7 Common Mistakes while Selling a Property in Panama
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by Olga
- October 17, 2020
- Real Estate
- 0
As real estate agents we tend to see that, when selling a house or apartment in Panama, due to lack of experience, a series of errors on the seller’s side that could be easily avoided are frequently repeated, and that make potential buyers not interested in the property.
Although selling is not really a complex task, it is necessary to be well advised to carry out the sale in the expected time and to get the best possible benefit out of the transaction.
In this article we will tell you what are the most common mistakes when selling a home, so that the task does not become a tedious journey.
1. Setting a price higher than the market value
When setting the sale price, several factors are taken into account: the area in which the property is located, the square meters it owns, the years of the property, its condition, if it is an apartment in Panama, it is common to take into account the condition of the social areas and amenities of the building.
It is a common mistake for owners to set a price above market value, due to a sentimental value that property has for them; nowadays the supply of real estate has increased considerably and overvaluation will drive away interested parties, hurting the completion of the sale or affecting substantially the time period of the listing.
2. Listings with bad quality pictures (or no pictures at all)
The first impression is what counts, and as we said before, the offer of houses and apartments in Panama is abundant and the internet is a great tool to make a pre-selection. If we do not try to make a good publication, the most likely thing is that the potential buyer will automatically go to see the next listing.
For the publication to be interesting and eye-catching, it must contain good photographs, well lit, in high resolution, and showing clear, clean and neat environments. It would be ideal to submit the pictures with a short but concise description of the location, the characteristics of the house and the services or amenities it has.
3. Waiting for a very high offer
Interesting offers are often dismissed, waiting for a better one that may never come. It is a good idea not to miss out on these opportunities, set a minimum price and an estimated period of time to make the sale, since in some cases you end up wasting time and selling the property at a lower cost than expected.
4. Not being available to receive interested buyers
From the moment a property is put up for sale, it must be kept in mind that potential buyers will want to visit it and you must have time availability. It is advisable to try to adapt to the schedules of the interested parties so that the visit is completed as soon as possible and avoid losing interest in the purchase.
5. Not conditioning the property
It is essential that when the potential buyer visits the property, they find a home in good condition, both inside and outside of it.
Most likely, if we show a property with peeling or dirty walls, neglected, untidy, with the smell of confinement, or that reflects neglect or abandonment, the purchase will not be made, or the offer price will be much lower than expected.
6. Not having documents in order
If you are going to put a property for sale you must have all the paperwork in order, either from having the draft of deed of sale, the floorplans of the property or, having made the succession in case the house or apartment is an inheritance. A real estate agency can support you with the procedures, fees and documentation necessary to carry out the sale.
7. Not turning into a real estate expert
In addition to having a portfolio of potential buyers, a real estate agency in Panama will have knowledge in most legal matters and experience to sell the property in a shorter time as well, implementing strategies in order to obtain the highest possible return.
We hope that you apply these tips and that they will be very useful when selling your property in Panama. If you want advice or assistance to carry out this task, contact us, in Panama Realty Zone we are ready to help you to make the transaction successful.
