Real Estate Articles

Avoid These Mistakes When Selling Your Home

Selling your home can be challenging, if you’ve never done it before. Agents will ask about the upkeep and maintenance of your home, opening closets and cupboards to see what’s inside, and they will try walking through each room of your house. Even though this all might feel a bit invasive or uncomfortable because agents are criticising a place that has probably become more than just four walls and a roof to you: they know their job is to get the best price for selling your home; which means it’s not personal! Don’t take any of their criticism too personally because they’re not trying to offend you – they’re trying to sell your house!

The first time you sell your home, there’s a lot to learn. You must understand how the market functions and make a plan for pricing and negotiating. These can be mistakes that infect every minor detail of your move, but with a little knowledge, you may be able to avoid them as follows:

Getting Emotional

It’s easy to get emotional about selling your home, especially if it’s your first one. Most people take upon a big responsibility when they get their first home and spend long hours finding the right one that fits all their needs! Lastly, many homeowners have a lot of memories stored in their homes related to personal or family events. However good or bad, emotions can become raw and difficult to handle during this period.

Think it’s impossible? Try not thinking of yourself as just the home owner! Extra bonus: Think of yourself like a business owner and salesperson who wants to sell their product and services. By looking at transaction from a purely financial perspective , you will distance yourself from the emotional aspects of selling your property.

It is important to remember how you were feeling when purchasing a home because the buyer will be going thought an emotional state during their process of owning the property too. If you remember that you are selling not only the house itself but an image and lifestyle, then you may be able to put in that extra bit of effort by thinking about staging and doing some remodeling around your home to give it a more appealing look. Don’t just think about making quick sales, instead provide evidence with photos to show off your work so that people can have a physical reminder of why they would want to own your home rather than forgetting it after already putting down a deposit on one they might be slightly less satisfied with!

What to Do If You Don’t Use a Real Estate Agent

Selling your home on the market is much like selling yourself to an agent. You’re not doing it because you need to, but because you want to . However, when you list a property for sale by owner, it’s possible for someone else to try and take advantage of that and overprice their property. It’s important to be able to value your own pricing and not let others tell you otherwise (they will if they want the sale). And if someone does try and put a heavy markup on their unit, remind them that an agent usually only costs 1% of the listing price (the commission). So if they are going to carry the extra weight of fees from overhead costs alone , then they should pay attention to other factors of real estate in terms of pricing.

In order to attract more buyers, you’ll want to make sure that your house is placed on all of the relevant property listing services as soon as possible. All of these online platforms appeal to a wide demographic, so if you don’t at least appear on them, chances are that there may be someone else out there with a similar home who will heavily out-advertise you and steal their potential customers away. This can be frustrating and stressful for any seller, but we understand that you have limited resources available to support yourself financially during this exciting time in your life. This is why it’s important for you to take advantage of what tools are available for free to help boost your visibility among prospective buyers within your own community – especially since many sellers try their best not give a discount or reduce price tags.

Setting an Unrealistic Price

If you’re considering selling your home or business in the near future, the time to act is now. The last thing you want is to be left behind when a property boom happens in your neighborhood or industry on account of not getting your asking price locked down early enough. By coming to an agreement on a fair price at this stage of things, you can avoid potential issues over pricing once more enthusiastic buyers emerge and compete for the same properties via greater bids. With that in mind, remember that recent comparable real estate sales are an excellent indicator of market value – since these properties were purchased by non-distressed customers who understand the worth of property under normal circumstances. So use this trick to help you figure out what you should sell your house for, and think about how quickly are you willing to make the move if accepted by a buyer!

Don’t worry so much about how to price your home because in the end it will sell for whatever its actual market value is. Especially if you are getting multiple offers it could sell above its market rate which is always a great thing. Better deals on your house means better returns!

Expecting the Asking Price

Any smart buyer will negotiate and sometimes play dirty. In order to complete the purchase, you may have to take out your glove and play dirty too! This may sound evil to some, but most sellers want their homes to sell while they are still at an affordable price. We understand that the homeowner might not see this as such an urgency, but buyers often tick down prices at each stage until they get their target number or until the homeowner raises above it. Sellers can even empower buyers by underpricing slightly in order to give buyers a pleasant feeling of getting great value for excellent savings – again, not right in our book because what happens is that this will leave you with little or nothing at the end of your closing day.

