Having read our previous article titled 4 Essential Tips for First-Time Home Buyers in Nigeria, it will be easy to deduce that whoever is out to buy a house, already has the image of the type of house they want to buy in mind while searching. They most likely have written out the features they want it to have, the location of the house, and its size – all of which are dependent on the buyer’s preference.
What these mean for you as the seller is that, the property you’re about to sell has to be very similar to the image your potential buyer has in his/her mind. Hence, to see to it that your property is sold, a list has been compiled, to give you expert advice on how to turn that no-longer-needed property to cash.
Ask yourself, “What Next?”
It may seem funny that “what next?” is coming as the number one advice or tip, instead of coming as maybe the second, third, or last point. Well, think about it, you’ve decided that you no longer need the house and so you want to sell it. What next? After deciding that you want to sell a property, the next thing to do is to carry out research.
Research on what exactly? Research on the real estate industry: commercial properties. Except you bought the house just now, or yesterday, things have changed, like mortgage rate. So study the market to know what to expect, or you can just have a professional do a property evaluation for you.
Fix up the house
You sure don’t want to sell a “worn out” house to a buyer, do you? No one will even buy it, it has been stated earlier that your potential buyer already has a mental image of the kind of house they want, and if your house is lacking in those details, you are not closing that deal. So, if need be, the house should be renovated, the walls should be taken care of, the pipes and storage should be fixed, the doors, nets, and windows should be repaired, the house should be well furnished by an interior decorator for the best experience, and the surrounding should be conducive – see to these things.
Know the persona of your potential buyer
Knowing the personality of your potential buyer will be dependent on the location of the house, the state, the neighborhood, the size and features of the house. Say, for example, your house is a bungalow in Ajah, you can already have a rough idea as to what type of buyer to expect, and if it is a 3 bedroom flat in Surulere, you also know what type of buyers to expect. Knowing the persona of your potential buyer will assist in how you renovate the house and how you add any new features you might want to add.
Get a real estate agent/agency
This is as important as any other point above, or that will appear below. If need be, conduct an interview for selecting the best fit – the real estate agent/agency. This will form a basis for a relationship as you start/proceed on your home selling journey. Picking the right real estate agent/agency will ensure that you get good sales. This agent will help in valuing your house based on certain details like the texture of the soil, the materials used in constructing the house, etc.
List the property as available and market it
Once the necessary repairs have been made to the house, and you have gotten a good agent/agency, the next thing is to market it. Before marketing your property, timing is important. You don’t just sell anytime or any day, your agent/agency will know when best properties sell and when they really don’t. When the time is known, time your marketing with this period; take the necessary steps to make your potential buyer know that such property is available for sale.
Give room for creativity; let your real estate agent/agency play a major role in how the marketing/advertising goes as it will play a key role in how the sales will go. Agree with your agent on how the marketing should go – offline or online, and what platform will be utilized – online platforms like social media, real estate agents, or one-on-one approach.
Have an open house
This means showcasing your house to a potential buyer or buyers. Based on the agreement between you and your real estate agent/agency, the person or people who will be eligible for an open house can be based on those who state good offers after having seen your advert. When they come around, take them through each compartment, one after the other, and have them imagine how wonderful or amazing it will be if they started their lives there.
Negotiate the price with anyone that shows interest
When you already have a lead on who is interested in purchasing the property, have a sit down with them to negotiate the price. During negotiations show genuine interest by listening attentively to them while they speak, ask questions, or while expressing certain fears or concerns. Answer their questions and make it simple, when they ask for time to think about it give them time, don’t disturb or pester them, they will get irritated and never come back. Don’t force the decision on them, allow them to think things through, be warm and friendly.
Close the deal
Only those who apply the above tips can get to this stage. This is where you and the buyer get to shake hands on an already agreed deal, they sign paperwork and the property is sold – it is an official process to show a transfer of ownership.