Essential Do’s and Don’ts for Selling Your Tel Aviv Apartment

It’s a challenging market and the closer we get to summer, it is likely that your home is just one located in a sea of apartments offered for sale, so you just can’t afford being sloppy about putting it on the market.

Luckily, we’ve rounded up the dos and don’ts that will guide you through.

1. Don’t … overprice.

Pricing your home on what you would like to get rather than its market value, is one of the top mistakes sellers make. Market value is determined on what the market, current buyers are willing to pay, not wishful thinking.

Overpriced apartments take much longer to sell and they tend to sell for less than if they had been priced correctly from the beginning.

Why? Apartments get the most attention the first few weeks, as apartments sit on the market longer and longer, buyers and their real estate agents tend to turn their attention away from these stale apartments and spend more time looking at new listings.

Your real estate agent has an eye on the market and knows what kind of prices apartments—just like yours—are garnering now. Pricing your apartment too high will discourage prospective buyers from making an offer, and your home could sit for months, which isn’t your goal.

Do: Have a few real estate agents give you a price on your apartment. Ask them what should be the realistic listing price and realistic selling price, ask for comparable apartments that are currently on the market – what are they listed for and how long have they been for sale.

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2. Don’t … re-price often.

Another BIG pricing mistake.

During the first few weeks when your apartment gets the most attention, you can’t help but wonder whether you’ve priced your home right. Then, thinking you can get more, you boldly raise your asking price by 100,000 – 150,000 NIS.

After a while with hardly any viewings or very low offers, disappointed as you are, you start lowering your asking price, eventually selling your home for less than what you originally planned for.

When you re-price your home, buyers and their real estate agents pay attention to how long your home has been on the market and especially look out for any price change.

Do: Price your home correctly from start. Period. By doing so, not only are you being realistic and in line with the market, you’re also raising your chances of selling your home faster and closer to your asking price.  

3. Don’t … skip the marketing.

You may think that all you have to do is take a few photos of your apartment, post it up onto ‘Yad 2’ and buyers will come flowing through your door. Think again. Your home is likely to be one of many that are offered for sale, and the closer we get to summer the higher your competition is.

The only way to guarantee that you’re going to get the highest exposure is to use all of the marketing options available to you! In an age where, 92% of buyers start their research online, knowing how to market your home properly is key, and the more people see your home, the better your chances are of selling it.

Do: Don’t wait for last minute to get in touch with a real estate agent. A good real estate agent is an incredibly valuable resource! Meet with a few and hire the one that is best suitable for your needs and goals. Give your real estate agent at least a month of lead time, so he/she can research comparable homes and set a good price for your apartment. Good photography is SUPER important as buyers rely on photos they see online. If your home is not “photogenic”, chances are buyers just won’t call. Considering hiring a professional photographer, should be top on your to-do list. Your real estate agent should at least have a professional camera and know how to showcase your home’s best assets. Stage your home for shooting, it is so much more appealing to see an apartment that is neat and tidy, than an apartment that is a complete mess.

4. Don’t … DIY, unless you absolutely know what you’re doing.

If you’ve bought and sold half a dozen apartments of your own then you might be able to pull it off. In fact, most real estate entrepreneurs understand the value of a good real estate agent and choose to use their services all the time. If you aren’t a seasoned pro, especially in the Tel Aviv market, it is recommended to let a professional take the reins. Most people don’t buy and sell apartments more than once or twice in a lifetime and with a lot of money at stake, you’re really accepting some liability by trying to sell it yourself. For most, it is trying to cut back on the commission, but really, how much is your peace in mind worth to you? Unless you have a friend or an attorney who can guide you through the process, but even then, understand, that it’s not they’re main field of expertise.

Your local real estate agent knows what’s selling around you, and at what price. He/she can tell you whether an offer is reasonable, and can help you negotiate smartly. Your real estate agent markets your home in a way that gets the highest exposure possible and most importantly, he/she screens the calls, the inquiries, sets up viewings and handles the entire sale.

Do: Start off with recommendations from a friend or colleague. Search online. Walk around your neighborhood and visit some of your local agencies. Conduct interviews and go with your gut.

5. Don’t … neglect to hire an inspector.

Consider having your home inspected before putting it up for sale.

If prospective buyers walk through your home and spot a handful of items that need immediate repair, they’re going to wonder how well you’ve maintained the things they can’t see.

Sellers are often asked to pay for damage and other defects found in the home. If you know the condition of your home, and how much repairs might cost before you list your home, then you are in a better position to negotiate a firm sale.

Do: Hire an inspector to do a thorough check on your home. Nothing should be overlooked, that way you are fully prepared for any questions or concerns brought up from a potential buyer.

6. Don’t … fail to fix and repair.

There’s no second chance in making  a good first impression. Many people lack the vision to look beyond the current state of a home, let alone imagine what it will look like fixed up. If you put your home on the market before it is ready, this will not only affect how fast an offer is presented, but also the amount of the offer. Remember, buyers want to fulfill a wish list, not a to-do list.

