Selling property is not as easy as you would think. It is fairly common to make a few mistakes along the way, especially when you are still new to real estate. Here in this blog, we hope to provide some clarity on how you can sell your home effectively. After all, when it comes to real estate matters, it pays to be as informed as possible.
Here are the top 10 mistakes we see first-time sellers make so that you can be better prepared for the challenges up ahead.
1. Overpricing:
Setting a price that is too high can discourage potential buyers. This can then lead to your home sitting on the market for a long period. Longer than necessary. To help avoid this, research the local market. Find out what comparable properties are selling for. If you would like expert guidance, consider the services of a residential property valuer. With their local market expertise, you can set a competitive price.
2. Ignoring the home’s presentation:
Presentation matters in real estate. Buyers can easily be deterred if the property’s maintenance appears to have been neglected, if there is an overwhelming amount of clutter or if the home looks far dirtier than the norm. In general, if the home appears to be in bad shape, buyers may expect a lower price to compensate for the cost of cleaning and repairs.
3. Having a poor marketing strategy:
Inadequate marketing can limit exposure. There are plenty of buyers in today’s market so being visible is key. Explore your options and consult with a real estate professional. Consider including professional photography, virtual tours, and online listings in your marketing strategy to attract more potential buyers.
4. Being unprepared for inspections:
A key part of buying a home is seeing potential properties in person. As a seller, you must ensure that the property is ready for inspection. If you are caught unprepared, it could leave a bad impression on buyers. When selling, keep the home clean, and tidy. It is also good to have any necessary documents readily available.
5. Not considering market trends:
It’s well known that the market can fluctuate. The same can be said about trends. When you are preparing a home for sale, it is always good to have an eye on the current trends. Economical changes, interest rates and buyer preferences are all key considerations to keep in mind.
6. Being inflexible with negotiations:
If you are too rigid during negotiations it can lead to some missed opportunities. It is important to be open to reasonable offers and willing to negotiate terms to seal the deal. Of course, being well-informed and having a negotiation aid such as a valuation report can also help here.
7. Choosing the wrong agent:
Hiring an inexperienced or incompatible real estate agent can hinder the selling process. Research and choose an agent with a good track record and who understands the local market. Before you decide on a real estate agent, chat with a few of your local agents and get a feel for their professionalism and personality.
8. Holding out for a better offer:
Waiting too long for a higher offer can backfire. There is no guarantee that another buyer will come along willing to pay a higher price. This is especially true if the property has been on the market for an extended period. Consider reasonable offers within the market range. Buyers can be just as well-informed as you are.
9. Neglecting legalities and paperwork:
Incomplete or incorrect paperwork can delay or jeopardise the sale. When you sell real estate, it is important to ensure all legal aspects are properly handled with the help of an expert professional such as a real estate attorney or conveyancer.
10. Ignoring Feedback:
Disregarding feedback from potential buyers or real estate agents can be detrimental. Pay attention to constructive criticism and adjust strategies accordingly. Not everyone’s opinion matters, however, it is always best to be open to feedback and potential opportunities.
Real estate can be tough to navigate alone, which is why it is recommended to have the right property professionals in your corner. However, with or without an extra hand, avoiding these mistakes can help sellers increase the likelihood of a successful sale at a favourable price.