Which property is suitable for sale?

Which property is suitable for sale?

They say that every merchandise has its customer, it is just matter of time and price. In most cases of real estate purchasing and selling this saying does not apply. To sell real estate is not enough to choose the right moment and offer a price that will be suitable to the potential buyer, but it is also necessary to consider other factors that affect its sale. Buying a property is a big, often life investment and everybody who decides to make this investment wants to make sure that this investment will be profitable. That is why the buyer does not have much space for mistakes and tries to make the most rational decision that will satisfy his needs. In order to make the best decision, the buyer looks at all the factors and characteristics of the property that affect the profitability of the purchase. These same factors are taken into account by the real estate sellers themselves and they try to prepare their real estate for sale in order to obtain the best possible selling price. 


Proper building and ownership documentation and availability of all documentation 

To each property is related a documentation confirming its condition and characteristics. It is important that all documentation is following legal requirements so that real estate can be purchased or sold without any legal consequences.  

The property owner list as part of the land registry extract serves to prove the ownership right and by inspecting it we can determine whether the property has some debts and whether any debts could be transferred to the future owner by selling the property. No one wants to pay anybody else's debts, so an ideal property is the one that does not carry them. Sometimes it happens that the real estate is under the burden, and the buyer is unaware of it and as the new owner is obliged to repay them.  

For real estate sales is not enough just to prove that you are its owner, but it is also necessary to prove its legality. The legality of the building is proved by the construction and use permit. Property ownership is not related to its legality. You can have a property right, but not own a legally-built house or flat.  

The characteristics of the building in the building permit should correspond to those in the occupancy permit. For example, if a building permit has been issued for the construction of a ground floor and a single storey floor, it should be stated in the use permit that the use of the house is exactly the same. Otherwise, if the house today has a one floor more, and this is not stated in the building or in the occupancy permit it means that the floor is illegally built. Such house is treated as if it was illegally built because its condition in reality does not correspond to the condition on paper. Its papers are not proper and can cause big problems in case of its sell.  

If you are not an expert, often you cannot be aware of all the frauds that you may encounter while buying a property. Also, due to the lack of knowledge of any accompanying documentation that is necessary when buying a real estate, it may happen that the other party hesitates to give you insight in those documents. In this situation real estate agencies can help you a lot. Their experts are acquainted with all the documentation they need to look for and assess whether the real estate is suitable for sale. Through their mediation, buyers and sellers of real estate can be assured that the legality of the bargaining itself will be guaranteed. 


Decision on the sale and agreement of all co-owners 

Some properties do not have only one owner, but more co-owners. Verification of the number of co-owners is done by checking the property owner list and if it is determined that not all the co-owners agree on its sale, the sale itself can be more complicated. It is not enough for one person to decide to sell the property. Prior to that decision, that person must contact the remaining co-owners and make a joint decision whether to sell it or not. 

The relationship between the estimated real market value and the price at which the real estate is sold 

The interests of the seller and the buyer are contrary regarding the price at which they are willing to sell or buy the property. The seller wants to realize as higher as possible selling price, and the buyer the lowest possible purchasing price. Often their interests are not in line with the real market value of the real estate itself.  

As a property owner, we generally believe that our real estate is worth much more and we do not want to believe in the fact that our property sometimes is not on a good position on the market. Customers are generally not profoundly acquainted with the real estate market as well as with its market values and often make mistakes while estimating property' market value. Therefore, you need to be reasonable when deciding at which price you want to sell your property in order not to sell it below its market value or to wait forever for a potential buyer if you set a price far above its value.  

For estimating its value and determining the best price for its purchase or sale, real estate agencies take into account all the factors that influence its price and can help you in this process. Furthermore, since they have access to a large real estate base currently being sold on the market, they also have insight into the movement of real estate sales prices. 


Characteristics and location of the property 

In general, properties located at good locations are at the same time most desirable. The closer they are to the public transport, to the city centre or to the beach, the more buyers will be interested in purchasing them. Their prices are higher than the price of real estate located in less attractive locations and you as a seller of a real estate in less attractive locations often need to be ready to further lower its price.  

The characteristics of the property are also of great importance. Property suitable for sale is the one with a good internal layout and in excellent condition. It is important that they are functional and allow rational space usage. If you sell an apartment you have to consider the age of the building itself, the floor on which it is located and whether there is a parking space. The size of the yard plays great role when selling a house. 


Possibility of everyday access to the real estate 

Every potential buyer of a real estate before making a purchase decision wants to see it live. As a seller you need to ensure access to your property on an everyday basis. The property must be arranged, i.e. prior to its sale it is recommended to invest in its renovation if needed. Otherwise, it is enough that it is in proper condition and clean, i.e. painted and that it does not contain any owner's stuff or old furniture that the buyer should take care of after its purchase. It is the obligation of the seller to show his real estate in the best possible light so that it provokes positive impression on potential buyer and ultimately leads to a successful signing of the purchase agreement.  

If you still reside in this property or rent it, it is recommended that you move out and stop renting it once you decide to sell it. Houses and apartments where you can find people and their belongings can leave a negative impression on a person considering their purchase. In such situations, the buyers are often unwilling to offer a price that is in line with the real estate market value. Moving out from real estate allows its quick sale and realization of real prices for its sale.  

Real estate agencies guarantee access to the properties anytime when potential buyer wants to visit them. The agency should be ready to show it and property's key should be available to real estate agents. 


Possibility of presenting and advertising the property 

It is not enough that a property is shown in the best light only once it is visited, but it is also necessary to advertise it. The first thing that potential buyers find out about the real estate will be through its ad.  

A good ad contains a description of the real estate characteristics, its floor plan and photos. Photos should show a property in proper conditions to help attracting a potential buyer. Of course, all ad content should match the real state of the property.  

Real estate agencies before presenting the house or apartment to their clients also perform a field work, or check whether the property is in the same condition as stated in the ad. In this way, customers can save a lot of time because they do not have to go through all the properties they find across the ad. Additionally, if you engage an agency for just advertising your property, you can be sure that your ad will be shown on the best channels the agency uses and could attract a potential buyer. In many situations in ads, real estate is presented in much better shape than it is in reality. Each owner wants to sell his property as fast as possible and at the highest possible price. Therefore, he tries to show it in the way that would attract many interested customers in short period of time. If this possibility is abused, this property will ultimately be impossible to sell, and its seller will find himself on a "black list" or gain the reputation of a person who cannot be trusted, and many people will refuse to cooperate with him. 

Not all real estates are suitable for sale. Some sellers have been trying to sell their house or apartment for months and years. The causes are from unrealistic sales prices, through unmanageable ownership, construction and usage documentation, to the disproportion between its condition in reality and its presentation in the ad. Often due to ignorance, but also lack of concern about the real estate itself and the perception that they just want to "get rid" of their property, the sellers do not care about their real estate and do not take into account all those factors that affect its sale. By engaging a real estate agency, they will do it for them, i.e. they will take care of everything that is needed to successfully and quickly sell the real estate. They will also easier reach potential buyers because they care not only about the needs of the seller but also of the buyers and will find a way to satisfy both sides with the property sale.