Selling a property can be time-consuming, but to minimalise stress and help sell your property sooner, we’ve listed the top selling mistakes to avoid below.
Are you ready to sell your property, but not looking forward to the time and effort it will take?
Selling a property can be time-consuming, but to minimise stress and help sell your property sooner, we’ve listed the top selling mistakes to avoid below.
Selling your property without a clear idea of what the rest of the market is doing
Whether you are using a real estate agent or selling yourself, it's important to understand where your property sits in relation to other properties in your area. It's important not to just take the opinion of a real estate agent at face value without doing your own research.
A free property report can show price trends in your area and will help you to see whether your price expectations are realistic. You can also visit other properties for sale to see what the choices are for people who are shopping at the time you are selling.
Over or under-pricing your property
The rule of thumb in a good market is that you will get your best offer in the first 4 weeks.
Clearly you don't want to be selling your house for less then market value, so if you put your house on the market and start getting instant offers than your pricing may be too low. Similarly, if no one is making offers than you need to assess whether the price is too high or if there is something about the house that is turning potential buyers away.
Again, doing good research will help you to know what buyers are looking at in your area and what they are expecting to pay.
It's also good to understand that certain price points are going to be harder to finance so may move slower, eg: a home that is a few streets back from a waterfront that is $500,000 may sell much faster than a more glamorous house on the waterfront that has lots of interest but costs $1 million purely because there is going to be less people who can get the finance approved to buy the more expensive house. This doesn't mean that the waterfront house is overpriced, rather it will naturally take longer to sell.
Not making your property ‘sale ready’
This may seem like an obvious thing to do, but there is a difference between tidying up and making a property sale ready. Potential buyers need to be able to envisage themselves living in the property, so the less clutter and personal items around the house, the better. If you don’t prepare your property for sale, it could reduce the amount of interest from potential buyers. Even if it is a great house in a good location, clutter, dirt and property damage could turn buyers off.
Overcapitalising on renovations
Although renovating a property can help improve its value, you need to be careful not to overspend. This is where research comes in. Speak with your real estate agent about your plans to upgrade and they may be able to give you an idea of what other properties are selling for around your area and how much you could potentially sell yours for post-renovation. Even if you improve the property dramatically, if the price is well above other similar properties in the area, buyers may not be willing to pay more.
Not using innovative marketing ideas
Vendors and real estate agents are coming up with more and more inventive ways to advertise properties in order to stand out from the crowd. Simple ads in the local newspaper may not be enough any more. Marketing methods such as online listing, virtual tours, social media and blogging are just some of the more innovative ways to advertise your property.
Not being flexible
In order to reach a large number of potential buyers, you may need to be at least a little flexible in order to sell your home. Buyers may wish to view your property at odd times during the day and it would be in your best interest to accommodate them, especially if there has not been a lot of interest in the property so far. Also, when it comes to negotiating offers, it is best not to immediately refuse any offers. You may find that by negotiating with the buyer and making counter offers, you could still end up with a good outcome.