Most people know that when selling or buying an item of any worth, a car for example, the buyer or seller has the interest in either hyping up what it is they’re selling, or downplaying its value so they can buy the asset for more or less than its actual value. This is a natural part of selling, and it’s why negotiating is often such a valid strategy.
If this applies to cars, then it absolutely applies to real estate. If selling a good and valuable property, it’s important to be very aware of that fact. Luckily, worthwhile estate agents know how to market your property in the best and most direct manner, ensuring it reaches the right potential buyers and that the best offers are received.
However, like with any sale, sometimes people may try and talk you down, give a faulty impression, or even deceive you in order to take advantage and move forward at their own benefit.
In this post, we’ll discuss three steps you can take to avoid being taken advantage of when selling real estate:
Conduct Real Estate Market Research
Without capable knowledge of the local area including house sales on your street, prices and valuations over the last five years, and the current state of the housing market, it’s easy to believe whatever it is that real estate agents, buyers, or even property managers will suggest to you. This can sometimes go against your interests too, for example, a letting agent might recommend that you put up a rental property for a higher price than people are actually willing to pay in the area, making you suffer from a lack of tenants. Estate agents tend to provide clarity and context, but it’s always good to have your own knowledge set, and that comes through research.
If It’s Seems Too Good To Be True, It Is
Unless you’re exceptionally lucky, it’s almost impossible to be given a too-good deal when selling real estate. For example, someone may suggest swapping houses with them and offering you an extra hundred thousand on top, until you realize through a robust home inspection that they didn’t mention how damaged and structurally unsound that property was, causing you to waste money considering an offer that was never healthy to begin with. Be tremendously suspicious about highly value-first offers, even in a competitive market.
Always Check References
Home selling is a lengthy process, and it costs money to keep your house on the market. That’s why it’s so worthwhile to check the references of serious buyers, including their address, to learn a little more about them, what they hope the property for, and depending on your estate agent’s process, a deposit might be a good gesture to secure the property as you disregard other offers. In the long run, you can save money and time this way depending on the value of the property you’re selling.
With this advice, you’re sure to avoid being taken advantage of when selling real estate.