4 things to avoid if you want to sell/rent your home quickly
A home or apartment left empty translates to a lot of lost income. Many times we have seen apartments and office spaces sitting empty for months even when the location is right. So why isn't it going? Here are 4 reasons that may be turning off potential tenants:
1. Hiding obvious problems: Trying to cover up obvious problems like damp walls, improper electrical wiring or smelly sewage lines can be a costly mistake for the seller/landlord. While the risk of litigation is low in Bangladesh due to its complicated nature and people's reluctance to go through the lengthy process, a buyer or tenant could back out at the last minute leaving the home owner in a bind. The home owner might be willing to fix it AFTER the fact is known but that leaves a bad sense of mistrust especially when the home is being rented out.
2. Overpricing: A home for sale or for rent needs to be appropriately priced for the market. Interested people will overlook it because they base their decision on what other homes nearby are worth. We've seen an old house in Mohammadpur sit empty for more than 18 months because the owner asked for a rent that was double what it was worth based on much newer homes with better amenities. In the end the owner lost over two lakhs worth of rent in that period hoping to get way more than people are willing to pay.
3. Failing to prep the house: Buyers/tenants want to see a clean, uncluttered living space. They expect to see themselves moving into something that is a new beginning. Keeping the home dirty, having walls painted in dark or poor condition colours and having broken fittings around can put off potential buyers.
4. Not being accommodating: All kinds of strange people show up to check out a home. Many home owners often get annoyed to receive calls of queries. While in many cases people are just window shopping to get an idea of the price, some calls will come from genuine buyers. Selling/renting out the home is your priority and not the buyer's privilege.