Biggest mistakes when selling your house in Mexico
By: Karinna Galla
Over my time in the real estate world, I have seen a huge amount of properties for sale. Some of them remain on the market for very long and, in most cases, that is due to the most frequent mistakes made by sellers I will tell you about:
• "I can do it alone"
Undoubtedly, the main mistake that owners make when listing their properties is to believe that they are almighty and then it turns out they are not. And not because of a lack of capability, intelligence or skill; but because they are not specialists in real estate brokerage and do not know how the market behaves. Hiring a professional will be essential not only for the correct marketing of your property but also for the adequate accompaniment and the successful conclusion of the sale.
• Wrong price
Before listing a property, it is essential to do market research and, if possible, an appraisal in order to work with a realistic price. Determining the value of your house by what your neighbor across the street is asking for or by what “a friend's cousin” told you is totally unreal and irrational and will result in little or no interest from the “buyersverse”. I have told you this before: sentimental value is still not part of the asking price.
• Skip maintenance
"From sight, love is born" and at least in the housing market, keeping the property in good condition is vitally important for the potential buyer to "fall in love" with it and put an offer on it (oh-oh-oh). Saving a few pennies on paint and/or repairs will result in long waiting times in the market and as a consequence, you will be losing money.
• Decline the first offer
And of this, I also plead guilty because at some point when selling my own house, I rejected offers because they arrived very quickly and I thought that more and better would come, and guess what? I ended up selling many months later at a lower value than that first offer (melancholic music). If you hired a professional, assigned an appropriate value and the property is in "good shape", the offers will arrive. Receive them and analyze them before rejecting and above all consider the current market conditions so that you can make a good decision.
• "Tenants"
We are frequently contacted by owners interested in selling their houses, with the tenants included! Although this is totally possible and I have done it many times before, listing a property that has been previously leased is complicated and very uncomfortable for all parties. My suggestion? Wait until the leasing contract is over and the house is completely empty.
• Ignorance
No, do not take me wrong, we are all ignorant (some more than others) on many topics. Ignoring the market, its current situation and behavior; legal, tax, marketing, engineering and construction issues, and other disciplines involved in the selling process of a property is an announced failure.
• Not having me on your side
This is the worst of all, almost a mortal sin. How do you expect to sell if you haven't contacted me? Always keep in mind that the real estate professional you decide to hire must be a specialist and be duly accredited.
Now you know some of the most common mistakes when selling a house (or trying it). Have you had any of these experiences? Tell me everything! I will love to yell that "I told you so" to listen to you.