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A lot of work goes into selling property. Realtors know this quite well. They have to list the house on property listing sites, scout and screen prospective buyers, negotiate a deal, and ensure that the related paperwork is in order.

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As a property owner, you’ll want the selling process to go smoothly, and deliver handsome returns. But you probably won’t achieve this unless you’ve carefully planned the whole thing beforehand. This will involve you asking a number of crucial questions. We’ll discuss those questions below.

How Much Is It Worth?

Before you put up your property for sale, you should decide what a decent price for it would be. You could find out how much similar buildings have recently sold for. You can ask your real estate agent (if you have one) to analyze the market for your kind of property. Or you may hire a professional estate appraiser to estimate the value of the building.

When Should You Sell?

This isn’t just about the right day or time of the year to sell your property. It’s about whether the market conditions are right, and whether there’s demand for what you’re offering. Your finances also have to be in a decent enough shape for you to see the process to a successful end.

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If you’re in the middle of a recession, you’ll struggle to find a buyer who’s willing to pay you a fair price for your property.

Should You Hire A Real Estate Agent?

Your answer to this question will depend on a number of things. Do you have enough time to seek out buyers and engage them until you complete the transaction? Are you knowledgeable enough about the real estate business to handle the sale on your own? Are you skilled at negotiating prices? If you can’t do these things yourself, you’ll have to hire a real estate agent to handle them on your behalf.

What Expenses Will You Incur?

You want to make a significant return on your real estate investment. But you’ll have to spend some money in the lead up to achieving this goal. For example, you may need to repair damaged features in and around your property. You may even have to carry out a full-scale renovation of the space. And if a real estate agent helps you to find buyers for your house, you’ll have to pay them a commission.

How Should You Advertise It?

Unless your property is visible to the public, you won’t be able to get a buyer for it. You can inform thousands of people that your house or office building is up for sale by listing it on a property listing website.

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If you have some money to spend on adverts, you can also publicize the property with paid online marketing. Be sure to include its address, some professionally taken pictures of it, and your contact details in your listings.

How Long Will It Take To Sell The Property?

If you’ve previously sold property similar to the one you’re currently offering, you may have an idea how long it’ll take you to sell it. But if you don’t, you could ask real estate agents who have some experience in selling your kind of property. It’s important that you know how long you have to wait. If you’re aware of this, you’ll know when it’s right to reconsider your selling strategy.

Final Words

Your approach to selling your property could determine whether or not you’ll reap a good return on your real estate investment. So, it’s only right for you to be extra careful with the process. Hopefully, the questions we’ve asked here will help you succeed at it.

Featured Image Source: House Beautiful
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This article was first published on 26th June 2022

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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