The question we hear a lot lately is, "Should I sell the apartment now or wait?". During the state of emergency, everybody was speculating the changes in the prices on the real estate market. Based on our knowledge, the price per square meter of sale properties in Serbia has not changed compared to the situation before the coronavirus, and there are no indications that it will change soon.
And life can't wait. Maybe you need a bigger apartment because a new family member is on the way? Or have you inherited an apartment with your sibling, so you want to sell it and buy two smaller ones? There are many stories, but most start the same way: you have to sell one property to buy another.
And that is the first and at the same time the most challenging step. If you look at the situation from a different perspective, selling an apartment can be a new life experience, and quite a pleasant one, provided you set the things right from the start.
1. CHOOSE THE RIGHT REAL ESTATE AGENCY
If you want, you can try to sell the property yourself, but are you sure you have the skills of a real estate agent? Our recommendation is to reach out to the professionals. By hiring an agency, you get professional help and guidance through the buying and selling process. We also recommend that you place your trust in just one agency. More visits to the apartment do not necessarily mean faster sales.
When choosing a real estate agency, consider the following criteria: the brokerage commission, what the agency's website looks like, and, most importantly, how the property is presented on the site.
City Expert is the only online real estate service that has introduced significant innovations in Serbia's real estate market and made the property sale efficient and safe.
Agency's website:
We are in the age of the Internet. Modern users have changed their habits; they spend time on social networks, preferring online instead of printed ads. A big warning sign is if the real estate agency's website is outdated because it shows that the agency is not putting much effort into following modern trends in the business.
How is a property presented on a website
Excellent photos of the apartment attract buyers. The images that do not diminish the apartment's flaws, if any, will attract serious buyers. If the images are accompanied by a detailed description of the property, with the expected costs, equipment, and possibilities for agreement, they will attract the one buyer you need.
City Expert has brought a new way of property presentation that no one has managed to overcome. We make a multimedia presentation for each property: professional photos, a video, and a floor plan of the apartment connected with a 360° view of each room. Thanks to all this information, users of our site can virtually walk through your apartment for sale, look at it from every angle and get a real feeling of it. This reduces the number of physical visits to the apartment, but only brings in interested buyers.
2. COLLECT THE DOCUMENTATION
Provided that you have hired an agency and hope you will, the agent will instruct you on how to obtain all the necessary documentation. In City Expert, proper ownership documentation is a priority in the first place – we do not advertise the property if we cannot sell it.
An essential item is whether your property is registered in the real estate cadastre because the banks approve mortgage loans only for registered apartments. If you take into account that more than 80% of buyers have to take a mortgage loan, you will understand why this is important. There are indeed cash buyers, but it is not a good strategy to wait for one to show up. If the property is unregistered, you will need to prove that the legalization/legalization process has been initiated.
3. DETERMINE A REASONABLE PRICE OF THE PROPERTY
If you want your apartment to sell quickly, you need to know what its market price is. Property prices have been steadily rising in recent years, which is a good sign for owners. The real property value depends on several measurable factors: location, structure, size, quality, condition, equipment. But above all, market trends. Approach pricing like a pro: Listen to the advice of a sales agent from your hired real estate agency.
A price too high will turn off some buyers right away and extend the sale time. The already mentioned 80% of mortgage buyers must pay an appraisal performed by a bank appointed appraiser. He will determine the property price based on the parameters, and that will be the amount of the loan that the bank will approve. If your price and the estimated price are very different, the buyers will not be able to buy your apartment. This brings us to the last item:
4. BE FLEXIBLE
Thanks to the fact that we have enabled direct communication between the owners and the interested buyer, you can count on the faster closing of a deal. It may take just one visit or a few to find the right buyer. In any case, be prepared to show the apartment as many times as necessary. With City Expert, you can count on well-informed customers who don't want to waste anyone's time.
Also, be prepared to adjust the price. Even though they are not present during the buyer's visit; City Expert sales agents do everything that agents in traditional agencies do, and conduct negotiations by telephone. It is in their interest to make a deal to the satisfaction of both parties.
Be prepared to change some opinions as well. We have noticed that many of our users, owners of apartments in old buildings, insist on high prices because they are convinced of the "quality of the property." That opinion is, unfortunately, debatable. A completely renovated apartment in an old building cannot be equated in price with an apartment in a new building. And it’s a fact. Another essential item is that the buyer has no right to a VAT refund, but only an exemption from the tax on absolute rights, which is several times less.
There are many more stories, but we tried to mention the essential tips. If you approach the selling of an apartment with the help and support of a unique real estate service, you can achieve the desired results quickly. So, offer your property here and expect our call or call us: +381114426000.
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