Selling real estate
It may sound simple, but selling real estate is not to be underestimated.
However, before deciding to sell your property yourself, there are some important points to consider. Keep in mind that selling a property takes a lot of time. You need to gather and prepare all the important documents, plan and conduct viewings, and prepare for possible negotiations. These relevant processes take a lot of time and it requires a lot of organization. If you have any reservations about selling your property privately, it is advisable to seek the assistance of a competent real estate agent.
Real estate agents are experts in their field and know how to market your property at the best possible price and they will take care of any organizational tasks for you. You can find the most important topics concerning real estate agents here.
To ensure your successful real estate sale, we have clearly summarized the most important points for you in three phases.
Step 1: Preparation
At the beginning, a rough time frame should be set for the sale of the property. So before you decide to sell your property, you should observe the current real estate market. This will then help you to market your property to target groups. You can choose between offline marketing, online marketing or a mix of both. Here, too, real estate agents can successfully support you with a prepared exposé and negotiate a better price through trained know-how. Subsequently, you should collect all relevant documents in a folder. You can find an overview of what data is needed on our site. Last but not least, you should set an appropriate selling price for your property.
There are several factors that need to be considered when determining the selling price. These factors include the location of the property, the type of building, its amenities, the potential for renovations, and the potential for value growth. Consider whether you want to make repairs before the sale, or leave them to the buyer. However, independent repairs can increase the value of the property, depending on the amount of work involved. If you are unsure, you can also have your property evaluated online free of charge. Online research with the help of search engines can also provide orientation. However, it should be noted that the information may be outdated. It is therefore advisable to check as many sources as possible and rely on professional sites such as real estate portals or broker sites. Finally, the final price should be within the range of current common and acceptable market prices.
Step 2: Sales phase
After the first steps have been dealt with, it is time to plan the marketing, viewings and contract negotiations.
The key to success lies in the proper preparation and presentation of your property. A critical factor in getting the best price is staging, a process of making your home attractive to potential buyers. Staging can help generate interest in your home and improve the chances of a successful sales negotiation. With just a little effort, you can transform your home into an attractive and appealing environment. So declutter, repair and decorate your property inside and out. It is an efficient way to increase the value of your property and thus get more attention from potential buyers. If you do it right, staging can do a great job of helping prospective buyers envision themselves in their new home – which is essential to the selling process!
Take high-quality pictures of your upgraded property and consider where it will be advertised. If you decide to use a real estate exposé (a brochure with a description and pictures of the property), be sure to include the information required for legal reasons (e.g. energy certificate).
Once the first interested parties have contacted you, you can prepare the viewings. Make sure that your property is clean and tidy and prepare for possible questions (e.g. extension possibilities, floor plan changes). Be able to plausibly explain the reason for selling the property. Previously formulated arguments for buying the property can be helpful here. In addition, you should consider when the property will be ready for occupancy at the earliest.
After successful viewings, you can begin contract negotiations and credit checks with the selected prospective buyers. It is best to react rationally and argumentatively.
Step 3: Settlement phase
If the contract negotiations were successful, the details of the sale and the agreements are recorded in writing in a purchase contract. Make sure that all details of the transfer of ownership are regulated as clearly as possible so that there are no ambiguities or legal disputes later on. All other agreements will otherwise have no legal validity. The purchase agreement needs to be notarized in order to be legally effective. The notary acts as a neutral intermediary between the seller and the buyer. His task is to organize the transfer of ownership according to the ideas of the contracting parties and to secure it legally. For this, you should expect corresponding notary fees and land registry costs. The notarization of the purchase contract takes place during a notary appointment, where the notary reads out the contract and explains questions, as well as legal terms. After both parties have agreed and signed the purchase contract, the keys are handed over. All necessary documents, keys etc. are handed over to the new owner. It is best to prepare a checklist for this purpose, which is then signed by both parties.