While it’s important to have a good idea of your home’s market value, it’s also important to realise that there are other factors that could affect the selling price. For instance, buying power and demand will depend on whether you are in a buyer’s market or seller’s market and whether your property is prime for sale or not.

Selling During Winter Months

You may have heard people say “winter is coming”, and indeed it does mean something in the real estate industry: the cold season is not exactly a great time to sell houses. The reason for this is that most potential buyers look online to get home pricing information and then decide when to schedule viewings – due to time constraints or simply because they’d prefer not to go out of doors, fewer people are browsing active listings during the cold months. And if those sellers brave enough to put up their property for sale happen to be in the same neighborhood, you can bet other sales will suffer major consequences. That’s why winter is rightfully considered a non-active period in real estate markets, but while this might be bad news for homeowners’ wallets, it’s good news for buyers who won’t find themselves fighting on too many fronts at once!

Unless you have a specific reason to list your current home in the winter or holidays, you might be better off listing it when the weather begins to warm up. Spring and summer are typically busier seasons for people looking to buy or sell homes.

Hiding Major Problems

If you have a problem with your property, one of the choices that are open to you is to either fix the problem ahead of time before it becomes a major issue (because it probably will) or price below market value so that any problems with the property can be fixed at little or no cost to you – but only if buyers are aware of these issues up-front. Alternatively, if you want to get top dollar for your home and don’t mind paying cash to fix things that may turn off some potential buyers (that’s their loss!) then list the home at a normal price and let interested parties know that they’re free to take advantage of an additional credit on closing day if they choose to fix outstanding problems.

When you plan to sell your home, you must take into account the more expensive renovations that are sure to occur before your property can go on the market. These types of costs should be estimated in advance by having a professional residential engineer look over the layout and features, much like one would have a physician check for any health risks before making an investment in a person. Remember: if you don’t fix the problem in advance, you may eliminate a fair number of buyers who want turnkey homes. Having your home inspected before listing is a good idea if you want to avoid costly surprises after the home is under contract. Further, many states have disclosure rules.

Should You Sell Your Home for Cash?

Selling your home for cash is a quick and easy way to avoid some of the worst headaches of house-selling. Because you’re focused on unloading the property quickly, it means you won’t have to worry about staging the interiors and making all the necessary repairs before putting your house on the market. However, most cash buyers won’t give their offer to purchase until they know what state your property is really in because oftentimes people simply want to raise their value higher or lower depending on how well kept things are!

The Bottom Line

Selling a house is one of the biggest decisions you will ever make. Prepare yourself and your finances as much as possible for less-than-ideal scenarios, even if you don’t make any mistakes in the process of trying to sell your home. You may end up having to pay for two mortgages, rent out your home until you find a buyer, or even go through foreclosure if you let yourself get caught in these errant situations. Avoiding the costly mistakes detailed here will give you a long way to achieving that seamless, profitable sale for which every homeowner hopes when moving!

Real Estate Articles

When Is the Right Time to Renovate Your Jacksonville Rental Property?

When it comes to renovating rental properties, there are generally two approaches that can be taken. One is performing a large-scale renovation, which may warrant an increase in local rent charges by a percentage specified in a commercial lease agreement; or the other is taking on smaller projects without having to charge rent increases, which could result in no improvement to local demand for the property.

Is the Property Currently Vacant?

Consider whether your property needs to be cleaned or rented out before any repairs begin. We understand that condo owners will sometimes want to undertake extensive renovations and this can lead people to prefer undertaking the works with their units unoccupied, but it is usually safer for your sake and for the sake of your renters if you simply clean everything first!

Renting a property to tenants can lead to decreased revenue if the renter is not living there during renovations. Another issue with conducting a renovation in an occupied home is that homeowners might run into trouble when working on their project and then having to go back and fix what they don’t finish because it becomes harder to work through contact and you need to be mindful about communicating your plan for getting things finished. Any inconveniences you cause may lead tenants to reconsider re-renting your rental home when their term expires so we recommend waiting until between lease agreements so residents are not living in the apartment while the renovation takes place, especially if they have a long-term lease or several years left before expiring.

