Mistakes to avoid when selling during COVID-19

The supply of housing for sale in Spain has experienced notable growth in recent months. The new housing requirements arising from the pandemic, the immediate need for liquidity or economic uncertainty have forced many homeowners to hang up the ‘for sale’ sign and quickly look for a buyer for their primary or second home.

However, selling a property is no easy task. And even less so in the current economic context, where the rush to get rid of the property can lead to mistakes that make this objective even more difficult by not taking into account the exceptionalities that the sector is experiencing. As such, we spoke to some experts in the market and have identified some of the most common mistakes when selling a property in the midst of the COVID-19 pandemic:

Setting an unrealistic price for the market

There are many factors that influence when setting the selling price of a property: the characteristics of the property (distribution, installations, qualities, orientation, renovations carried out, etc.), the area in which it is located, whether the neighbourhood where it is located has sufficient services and is well communicated, etc. However, the current economic uncertainty also makes it necessary to be aware at all times of the price trends set by the market.

Although the value of real estate closed 2020 with a year-on-year increase of 2.25%, according to the Spanish Association of Property, Movable and Mercantile Property Registrars, 2021 will be a year defined by adjustments in the value of housing. Therefore, it will be necessary to take into account how the sector develops in this regard to avoid setting an excessively high value that will scare away potential buyers.

Neglecting the presentation of the property on the Internet

Potential buyers are likely to find it difficult or impossible to attend property viewings during these days. Therefore, now more than ever it is necessary to take care of the presentation of assets on online sales portals. But this is not only achieved by uploading good photographs and full descriptions. It is also necessary to take advantage of other benefits provided by technology to give added value to the property: virtual guides with videos, personalised tours, 360º images, virtual decoration or chatbots to ask questions. 

Similarly, it will be essential to highlight the strong points of the property, such as: large spaces, terraces or balconies, common areas, rooms that could be used for teleworking…

Neglecting professional help

Having the guidance of professional experts in the real estate sector has always been a guarantee that the property will be sold as soon as possible. Not only because of the advice and support they provide when it comes to analysing the market, but also because they bring with them a large portfolio of interested potential buyers. This eliminates the need to start the search for clients from scratch.

The valuation of the property, the suitability of the property, the negotiation of the sale, the preparation of all the necessary documentation for the transaction or recommendations on legal matters are also aspects in which these professional experts can help.

Neglecting visitor safety measures in the COVID-19 era

Thorough cleaning and daily ventilation of the properties have become a prerequisite for guided tours. However, it never hurts to add an extra layer of sanitary safety to avoid possible contagions that could put off the purchase.

Disinfecting all surfaces and doorknobs before and after visits is a very good recommendation in this regard. As well as offering hydroalcoholic gel to customers and recommending that they keep a safe distance and try not to touch anything. This will make prospective buyers feel more confident and open to consider buying the property.

Discarding the option to renovate before selling

Right now, the vast majority of potential buyers are looking for a home that meets their new housing needs. Flexible and ample spaces, good quality, energy efficiency, renovated properties, etc. Therefore, it is now more important than ever to consider the option of refurbishing the property before selling it. Not only will it attract more interested parties, but it will also be possible to substantially increase its sale price.

Not defining a type of buyer to target

A property is also a product on offer that is aimed at a certain type of buyer. It is not the same to offer for sale a medium-sized flat on the 4th floor as an interior ground floor flat of 40 m2. Or a completely refurbished property to one that requires a complete renovation.

For this reason, it is necessary to previously analyse the characteristics of the property in order to know which public to focus on and which advantages to highlight. For example, in the case of an interior ground floor apartment, it would be necessary to target a buyer who is only looking for the opportunity to obtain a residential product at a competitive price, with a vision more focused on investment and not so much on their own use.

All in all, selling a house has never been easy but if you go about it the right way, selling in the post COVID-19 era is no more difficult than it was before. As always, knowledge is power!


You May Also Like