Property Bubble Sentiment

Home Sellers Guide

Some general tips for sellers in the current market:

  • Never say there are no buyers. There are always buyers. You just have the price too high.
  • Drop the price 10% below all other similar properties in the area. Then drop by 2% per week until you start getting viewers.
  • Move everything you can to storage. Clutter makes the rooms look smaller.
  • Ensure the property is very clean and there are no smells.
  • Remove anything that personalises the property.
  • If you have no experience selling property then get a professional to show people around.
  • Some tips more specifically for sellers of apartments:

    • Move everything you can to storage. Clutter makes the rooms look smaller.
    • If your management company is good highlight this fact as many management companies are very costly and badly managed. A point you could make (if it is true and you live in a high rise) is how the lift is always working for instance because the most money spent by management companies is [generally] on lift maintenance
    • If your neighbours are owners rather than renters you can highlight this fact as owners are more likely to look after the place and less likely to be troublesome.
    • If the soundproofing is good, then highlight this fact as most new apartments built during the boom have bad or non-existent soundproofing. As well as that, people like living near other people who have an interest in getting along together in the long term, something you can't assume will be the case if you are amongst renters. In addition, the profile of buyers and renters have certain similarities e.g. a buyer is not likely to be having parties until 4 a.m. every Thurs-Sun.
    • If you have nice common areas, make that a feature of the sale as much as a house seller sells their garden. Of particular attention in apartments is light - if you get nice sun in the afternoon, try to organise viewings for that time to show off your best features, paint darker places bright colours and have all the lights on - don't forget what a big role light plays in how you view spaces.
    • Buyers in the current market will be more fussy and the selection of property on the market is large, so make your place stand out in every way you can, avoid pitfalls that might skew opinion. For instance, if you have a door that is stiff, or a handle on it that doesn't work, make sure they are put right before viewings. If people see that one small thing is wrong they may think that you didn't look after the place in other areas too. That might not be a fair opinion but even so, viewers don't have to justify why they didn't make an offer so ensure that your property is put forward as well as possible.

    Some tips more specifically for sellers of properties that need work:

    • Get planing permission or outline planning permission if needed. If a building looks good from the outside it is a strong start. Powerwash the exterior and if needed paint it too, exterior paint is about €30 for a mid-range 10ltr bucket, a few hours work can make all the difference.
    • With any work that needs to be done a certain mentality is required in order to stay motivated, try to think of it this way 'if I do this now, odds are the place will sell faster and the deal is done' getting despondent will only ensure that the 'unlived in' characteristics come to the fore, smells/dust etc. and no buyer wants that.
    • Check upcoming developments in the area and highlight them if they are favourable. Getting a property sold has always had 'location' as a key element, if you can find out what kind of buyer you have it helps, for people with kids: are there playgrounds or parks nearby? Schools? Hospitals? Or make a list for the Estate Agent to give people with a list of all amenities and a google map showing where they are on the same page. What might you want to have on there? Hospitals, schools, public transport, motorways, shops, shopping centres, business parks, airports, parks, rivers/lakes/scenic areas etc. Be creative
    • Remove anything that is not needed from the site, and get the place as clean as you can - even a perfect project can be off-putting if the place is a mess. Let the viewers eye see the same potential you saw and sell that concept to them.
    • Get a competitive quote for the work that needs to be done and show this to any prospective buyer. Another good idea would be to get a valuation that shows the value today and the value the property would have once the work is done, compare the difference to the quote and then the person can decide if there is benefit in undertaking the property. You would have to forgo potential profit, having said that, you won't have to lay out the money to get the work done either!
    • If the work is primarily internal consider the cost/selling price. For instance, a re-wire might be needed, if you can show this is done then the selling price versus the cost of doing it might work out well, or you can deal with a buyer and say 'i'll get the rewire done but in exchange we don't reduce the price, so instead of taking a bid for €5k less you get the job done for them but it costs you only €3k thus you are actually better off. Remember, mortgage credit is tight, and if the buyer was to get this done after they moved in they would probably need to finance the job from personal savings. There are plenty of ways to protect your position as a seller, the first thing to do is ensure your property shines above others in the area and that your price is reasonable. You can sell for more than a similar building in the same area if you present the place correctly and the benefits of your property are focused upon
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