buyer to even
consider making an offer to buy the property. The owner and his agent
simply failed to realise that little things matter.
Before allowing someone to inspect a property, get rid of any
offensive odour in the compound or inside the building. Check to be
sure that the basic fittings are working well.
If it is a property that you are living in you may be comfortable with
the state of certain fittings but the buyer may not. We are not
recommending major repairs which often may not give you a significant
appreciation in price.
Rather it is important to ensure that the property has a welcoming
appearance and a neat atmosphere. Your option is to spend a lot on the
property and get a marginal increase in the price or sell the property
as it is but with a little discount. But if you want to earn top money
for your property you must be prepared to spend some money.
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