Do: Inspect your home through a buyer’s eyes. Take an objective look at your home to determine what updates and repairs are necessary. It is best to delay marketing your home until it is fully prepared for the sale.

7. Don’t … get emotionally involved.

This is the toughest and trickiest part of selling your home. I often see how sellers are tormented mainly by the rejections and feedbacks, which leads to disappointments and frustration. Yes, it’s your home. Yes, you sweated blood and tears to get it just the way you wanted it. Yes, it is filled with memories. And yes, it’s perfect in your eyes. But no! That does not make it someone else’s “perfect”!

Since you’ve made the decision to move, you need to commit yourself and remove your identity from the house. You need to let go emotionally, and this can be a tough process. Depersonalizing is an important step in selling your home. You want the space to look as neutral as possible and by disconnecting yourself from your home, you allow prospective buyers to emotionally connect and envision themselves living there – and not feel as if they are guests in your home.

Focus on turning your home into a ”model home.” Let go of the features you love, and turn it into an apartment most people could love.

Do: Have your real estate agent walk through your home and when they tell you what you’ll need to change to make it marketable, listen to them. Start thinking about your home as a commodity, not an extension of your identity. If buyers don’t love it, it’s NOT a personal insult. It’s business and it’s simply a deal that didn’t work out.

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8. Don’t … leave a trail everywhere.

You want buyers to absolutely fall in love with your place the minute they walk through your door. You want them to feel like they could move into your apartment tomorrow—with their things. You want them to envision themselves living there and mostly you want to create that ‘WOW’ affect. If there are any distractions during a showing, buyer are less likely to walk around freely and comfortably which means not giving your home the full attention it deserves. If there are pets, children running around, a family member watching TV in the living room or having a snack in the breakfast bar, your potential buyer is getting the ‘this is my house, and you’re my guest’ signal, which pushes him away.

Do: Firstly, keep in mind the traffic flow and how buyers will walk through your home.

Secondly, make space! Storage space is one of the top items on a buyer’s list. Show that your home has the space desired by storing away extra items and unused furniture.

Thirdly, you want your home to be at its’ best before viewings, and this means – neat, clean, tidy, odor and distraction free.

Also, don’t hang out at showings. While you may want to tell prospective buyers about all of the things you’ve done to the apartment, it’s best to leave them be. Tell your real estate agent every piece of important information relating to your home and let them handle it.

9. Don’t … set up complicated showing procedures.

If you work long hours and can only be available late in the evening or prefer showing your home once a week on a Thursday between 10 -12, be prepared for a longer selling process. A home that discourages showings will remain on the market much longer than a home that is readily available for viewings. The more times a home is viewed, the faster it will sell.

Do: We know we already said this, but this is really important! Don’t insist on being present when the home is being shown to prospective buyers. Buyers need to fully inspect your apartment and discover/discuss any flaws. Viewings are shorter when you’re present and buyers are reluctant to say anything negative about your home. This sometimes sends out mixed signals and often leads to disappointments.

It is best for you to leave it all to your real estate agent. Grant your real estate the freedom to show your apartment when you’re not home, and by doing so, you’re increasing the chances of selling your home faster.

10. Don’t … get offended by a low offer.

Just because someone came in with a really low bid, it’s no reason to be offended and blow them off.

Buyers will always try to buy low and this is your chance to negotiate. When a buyer actually makes the move of putting down an offer, it shows the buyer’s intentions of perusing the sale. A buyer might love your apartment, so you can’t blame them for trying. In other words, it’s not personal and it’s not a slam on your housekeeping. It’s simply a business transaction.

Do: Don’t overrule low offers, take time to evaluate and think them through, ask your real estate agent’s opinion and come back with a counteroffer. Typically, most buyers will come back with a second offer, which is a better indication of what they’re really willing to pay. A relatively low offer from a qualified buyer is much better than a higher offer from an unqualified buyer who will eventually pull out of the transaction.

11. Don’t … list with a contingency to find a replacement home.

This is basically telling buyers that your home really isn’t for sale until you find a replacement home. Serious buyers will make offers on apartments that are definitely for sale with an intention to move in within a certain time frame. Don’t put a ‘For Sale’ sign unless you’re ready to move out within 3, 6 months’ tops, which is the standard move-in time frame after the close.

Do: Before putting your home up for sale, sit, discuss and evaluate your options. The best is to do a back-to-back transaction, so you want to search for a new apartment whilst your home is up for sale and keep in mind the 3 – 6 months’ time frame. If you need time to find a replacement home, we suggest you list your home with a provision that you may need to remain in possession and rent back your apartment for a period of time after the close.

If you’re ready to sell Tel Aviv apartment or just have questions about the process, feel free to talk to us today. We will be happy to set up a non-binding consultation with you in which you will be able to form an impression of the range of services and advantages offered by us.