Top 7 Mistakes When Selling a Property
There is nothing agents have that you don’t. The only difference is they’ve been around the block a few times.
Despite what agents may tell you, we’ve found buyers prefer dealing with the owner directly, especially during Open for Inspections. They really enjoy being able to gain firsthand insights from vendors, plus their questions are answered in real-time. The only leg-up agents have on you is that they’ve sold properties before, so they’ve already had the opportunity of learning from their mistakes.
Going it alone doesn’t have to be like a game of minesweeper. At first glance, the common mistakes people make when selling property seem to result from a lack of common sense. However, it can be tough to stay on track when you’re going through the process.
To lend a helping hand, we have compiled a list of the seven most common, but easily avoidable errors people make when selling their homes. Keep these in mind and it’ll be smooth sailing.
1 – Call on Your Inner Cinderella
Before you do anything at all, get out the broom and dustpan and take care of business. Repair, repaint, de-clutter, clean, mow and perhaps even stage your home. All the above will add value to your home, making it more attractive to buyers.
2 – Turn on the Spotlight
Don’t skimp on advertising your property online. Try to use a solid variety of photos to showcase the different elements your property has to offer.
Sometimes vendors post too many shots of the garden or just one room of the home. This makes buyers suspicious the rest of your home is not worth photographing. Buyers are especially keen to see wet areas (bathroom and kitchen) before inspecting your property, as these are the most expensive to renovate.
3 – The Price is Right
A bit of research never hurt anyone, right? A key factor in selling property is setting a fair and realistic sale price. Too high and your property will languish on the market. Too low and you could lose out on some serious profits. Doing some simple market research will guide you in setting the right asking price.
4 – Control Your Emotions
Always do your best to remain objective during the process of selling your property. We understand it can be an emotional process because you’ve made beautiful memories there. Over the years you have invested time and effort in turning a house into a home, and it will always hold a special place in your heart.
However, the reality is it’s time to move out and move on. It’s your buyer’s turn to change things up and create their version of home in that space. Be open to others’ comments – don’t take it to heart if you hear a potential buyer planning to alter an element of your home that you created. Controlling your emotions during the sale process also means setting the price for the actual features of the property, rather than for your perceived tastefulness.
If you think staying impartial will be difficult, ask some trusted friends to point out their objective opinions ahead of your Open for Inspections. This will help give you a reality check before facing your potential buyers.
5 – Hiding Major Problems
It can be tempting to paint over the rising damp or make a short term fix to a structural error to save money, but when buyers get a building inspection, your handiwork will be uncovered, and then you risk losing a sale or losing money from the offer, Far better that you repair anything major ahead of listing your property or highlight the issue upfront so you don’t look dishonest.
6 – Remember Your Manners
It’s rare that the final sale price matches the exact asking price. Most vendors tend to add a small buffer on top of the sale price with the expectation that buyers will want to negotiate.
If you receive a completely unsuitable offer early on, respond politely and explain why you have set the price at that level instead of completely ignoring or dismissing the offer. Use recent sales history or evidence of expensive renovations that have added value to the home to back your response.
The potential buyer that offers you a low-ball price might move on to looking at comparable properties, but there’s still a chance they come back to you with a better offer after doing some research. So, don’t burn your bridges.
Lastly, it can be tempting to accept a high offer over a lower one. However, make sure you review your buyer’s financial situation. A cash buyer for a few thousand less can be much better than one who still needs to secure a mortgage or financing approval. If the finance falls through, you run the risk of losing the sale. More reason to remember your manners!
7 – Keep Your Ducks in a Row
You wouldn’t want to miss out on selling your property simply because you didn’t have the proper documents, would you?
You should enlist a trusted conveyancer to prepare all necessary contracts and legal documents before you list your property online. We’ve had vendors receive offers within the first 24 hours of being listed on the market, so it pays to be prepared! In fact, if your property is in NSW, you are required by law to have a Contract of Sale prepared before putting your property on the market.
If you’re looking to save money on conveyancing, try an online conveyancing company, which allows you to handle the legal side of selling your property from the comfort of your home.
Ultimately, selling real estate is all about preparation. Prepare your home accordingly before putting it on the market. Set realistic expectations for everything from your buyers’ opinions to your final sale price. Do this and you’ll be just as successful as any traditional real estate agent.