'The day I got transferred from my home town, I became worried about my property there. Should I leave it as such or start looking for a tenant?' The second idea seemed quite relevant and safe. I tried to put my property on rent through a small advertisement in that big newspaper. The enquiries came pouring in from all sides. And, sooner than expected, I got the tenant.
Things were smooth at the start.
The first attack of anxiety plagued me when I saw my property being abused rather than used. My home started looking like as if it was mauled over by a herd of dirty cattle. House needed maintenance badly, in spite of the fact that I handed over the property to the tenant in spic and span condition.
And at my place of work which was finally going to be my abode for lifetime, I was sinking under the burden of heftier rent. The rental income from that small place was not helping at all.
Thus, the golden idea of selling my home to extract some equity off it instead of squandering it in the hands of a careless tenant struck me'.
But, was I really prepared to take such huge step?
May be, yes. May be, no.
So, to find my level of knowledge I put forth the question of buying my property to my tenant itself. And sooner than I could garner a response from him, I realized my mistake. And the mistake was putting right question to the wrong candidate. So, what was the correct way of selling the property?'
If all this reminds you of similar dilemma that you have dealt with as a homeowner, then you probably will be able to identify with all the situations we are going to discuss in this article.
Selling a property is a big decision, undoubtedly. A variety of confusions are waiting for you at the other side of the decision and the end result of all such results may be lot more tormenting than you can think, if you are not able to close the deal.
To begin with, patience is the biggest tool when it comes to selling the property. Over eagerness can cost you millions and not being adequately careful can also do the same. Not all people are eagerly looking for some property, like the man above thought so. Though you may not be able to find any problem with asking a tenant about his interest in your property, but it certainly is. And the problem is - how much do you know about the property, about the person you think as a prospect and also about the selling procedure?
May be the person, the seller tries to sell property is way educated and informed and he can take undue advantage of the seller's situation. This is one of the many difficulties a seller comes across. His poor knowledge can propel him towards certain ill-thought decisions that can result only in loss.
Leaving the house and going to some other place is not an easy thing to do. The emotional attachment with the house remains for long and the seller thinks the property to be nothing less than a goldmine. But is it really so? The prevailing market price could show the seller some very harsh facts. This gap in expectation and reality can easily be dissolved if seller takes proper steps to make the property a hot one. What such steps could be?
Further, mostly seller thinks that property needs to be sold only in case of emergency. There the lack of patience factor creeps in without even his knowing it and he lands up losing a good deal. Is it really the emergency? What should be the ideal attitude even if it is an emergency? How he can turn the tables in his favor even when it is urgency? All such questions indicate that the property selling does need proper guidance - not only procedural guidance but also on behavioral front.
In addition to all of the above, the other most common problem faced in a situation of selling a property is knowledge about the property. Lack of knowledge about the unique selling proposition of the property can lead seller to market it poorly. Every property is unique, and has something special to offer. It is only with knowledge and expertise that one can find out what those special features are.
Going back to the example where seller approaches tenant abruptly with a proposal - this situation has one very negative thing in making and that is - response of the buyer. How response of the buyer can shape the deal and what could be done to turn the response in seller's favor? This important question points to a tendency of the seller to over-think and develop negative opinion when too many 'No's come, back to back. This development of negative attitude is what the buyer plays around and he emerges winner in this battle of luck and lack of knowledge.
So, what is the perfect plan to sell a property? Can there be any way of knowing an answer to all the dilemmas indicated above. Well, the answer is - Yes! You can certainly find all about these aspects of selling a property in an organized Property Education and Training Initiative that guides you and helps you turn your deal into a profitable one.
