Common mistakes to avoid when selling property

Sep 5, 2024

Selling a property is often a complex process filled with challenges. Between setting the right price, preparing the property for viewings, and handling administrative formalities, it's easy to make mistakes that can delay the sale or devalue your property.

In this article, we guide you through common mistakes to avoid when selling property in Morocco to maximize your chances of success.

Setting an inappropriate price: the beginning of problems

The sale price is one of the most determining factors when listing a property. A price that's too high can deter buyers, while a price that's too low can cost you money. Finding the right balance is crucial.

Overvaluing your property

One of the most frequent mistakes is setting a sale price too high in hopes of getting a better return. This can deter potential buyers from the outset. It’s natural to want to maximize your investment, but an unrealistic price can leave your property on the market for months, if not years.

Imagine being ready to move, but your property remains unsold for months due to an overly ambitious price. The stress of seeing your project delayed can become frustrating.

Use online estimation tools or hire a local real estate agent to get a realistic estimate based on the current market.

Undervaluing your property: losing value

Conversely, setting a price too low out of fear that the property won’t sell can also be a costly mistake. You might sell quickly, but you’ll leave money on the table, especially in an expanding market like Morocco's.

In certain areas of Casablanca or Rabat, property values appreciate quickly. Selling at a low price in these active markets could mean missing out on significant added value.

Neglecting the property's presentation: the importance of first impressions

Buyers often make their decision in the first few minutes of the visit. A poorly prepared or neglected home can hurt your chances of closing a sale, even if the property has potential.

Not caring for the exterior appearance

The old adage “you never get a second chance to make a good first impression” is particularly true in real estate. The exterior of your home is the first thing buyers will see. An untended garden, faded paint, or pending repairs can deter visitors before they even step inside.

Imagine a potential buyer arriving for a viewing but being immediately disappointed by the home's exterior appearance. They already enter with doubts, which negatively influences their perception of the property.

Invest in small exterior renovations: refreshing the paint, mowing the lawn, cleaning the walkways. These improvements can make a big difference without requiring a large budget.

Neglecting the interior: a sales obstacle

Another frequent mistake is neglecting the interior preparation of the property. A cluttered, untidy space or one that lacks natural light can make it difficult for buyers to envision themselves there. Additionally, unfinished repairs can give the impression that the property is poorly maintained.

Consider home staging: declutter, deep clean, and add a few decorative elements to give an impression of space and comfort. It is not about renovating, but rather about highlighting the potential of the property.

Ignoring diagnostics and administrative formalities

Administrative procedures and real estate diagnostics are essential steps for any sale. Neglecting these aspects can delay the transaction and generate additional costs.

Not preparing real estate diagnostics on time

Before selling, several technical diagnostics are mandatory in Morocco, such as energy diagnostics or the state of electrical installations. If you haven't conducted them before signing the pre-sale agreement, it can delay the sale and cause legal complications.

Hire an expert to carry out all the diagnostics before putting your property on the market. This will allow you to show buyers that your property is compliant and not waste time in late negotiations.

Forgetting certain important documents

Buyers will want to see all the necessary proofs regarding the ownership of the property, renovation permits, and local taxes. Omitting a single document can cause delays in the sale or even cause the transaction to fail.

After weeks of visits and negotiations, a sale fails because certain documents are not ready. A nightmare for any seller.

Prepare all documents well in advance and ensure you have all the required information before starting the sales process.

Not being flexible in negotiations: a too rigid approach

Negotiations are an integral part of any real estate sale. Being too rigid on price or certain conditions can block the process and drive away potential buyers.

Refusing to negotiate the price

If a buyer is interested but proposes a price slightly below your asking price, it is important to stay open to discussions. Especially in a competitive market, being too inflexible can make you miss a good sales opportunity.

Have a negotiation margin in mind before starting discussions. This allows you to be more relaxed and to know how far you can go without compromising your financial goal.

Not accepting concessions on deadlines

Some transactions may fail because the deadlines do not meet the expectations of the buyer or the seller. For example, if the buyer wants to move in earlier or if you need more time to move out, try to find a compromise to satisfy both parties.

Being flexible can turn a potentially lost transaction into a successful sale. A little flexibility in negotiations can make all the difference.

Conclusion: A successful sale is about avoiding these mistakes

Selling a property in Morocco can be a stressful process, but by avoiding these common mistakes, you can expedite the transaction and maximize the value of your property.

By setting the right price, ensuring the property is well-presented, preparing the necessary documents, and staying open to negotiations, you increase your chances of concluding a quick and successful sale.

Ready to put your property on the market? Discover the tools and services offered by Housing Place to optimize your sale and avoid common pitfalls.