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"It's All In The Preparation"
Before placing your property on the market, it is advisable to check on values of homes actually sold locally so that you are realistically priced. Overpricing a property deters the best buyers from making an offer and often from even viewing. This is the guaranteed way into turning your prized asset into a "white elephant".
Ascertain beforehand that the property is indeed correctly registered in your name/s at the Israel Land Authority or the Tabu, whether you have been granted freehold tenure and whether there may be any taxes to pay on the sale so that there are no surprises later on.
Physical Preparation
Staging your property can often help you obtain a higher price. Most buyers form an initial decision whether to reject an apartment within the first few seconds of viewing so you never get a second chance to make a first impression. Making your property more attractive to buyers needn't be expensive. Some basic changes can make a huge difference. Remember that water ingress problem you fixed years ago but forgot the cosmetic finish, why lose your best buyer over something dumb like that? If you're planning on moving anyway, clear the clutter now before you invite the first buyer, you'll be surprised how much bigger the place looks!
Advertising the property
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If you're going to take photos, clear up the area to be photographed and stand back as far as possible.
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When selling yourself and just relying on free listserves, be willing to invest a bit of money to promote it more widely. If you pay peanuts you get monkeys!
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Don't use cheap handwritten signs. You wouldn't sell your car that way!
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Retain details of all applicants even if they don't seem serious.
Showing the Property
Show during daytime where possible with blinds open. At night, turn on lights before interested party arrives. Ventilate from any noxious smells especially cigarette smoke for at least one hour before viewing. Don't walk into a room first. Give buyers a little space to breathe when viewing. Don't inundate the buyers with seemingly important but in actuality trivial details. Better that they connect emotionally to the apartment than being bombarded with info and feeling pressured.
Where you have rented the property out to tenants, arrive before the buyer so that you can adequately prepare the apartment yourself. Hopefully you will have ensured in your lease your right as the owner to show the property at any time with 24 hours notice. NEVER send buyers on their own to have a look. If you do, don't be surprised if they don't buy!
Negotiating
The first offer you receive is often the best. Don't dismiss it out of hand too quickly. Holding on to get "your price" is a mirageas it is usually only borne out when the market has risen in the interim. However, whatever you are going to buy is likely to have risen by at least as much if not more!
Avoid looking at properties before you sell. You are setting yourself up for heartache at worst and avoidable stress at best. By all means find out what prices are of what you are looking for so that you are not left with your togue hanging out.
Don't keep a good buyer hanging on, whilst you rush off searching yourself and trying to negotiate a separate purchase only to discover that your buyer has evaporated in the interim. You are setting yourself up for disappointment. Better to sell first with enough time before closing to search, negotiate & execute the best possible deal.
You may ask yourself "so how Do I sell without having my tongue hanging out?" The answer depends on your individual circumstances where being properly advised really reaps rewards.
Keep your cool and try not to get offended when buyers start "tyre kicking" saying that this or that isn't up to scratch as a means to lower the price as much as possible. This is quite understandably the goal of every buyer and legitimate tactics in their eyes. Such conflict scenarios are one of the main reasons sellers use real estate agents to reduce such friction and make the process less stressful.
Don't accept an offer without receiving a clear assurance that the buyers actually have the funds or a clear path to receiving such funds to proceed. It is not unreasonable to ask for proof of funds, especially if you need to decide between two competing buyers.
Avoid signing a Zichron D'varim wherever possible as they are legally binding and cannot provide for all eventualities. Always use a specialist property lawyer who is more likely to be available for you when you need them. Avoid hiring a relative who is representing you on the cheap or even worse, for free. You wouldn't like to know that your file is at the bottom of the pile! Furthermore in cases where they may have been negligent, you are hardly going to be willing or able to sue them.
Keep showing the property until contracts are signed. Over the years I have seen numerous properties withdrawn from the market only to come back on because the buyer was not pre-qualified or got cold feet due to sometimes avoidable delays in preparing the contract. This does not mean entertaining a higher offer as this is unethical but rather ensuring that you have a substitute should the prospective purchasers not proceed in a timely manner.
It is my sincere hope that this article and the advice therein, which is of a general nature, assists you in selling. Notwithstanding the above, it should be clear that there can never be a one size fits all for advice in real estate matters. Every situation is unique and so it is preferable to seek individual advice on your sale strategy.
For a bespoke, professional consultation based on your needs, contact us without obligation today.
FREE WEEKEND FOR TWO - SPECIAL OFFER
For a limited period, we are offering clients who list with us a FREE WEEKEND for two in Israel upon the successful sale of your property to ease away the strain.
For more details or to arrange a consultation drop us a line to office@ilanrealestate.com
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