One of the most difficult yet necessary tasks of an Istanbul estate agent is to moderate the sometimes exaggerated values owners have of their own Istanbul properties. To further compound the sensitivity in this is the constant state of flux that exists normally for real estate markets, as well as imprecision in assigning a value to a particular piece of istanbul real estate.
I can tell you, over the years, I have certainly seen both ends of it. I have seen property in Istanbul sell for much more than I would have imagined, but more frequently, I have seen properties sit idly for sale for eons due to incorrect asking prices.
Though far from exhaustive, the below list should give you some idea of whether or not your expectations are in line with market reality.
- You have assessed the property as objectively as possibly in the context of the broader market.
It is important that you have not just gone on the internet and done a superficial search on asking prices. Be aware of neighborhood transactions and compare to your property.
- You have had two separate real estate agents in Istanbul provide valuations. You may want to consider paying a small sum to them, as this might let them know you are serious about getting an accurate, well-thought out assessment.
- Has your property been on the market for 6 months? This is a sufficiently long enough time to gauge market feedback and also long enough if some temporary blips (political uncertainty, etc) might skew price trends.
If your property has been on the market for a year or more, ask yourself the question if you are really serious about selling your property.
- Have you been following your estate agent’s client flow? If they are averaging less than one viewing per week, it may suggest a problem. Of course, for higher end, more rare real estate types, this may be overly-ambitious. However, for your average property within the majority of buyers’ reach, you should be hitting this number, with one view every two weeks being the absolute low.
- Do some clients seem offended when you show them the property? Although this is a pretty extreme situation, it does happen. I rarely will agree to take on a property that is offensively overvalued, as it immediately destroys credibility and wastes time. Some clients will be very forthright and comment on an absurd asking price. If you hear such comments, do not just brush them aside. These people are not doing this as a negotiation tactic. They will not be making an offer on the property.
- Very basic, but are offers coming in? Are some clients coming for a second viewing. If you are not getting any second viewings at all, that is a huge red flag.
I always sense when selling a property is imminent and one of the big cues for this is several clients making repeat visits to the property.
- Yield, yield, yield. Assuming your property is not a Norse Castle somewhere north of Stavanger, most clients will be interested in how much rental income a property could achieve. Just about everybody has some idea about rents in local neighborhoods; it seems to be wired into our survival DNA, so it should not be hard to figure this out.
- And one of my personal little favorites. If you are using general listing sites that count the number of hits you have and they have an “add to favorites” function and you are not getting more than one “add to favorites” out of one hundred, it is a signal that even in the impersonal online theater, buyers are not even tentatively showing an interest! My hot properties usually get 3-10 “add to favorites” in one hundred. Try it some time, it is a lot of fun.
So, in short, in the rough and tumble world of real estate, a little self-monitoring can be a valuable tool!