Selling or buying real estate property can be very stressful. After all, it is one of the biggest investment decisions that require a lot of thought before deciding on your real estate journey.

As a buyer

There are numerous circumstances that could cause problems for buyers such as a very high asking price, steep downpayment requirement, an unreasonable seller, rejected loan application, property issues discovered after a home inspection, and poor agent negotiation and communication negotiation skills, among others.

It is critical to know how to deal with these situations by anticipating and planning for such scenarios;

• What do you need?

For buyers, it is vital to know what your real estate needs and wants are as you start embarking on property investment. Doing this will help you save a lot of time and energy because you will be able to narrow your search and focus only on items that you. 

Create a list of things that you need in your dream property, as well as the must-haves you expect to see in the house, i.e. the number of bedrooms, bathrooms, and other features or amenities. 

• Have you sought loan pre-approval?

Have you considered getting a pre-approved loan? Not only will it assure you of having the money to pay for the purchase, but it also gives you the idea of how much you can spend on a house purchase.

This can also help you get a chance of winning a bid at property auctions especially when other bidders may not be able to put up their deposits to secure their bids.

• How are your finances?

How are you holding up on your finances?  It is important to manage your finances, which can assure you that you can be in a position to buy a new house. Whether it’s the capability to pay off existing debts or consolidation your financial obligations such as car payments, student loans, or credit card payments, being prudent and smart with your spending can help strengthen your chances of getting a loan pre-approval.

Just make sure that you manage your income properly and judiciously.

• Can you afford it?

You may be listing down the things and features that you want to see in your dream house, but is it realistic? Unless you can actually afford to have all these, you may need to be more flexible about giving up some of those “desirables” if you want to sustain your monthly mortgage payments.

Make sure to focus your spending on things that are necessary for your day-to-day needs and avoid buying everything that your heart desires.

• Do you need help?

Have you considered finding a reliable real estate agent? It should be someone who knows the local market and one who could help you find the best deals. That is why working with a reputable real estate agency can be very helpful and practical.

A local expert can help you find the best properties based on your preferences and would know which deals you could be considering.

As a seller

Being a seller can also be very stressful especially when you feel you are not getting any good offers, there are encumbrances on the property title, defects found during inspections, and appraisals that are lower than the asking price, among others.

• What are your goals?

Give yourself ample time to plan and think things through before deciding to sell your property. Remember that it may take some time for your listing to gather steam, so hiring a listing agent can help you assess the state and condition of the property.

This will give you an idea if you need to comply with missing requirements, repairs that need to be done, or other cosmetic changes that could add value to your property. You can start planning in advance and regularly conduct walk-throughs and inspections.

• Can you do it alone?

While occasionally it may take a bit more time to list your property, keeping communication channels open is necessary. There are a lot of homeowners in Australia that find time to think things through before deciding to buy which could take a few days or even months before deciding.

Be ready to answer queries or clarifications, which can help buyers make their decisions once their concerns are met.

• Can you handle the pressure?

Negotiating a price for real estate property can sometimes turn ugly, so to avoid such problems from occurring and driving away potential buyers, always make sure to act and respond professionally. Never get offended or take things personally, especially when someone provides feedback regarding the listed property.

Being professional helps you make decisions better and smarter, compared to times when you are annoyed or irritated. Take criticisms with a grain of salt and try to weigh the feedback if their observations are with merit or not. 

Always remember that real property transactions can take a toll on your emotions, so find a way to free yourself from such pressures by getting a reliable and trustworthy real estate agent to help you sell or buy real estate property- you’ll thank yourself later for doing so.