Thank you once again for your interest in subscribing to these articles on selling real estate. I believe that the information you will gain here will help you sell your property more profitably, more easily, and will help you to avoid many of the mistakes made by self-selling owners.
Mistake # 1: Insufficient marketing
If you want to sell a property for the highest possible price, which is the primary goal of perhaps every seller, it is important that as many potential buyers as possible find out about it. And this is the first problem of people who want to sell real estate themselves without any experience in real estate markets (sometimes I will use the term self-sellers). They place an advertisement on one or two advertising websites, for example Bezrealitky.cz or Sreality.cz, and they wait for someone to call.
The response is immediate. Real estate agents will come to you like wasps to a picnic, and you will be bombarded with offers of help to sell your property. They have online robots that constantly search for property owners adverts, and so will quickly finding your listing. This is usually done by novice brokers, and sometimes the communication feels like that. However, the real buyers who your advert was targetted at will not respond as often. A common reaction to this among self-sellers is to start placing more advertisements on other websites. But which ones? There are dozens of them and most of them don’t work very well. Webpages are created and disappear like mushrooms in a Czech forest. Finding an effective advertising channel is often just trial and error, where the only people responding to the adverts are more real estate agents. After some time of unsuccessfully promoting your property, you will begin to lower the price. And often unnecessarily.
The approach that I have just described reaches only about 15 to 25% of potential buyers.
Statistics show that with most self-selling attempts, 75 to 85% of authentic buyers will never know about a property being on the market. This means that they are missing out on the opportunity to achieve a higher selling price. However, with experience and effort, you can improve the number of potential buyers who see your property considerably. Especially if you:
(a) use effective sales channels alongside accompanying sales activities
(b) improve the quality of your adverts and how the property looks, and the accompanying sales activities
Personally, our plan for selling real estate has worked for me. In the next few articles, I will offer you a taste of how it works, learning how to apply it for selling your property. Remember, thanks to this plan, we sell properties at prices that are about 2-8% higher than the average self-seller achieves. Following the plan and doing the activities you will read about can really pay off for you.
Article prepared by: Petr Podlešák
P.S. You may be wondering why I, as a real estate agent, am advising people on how to self-sell their properties. Is there a catch? You will find out why I am doing this in the article “The most common mistakes when selling real estate”