Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. In the business of real estate, there is a large selling component and there’s an art to it. The following contributed post is entitled, Selling Real Estate? Here’s Why You’re Doing It Wrong!
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There’s no denying that real estate is a lucrative market and one that will always remain profitable, even during times of economic woe. You’re likely reading this because you sell properties, and you want to be at the top of your game.
Did you know that even the most experienced of real estate salespeople end up making common mistakes? Whether you work for a realtor or you have a property portfolio and buy and sell properties, you need to read and keep in mind the following points:
You Aren’t Using the Right Technology
The first thing you need to do is make sure you’re using the right technology when selling properties. For example, are you taking aerial photographs of each property you sell? If not, now’s the time to get started.
Aerial photographs help sell properties, irrespective of whether they are houses, commercial buildings, or industrial factories. Such photos give potential buyers a greater perspective and understanding of a property’s external layout.
Fortunately, you don’t need to spend a lot to take aerial photographs. You could use an innovative device like the Sky Viper Nano Drone with a tiny camera attached or a larger drone such as the DJI Mavic Pro.
You Aren’t Pricing to Sell
Let’s face it: you want to make as much profit as possible on each property you sell. However, if you set your prices too high, you will most likely price your properties out of the market. The last thing you want to do is sit on real estate for a long time!
That’s why you should conduct thorough market research and price each property accordingly. Doing so will mean you have a relatively quick turnaround for each house, apartment, office block, or industrial premises that you offer for sale.
Properties Aren’t Ready to Use
Sometimes you might want to ‘flip’ properties – buy them at a low price and sell them on for a profit. However, the one thing that puts most potential buyers off properties is when they can’t use those properties immediately.
It’s worth investing some time and money in repairing essential issues. Doing so will mean you have a relatively quick turnaround for each house, apartment, office block, or industrial premises that you offer for sale. If you want to sell quickly, you also need to ensure you have the right documentation in order. One way to do this would be for you to hire conveyancing solicitors to handle your properties for you, so you can streamline the process.
The purpose of preparing properties for sale is that you want to give buyers a blank canvas, ready for them to make their mark. You don’t want to sell something that’s essentially a complete restoration project.
You Haven’t Put Effort Into Your Marketing
Lastly, you should always spend some time marketing your properties for maximum effect. You may have a property’s details on your website, for instance, but where else are you doing your marketing?
There are many ways to advertise a residential, commercial, or industrial property for sale. Be sure to spend some time researching the most effective methods so that you’ll end up with plenty of interest and, hopefully, quick sales. Good luck!
