Property investment: How to sell your house well?
Ten post dostępny jest także w języku: polski
Every year, approx. 600 thousand notarial deeds concerning the sale of real estate are signed throughout the country annually. Despite the pandemic, the secondary market of flats in Warsaw and its surroundings is doing well. After years, houses have also returned to favour and are now in high demand. Many people have also sought out land to protect their savings against inflation and low interest rates in banks. Investment in real estate not only remains competitive with alternative investments offered on the market, but has also proven to be secure. The average offer price of secondary market flats in Warsaw is PLN 11.7 thousand per sqm, an increase of 8% over the year.
The season for selling real estate usually begins in spring. Why? Well, most people prefer to start cleaning when it starts to get warm. This is also the ideal time to make some improvements or a general refurbishment of the property. Buyers, on the other hand, have better opportunities to thoroughly inspect the offer after the winter season.
When starting to sell, it is worth preparing for the whole process. Here are some tips that you should keep in mind in order to sell your property effectively and well:
1. Hire a building inspector
Most of the time we don’t see imperfections while living in our property or we simply ignore certain issues. However, when deciding to sell a house that is already years old, it is worthwhile to get the opinion of a qualified building inspector. The expert will assess the condition of the entire building and point out possible shortcomings that are worth repairing. Then we can be sure that when the offer of our house hits the market and future customers come to look at the property with their own inspector, practically all defects will have been removed. This will save us the nerves if someone wants to point the finger that there is a sample fault here and the repair itself could take several weeks. Such a customer could then cancel the purchase.
2. Hire a cleaning and renovation team
It is worth considering what new property buyers need at the moment. In recent months, many people have decided to work remotely from home. A great idea would be to separate an office area at the expense of, for example, one bedroom or a smaller living room. Adding a few elements e.g. a desk, a place for documents, some interesting plant – all this adds to the charm of the whole room.
Tidy up the entrance to the house and the garden, trim the trees/ hedge, plant new flowers and cover with new bark, rake up old branches. These small details really do make a huge difference.
It is worth using the services of renovation companies to gently refresh your home. A cleaning crew will come to the rescue to disinfect the entire property, and then you can devote resources to fresh paint in the rooms. It does not have to be a complex colour palette, white walls will suffice, which are always in fashion. Get rid of old and unnecessary things. A property shown to clients needs to be clean and fresh to show its potential. It is also the owners’ business card, which affects the price and the speed of the sale. If you don’t have the finances, you can do many of the above things yourself or with the help of relatives. Remember to ventilate the property when interested buyers visit.
3. Hire the right real estate agent
Finding a real estate agent is relatively easy, while finding an effective real estate agent is more difficult. It is worth checking the portfolio of the agent you want to choose. How can you do that? Here are some tips on what you should ask:
- How many transactions has he closed in the last year?
- Does he/she help with all the formalities?
- Does he/she also solve difficult situations connected with real estate?
- What services does he offer besides accepting an offer?
- What is his/her experience exactly in this area?
Remember that you and your agent should be playing at the same goal and that both of you should want to sell the property on the best possible terms. You should feel from the very first moment that the agent you have chosen meets your expectations. Also ask your friends if they know someone worth recommending. Do not sign documents without reading them, if you do not understand something ask your family, friends or lawyer. Warsaw District Offices also offer free legal aid and free civic advice.
4. have a professional photo shoot
This is extremely important and not at all easy, many potential buyers buy a house based on photos. If you have never bought a property before, put yourself in the buyer’s shoes and look through the property listings. There is a lot out there. And you will probably pay attention to the most attractive ones.
In large part, a properly selected real estate agent will make sure that a professional photo shoot is carried out with the help of a qualified photographer.
Making a virtual 3D walk-through will also greatly help in the decision to view the property remotely.
I know from experience that it helps a lot to make the whole session more attractive by filming and photographing with a drone. Especially when the property is located further away and the buyer can see if it is worth going there. He always develops such material and it is of great interest in the initial selection.
Clients largely pay attention to the neighbourhood and what kind of house is next door. With this option, they will have the opportunity to do so, because they will get a “bird’s eye view”.
5. put your house up for sale
The chosen real estate agent will list your house on all available portals to increase the chances of a quick sale. Don’t limit yourself to an agent either, let your family and friends know that you are planning to sell your property. It is often possible to find a client quickly through word of mouth.
6. Have a contingency plan
You have to take into account that your property may take much longer to sell than you expect. Often even a price reduction is not enough. It is worth accepting even the worst-case scenario of no takers when buying a property.
7. Negotiate, sign and close the sale
This is largely where your real estate agent takes over the task. It is he who should negotiate the best possible terms for you. An experienced agent will know what techniques to use and how to convince the buying party to make an offer acceptable to you. Once you have come to an agreement on the price together, all that remains is the formalities with the notary, who will make sure that the sale is conducted in accordance with the law. Remember that you have the right to ask questions and that the notary should clarify the provisions of the sale deed that you are interested in.
The above-described issues will help to close the transaction efficiently and quickly to the great benefit of the seller and the buyer.
The latest research carried out by the GetHome.pl portal shows that among the most common reasons for buying a house or a flat were (up to 3 indications)
- 67.7% – investment purchase / capital investment / for rent
- 64.5% – purchase of a larger dwelling
- 50.5% – purchase of a first flat
- 36.6% – purchase for a family, e.g. a child
- 19.4% – purchase in a better location
- 3.2% – purchase of a smaller flat
Let’s also remember that there are a lot of offers on the market, and the most common mistake that many owners (especially first-time sellers) make is setting the right price for the property. It should reflect the location, competition offers and condition. Often, however, the owner imposes too optimistically high a price, which only deters potential buyers and involves a longer wait for the sale.
Author: Tomasz Porowski, real estate advisor / premium segment expert and owner of Pantera Invest real estate agency in Warsaw.