Costly Mistakes When Selling Your Home
This article is intended to help you avoid making some of the most common mistakes
that sellers make when preparing to sell their home.Keep it somewhere handy until youre considering selling, then bring it out and have a read so that youre ready and armed with awareness of some of the pitfalls that could possibly cost you thousands of dollars.
Mistake 1 Not Preparing Your Home For Sale
In this uncertain market it is absolutely essential to make sure your home is looking as good as it possibly can before being viewed by potential buyers. Bad presentation will mean a far lower selling price because buyers will not see as much value in the home. This includes such things as a possible repaint of certain areas, de-cluttering, small maintenance jobs, cleaning windows and surfaces and creating as much space and light as possible in the home.
Mistake 2 Choosing The Agent With The Highest Quote
Time after time we see sellers employ an Agent because that Agent has told them that their property is worth far more than all the evidence indicates. In our Industry it is called Buying the Listing and it hurts to watch how many sellers fall for the stories. We constantly see homes selling for way under their market price, because they started too high and the property went stale. Always make sure your Agent can totally justify their price by showing you solid evidence of comparable properties and make sure that whatever price you put on your property, it is the best property available at that price. If you suspect that an Agent is buying your business, move on to another Agent or give them a two week listing to prove their worth, but be aware that this can cost you both time and money.
Mistake 3 Choosing A Cheap Agent
Be very careful of Agents who will offer a low commission as this is an indication that they know they have nothing unique to offer you and therefore have to compete on price. It may also mean that theyre not all that busy, and the last thing you want is an Agent that is not busy; theres probably a reason they dont have a lot of business. Busy Agents have more buyers, do more appointments, meet more people and have many more opportunities to find a buyer for your home than the ones who are not particularly active. You are far better off to pay a higher fee for expert service, excellent marketing, high level admin support and exposure to a higher number of prospective buyers. You have to agree that to save $2,000 on the fee and take $20,000 less for your home is a very false economy
Mistake 4 Working Against Your Agent
Once you have chosen an Agent that you trust (and please, dont hire one that you dont!) then let them utilize their expertise without interference. Place your confidence in their ability and work with them to get the best price possible by following any suggestions or advice they may offer. Remember that they are as keen to sell your property as you are, and until such time it sells, they are working for nothing. So many times we hear of sellers turning on the Agent if they dont sell the property in the early stages and spending wasted energy finding fault with them, when they should be working together to attain the best result.
Mistake 5 No Record Of Buyers
Many Agents do not keep records of prospective buyers, despite being in constant contact with them thats crazy! This is the pot of gold for selling property and the very best way of getting a successful sale. Ask your Agent (before listing) how many buyers they can immediately expose your property to, and ask them for evidence of this. All Agents can say they have buyers, but they could have 2 or 2000, so get them to explain how they accumulate and communicate with their buyers.
Mistake 6 Be Savvy About Your Advertising
To get a top result you need to give yourself every advantage possible to reach your prospective buyers, so to limit your marketplace is a big mistake - you need to let everyone know your property is up for sale. This doesnt have to cost a fortune! Where you advertise is important - I believe in directing the majority of your funds towards local advertising, as this is usually where your buyer will come from. Local papers, a good looking signboard, a high quality brochure and exposure on the major internet portals are all pretty essential.
Mistake 7 No Sign
If you really want to sell your property dont come with the I dont want a sign and all the sticky beak neighbours knowing I am selling attitude. Its a classic case of cutting off your nose to spite your face. And anyway, youre leaving! They wont be your neighbours for long! By not having a sign you are eliminating exposure to a large section of potential buyers who may not be looking for property that instant, but see the sign and are immediately attracted to the property. Many a home has been sold from just the signboard alone - it is your 24 hour salesperson in the centre of your marketplace.
Mistake 8 Auction
Do not be talked into an Auction unless your property is so unique, so hard to price or so irresistible that you will have people falling over themselves to buy it. Auctions are not popular in Western Australia and in this market especially. It restricts your market to cash buyers only (and they are few and far between right now) and nobody really trusts the Auction process here.
Mistake 9 Selling With A Tenant
Now we know its not always possible to sell without tenants, but if it is do it! Many sellers of investment properties want to keep the tenants in the property while they are selling so as not to lose out on the rent, but they do not realize how much it will cost them in lost profit to keep them in there! Tenanted properties will not usually present very well at all, and access can be restricted, so if the lease is nearly up let the tenant go and lets make the property look a million dollars!
Mistake 10 Ignoring Early Buyers
The old adage still holds true Your first offer is usually your best offer. So many times the seller receives an offer early on when they are still brimming with confidence and discards it with contempt only to have to take a lot less further down the track when interest has waned. The first couple of weeks when the property is new and fresh is when you are most likely to get your best offer, so bear this in mind and listen to advice from your Agent as to how to handle this.
by: ThePropertyExchange
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