Sale of your real estate in Berlin – The 7 biggest mistakes
Nowadays, an increasing number of customers try to sell their real estate in Berlin Germany on their own. Trusting the Ebay motto: "123 mine" one's property should belong to someone else the next day already. But is the sale of a real estate in Berlin Germany really that simple? The answer is: mostly not. Hereafter, Berlin property market lists you the seven most common mistakes that may occur on a private sale of a real estate in Berlin Germany and how you can avoid them. You can also find detailed information on how to sell your real estate in Berlin Germany in our guide "25 Tips for Real estate sales".
The most common mistakes in private sale of a real estate in Berlin Germany:
Mistake 1: I start to sell my real estate in Berlin Germany, then let's see...
Many owners rush into the adventure of real estate sale without knowing exactly what awaits them. Yet, there would be many questions and doubts to clarify in advance, for example: When is the best time to sell my real estate in Berlin Germany? How long will the sale last? How do I redeem my existing loan? When should I buy a new real estate in Berlin Germany and how do I organize temporally and financially the transition? How can the best price be achieved? What are buyers going to ask? Which are the legal traps lurking? And others more.
One thing should be always kept in mind: one's own property is usually the most important asset. Any small mistake can cost a lot of money.
Mistake 2: I know the value of my real estate in Berlin Germany!
Every owner knows how much he once paid for his property and the money he has spent for it since then. Quite often this is the basis for the own asking price: "I would like to have back, what I have paid." However, this asking price has nothing to do with the actual achievable price. The actual price may be higher or lower.
In fact, it is determined only by the supply and demand at the moment of the sale process. It is not so easy to predict the achievable sales price. A lot of experience and an in-depth knowledge are required factors to understand the value of a real estate in Berlin Germany. For the Berlin property valuation the old saying applies: in case of doubt, better ask someone who knows about it.
Mistake 3: I definitely do not need Berlin estate agents to sell my real estate in Berlin Germany!
Many people have actually managed to sell their property without help of Berlin real estate agents. However, the crucial question should not be whether you can or cannot sell the property on your own, but how you can sell it at the best possible price without investing too much time, effort and money in it.
Experience shows that a professional and dedicated Berlin real estate agency can be of great help and is worth the money. He performs a professional valuation, creates an informative and convincing exposé, advertises the property, organizes viewings, is by telephone within easy reach, conducts negotiations, prepares the sales contract, helps with problems, bears the marketing costs and receives a commission only in case of actual sale.
Mistake 4: I can put an advertisement by myself.
Many private sellers just advertise their real estate in Berlin Germany in the newspaper or on the internet and look what happens. However, who sets the price too high generates only a low demand. The result is that the property is a dead article. And who sets the price too low gives away money that could have been earned.
Another problem is that private sellers often want to save money in the marketing process and choose only one marketing channel or one marketing platform. If a prospective buyer does not see the real estate in Berlin Germany offered, the owner may potentially lose money. Perhaps that prospective buyer would have paid the best price.
Mistake 5: Showing the property cannot be that hard!
Who could do it better than the owner himself? However: buyers often have a very different perspective on the property from owners. For example, they ask themselves how much it would cost to make some modifications to the floor plan, or how much they would have to pay for a heat insulation, etc.
Quite often potential buyers come with a long list of questions. Owners are not always prepared and talk especially about aspects they find important. Moreover, they sometimes conceal things they should have rather mentioned (e.g. hidden defects that can lead to compensation for damages).
Mistake 6: Why negotiate; I just say what I want!
There is something that is not clear to every owner: buyers always want to have a successful negotiation. An owner must carefully consider on which points he is willing to bargain and the extent of his concessions to a prospective buyer (e.g. "I leave the kitchen inside if we go to the notary next week").
Conduct negotiations successfully has something to do with experience. Brokers in Berlin can be very helpful in sales negotiations. A estate agent from Berlin can find a balance between seller's and buyer's interests and play a mediating role that the owner cannot cover.
Mistake 7: For the sales contract there is the notary.
As a matter of fact, it is the notary's job to make a sales contract draft and ensure the transfer of ownership for the real estate in Berlin Germany. However, the sales contract should reflect the agreements reached between seller and buyer. As the notary did not participate to the negotiation process, the verbal agreements must still be written in a legal form. An owner should know what information he wants to be written in the contract (e.g. Should defects be mentioned, respectively which one of them? When should the transfer take place? etc.).
If you want to prepare properly for the sale of your own property, you can download for free our Guide to Property Sale - 25 practical and proven sales tips.