Want to sell your Loft, hitch-free? You might have heard of how rigorous a process it is, and are perhaps even dreading it now! Here’s the thing; selling your Loft can be a stressful or successful experience, and it all boils down to this: how much you know about the Loft sale process!
It is the plan of every seller to make a profit, but there are some mistakes that if you make, your plan to make a profit will most likely not come to fruition. These mistakes are borne out of not having enough information/insight into the real estate market and how it operates.
Want to know some mistakes to desperately avoid when looking to sell your Loft? Read on!
1. Going the FSBO Way Without Proper Consideration
When you want to sell your Loft, you usually have two options, either you sell by using a real estate agent or you sell by yourself, usually called For Sale By Owner. The main attraction with selling by yourself is that you won’t have to pay the agent’s fees, and in the context of making a profit, that can be quite handy.
But is this really as profitable as it sounds? Considering the attraction of FSBO without weighing its disadvantages will amount to frustration. Selling your Loft by yourself involves a lot of legwork and effort, coupled with the fact that you are most likely emotionally attached to the Loft.
It can be really difficult, especially if you go into it without proper consideration.
Recommendation: It is important to find out what going the FSBO route will cost before you embark on it. If you think you’re well prepared for this herculean challenge, then go right ahead. If not, you might need to backpedal.
2. Hiring a Real Estate Agent Without Due Process
Ordinarily, hiring a real estate agent is not a difficult process. However, it is still important to go through a process when searching for one. Hiring a real estate agent haphazardly will inevitably lead to hiring the wrong person, and you wouldn’t want this to happen, right?
Recommendation: Do your due diligence before hiring a real estate agent. Conduct interviews for potential agents (Virtual interviews, In-person interviews – if possible), look out for proficiency and very importantly, warmth. After all, this will be a very important relationship!
3. Giving Your Loft the Wrong Price Tag
Setting your listing price is an important aspect of a Loft sale. While a listing price higher than market value is likely to discourage potential buyers and keep you stuck at Loft for much longer than you’d like, a price way lower than the general market value would certainly burn your pockets and make potential buyers suspicious and wary (“If it’s a good Loft, why is the price so low?”)
Recommendation: Consider carefully the selling prices of homes in your locality, and with that information, set your own listing price.
4. Selling Your Loft During the Wrong Season
Ooops, is it Loft sale season yet? As you plan for the sale of your Loft, it is important to consider the season in which you intend to make the sale. Some locations are conducive for four seasons sales, but these locations are few.
Also, each location has its best time to make a sale and it’s the worst time. For most locations, the worst time to try and make a sale is during winter. So, selling a Loft during winter is likely to have you hitting your hands against your head in ultimate frustration. Don’t do it, except you’ve got a sure buyer.
Recommendation: Know the best season for sale in your location, target that season and close in quickly.
5. Trying to Sell a Physically Unfit Loft
Leaky roofs, wiring problems, leaky faucets, creaky floors are a no-no when putting up your Loft on sale. The truth is, a Loft that has a lot of repairs and maintenance to be done would be a hard sell, no matter how hard you try to conceal it. No one wants to spend extra thousands of dollars doing repairs!
Recommendation: Ensure your Loft is as well maintained as is possible. If there are repairs to be made, work on them instead of passing them off to the potential new homeowners. This not only keeps your integrity, but it also helps you sell the Loft off quickly.
Keeping a Loft on the market for a long time is a nightmare no homeowner wants to have to deal with. To prevent this, conduct your due diligence when you start the Loft sale process; and avoiding the above listed common costly mistakes of Loft sellers is surely a good place to start!