Can You Complete the Renovation Quickly?

Most property agencies in Jacksonville can offer you some advice on what to do if you find that there’s extensive damage, or even better, may know of a legitimate contractor who can help rectify the problem. Anything from water and electrical damage, kitchen renovation necessary after an apartment fire, smoke and soot from use of fossil fuels (stove, cigarette) can cause immense amounts of damage over time. There are a lot of stories out there about renters doing minimal fixes to make their space aesthetically pleasing but still being fined for being illegally housed as well as suffering longer than normal wait times for things like furniture. If anything other than minor cosmetic changes is required – talk it over with the landlord first. Talk just like any major changes require communication before moving into the area – it’s pretty much impossible to expect something will not state you’re locked out on the day they want entry to your place.

Depending on the costs of extensive upgrades, a property manager will most likely tell you that you should price your home out of the competitive market—leaving you with a nicely updated rental that isn’t attractive to new paying tenants who want to overpay to live in it.

Is It Necessary?

Home improvement projects can range from critical to cosmetic and everything in between. Whether you are working on an investment home for rent or your personal residence, upgrades must suit the property’s purpose and ensure that guest, client, or tenant will enjoy living in them. Passive appeal is important, so focus on aesthetics that are pleasing to all parties, with special consideration given to renter demographics. Top upgrades include building in safety features with a professional touch to keep fire detection systems running effectively, installing new flooring as needed (especially in laid-back areas where sticky floors may be prone to accidents), replacing kitchens with contemporary designs and appliances that fit the aesthetic of the overall modern space being improved upon, and using energy-efficient appliances wherever possible.

“Luxury” upgrades you may make to the rental residence might just be nice decorations, but they can sometimes get in the way of the tenant’s lifestyle if he or she has dreams of living somewhere else some day. For example, if you add a swimming pool that requires maintenance or tear out and replace all of the kitchen appliances, this could be a deterrent for a renter who might want to own their own home one day.

What Is My Anticipated Return On Investment?

Jacksonville property management companies know that updates and renovations can justify a rent increase when comparing to homes with similar features. But before inquiring, it’s vital to keep costs in mind especially since looking at possible renovation costs could get overwhelming and if you are planning for a renovation project, you should be prepared for the costs that come with it. Here’s what you need to consider: materials, planning, contractor costs and income loss during construction.

If you have an upgrade in mind, but you’re not entirely sure it’s going to pay off, enlist the help of a Jacksonville property management company. These companies will be capable of giving your project the monetary analysis that it needs to determine if further action is necessary. Additionally, getting in touch with the right company may also mean that you’ll be able to find great contractors and get assistance making your fixes.

Will Renters See Any Benefits?

As a property owner, you want to make your rental stand out from the rest. The goal of any upgrades should be to benefit both your renters and your own bottom line. Check out what other rentals in the area have done with their properties, speak with experienced property management professionals, and talk about long-term plans for your property. Large communal appliances can add value to an otherwise standard rental unit and also help keep long term renters coming back time after time!

Work With a Jacksonville Property Management Company to Plan Renovations

Renovating can be a great way to improve your bottom line – but you need to consider the timing. For example, if you renovate a property during the contracts with tenants are about to expire then it is likely that they won’t want to stay on. Therefore, you’ll have a tough time getting new tenants in there pronto and your renovation may turn out to be futile. Aside from considering the right timing, you also need to find experts in renovation who know what they’re doing. It’s smart to hire professionals who have proven themselves in this line of work before!

There are many Jacksonville, FL, property management professionals you can choose from who promise they will help with any project. However, we want to make sure people know there are just as many professionals out there that don’t deliver as promised. Spectrum Realty Services utilizes experience and knowledge of what property management projects entail so we can provide the best services to our clients possible at all times. Whether you need help planning or executing a timely renovation project or handling day-to-day business operations for your properties, our Jacksonville property managers will be able to get the job done with minimal disruptions in tenant occupancy, and keep costs down by avoiding unnecessary expenses related to repairs, improvements and other matters involving your rental properties. So don’t waste your time searching around – focus on what’s important – please contact us today!