Let’s face it. Unless you’re a semi-professional house flipper, the chances are high that you only sell a handful of homes in your life. More than that there’s probably a reasonable amount of time between property sales. For this reason it’s so easy to make mistakes that can cost you a lot of money. You see, most mistakes are made at the start, not at the end of a property sale. It’s at this point where you can make the wrong choices which can filter through a campaign. Here’s 7 Mistakes to avoid.
1. Not marketing your property:
Today’s world is full of marketing and advertising outlets and most of them are perpetually evolving; the internet, social media, and the like. The way your home is marketed will have a deep impact on its final sale price, so you should discuss your marketing plan in detail with your real estate agent. Simply sticking a “For Sale” sign in the front lawn and then an ad on realestate.com.au for your open house, is not enough.
The goal when marketing your home is to gain as much exposure in the market as possible. Increased exposure in the housing market will put your home in front of the greatest number of potential buyers. The larger your pool of buyers, the higher the likelihood you will field multiple offers. And, any time you receive multiple offers, you’re fostering an atmosphere where prospective buyers will offer their highest and best price in order to compete with other offers.
2. Not being realistic about your expectations:
Choosing the right price to sell your home for is one of the biggest decisions that you can make when selling property. Although this may seem like a straightforward task, there are a multitude of factors that can influence the true real estate price of any property.
There are risks inherent in both overvaluing and undervaluing a property, both of which could alienate potential buyers. If a house is overpriced and sits on the market for too long, this can result in a loss of interest in buyers who may think there’s something wrong with the property. By contrast, pricing the house too low could leave you with less money than your property’s worth. Yet this could also potentially work out in your favour, should the initial low price attract more offers and drive up the price towards its true value.
3. Not being patient:
You need to understand that each and every real estate transaction is a bigger one. A lot of money is involved in any real estate transaction. Moreover, you might not be able to find the buyer right away. That is why, instead of being impatient in selling the property at a lower price, you have to always have patience. When you’re having patience not only you would be able to get a higher price but also the real estate agent would be able to find the right buyer for your property. This would ensure that there are no problems with selling the property as well. That is why you have to always be patient.
4. Not being realistic about your expectations:
Of course, when you’re selling the property would need as much money as possible for your property. However, you need to have a realistic expectation as well. Of course there’s a lot of you and your family in the home. A lot of great memories. And I’m sure there’s a lot of your hard earned money in the house too. But if you price your home too high, you’re in danger of sitting on the market too long scaring buyers away. The best buyers are at the start of a campaign. The bargain shoppers wait until the owner is desparate. Therefore listen to your agent and get a good understanding of your market price before doing anything.
5. Not preparing your property
Whenever you’re selling your property, the prospective buyers would always 1st inspect the property. When the property is in proper condition, the chances of concluding the sale would always be on the higher side. Check out our guide here on preparing your home for sale
6. Spending a lot of money on the renovations:
While it is true that you have to improve your property before selling so that you are able to get a higher valuation but you have to do so in a strict budget. But if you don’t spend your money wisely, you may end up spending a significant amount of money and you would not be able to recoup all of those in the sales cost. Consult with your agent well ahead of time as to the reno’s that will add the most value. Prepare a fixed budget and prioritize the repairs which you need to get done.
Selling is certainly not rocket surgery. However it’s important that you do it right. Buyers & sellers negotiate in increments of $2500 to $20,000. That’s why every little bit counts. One increment can be the difference between success and failure.
