There are a lot of dos and don’ts involved in selling a property. Many first-timers, in particular, sometimes make decisions early in the process that seem sensible and cost-effective at the time but make things difficult later on.
So what are some mistakes that people hoping to sell their property frequently make?
1. Going It Alone
There’s a surprising percentage of people who truly believe they’re better off selling their property without the help of a real estate agent. This is largely an attempt to avoid having to pay fees associated with such a partnership. The truth is that not going to a real estate agent is often the far more expensive route to take. Real estate agents generally have so much experience and inside knowledge, and they know their way around the legalities of selling a property. Selling houses is their job; it’s what they do all day, every day, so consider looking through sites like localagentfinder.com.au to find a good real estate agent near you because you absolutely want one on your team.
2. Being Unreasonable
Another very common mistake is overestimating how much your property is worth. This can lead to you putting an asking price on it far above its true value, and that’s going to drive prospective buyers away before they’ve even looked at the property. You have to be able to take a step back and view the property objectively – its good points, its faults, what kind of state the economy is in right now, and what other prices in your area are like. You’ve got to be flexible when dealing with potential buyers as well; digging your heels in and demanding a specific price and not a cent less is a great way to send buyers elsewhere. It’s not a sure-fire solution by any stretch of the imagination, but talk to your agent about setting a price that’s lower than what you think the place is really worth. You may find that this sparks buyer competition and leads to higher offers.
3. Marketing a Property Improperly
So many people don’t know how to properly market their property for sale. You might have the most amazing home anyone has ever owned, but if no one knows it’s up for grabs, you won’t bring in any potential buyers. You should be employing a wide range of marketing solutions to attract buyers. This can include putting up a sign in the front yard, posting ads online, or even taking out newspaper ads. Don’t just limit yourself to traditional advertising methodologies though. Create a virtual tour of your home and make sure that any photos of your property have been edited and corrected so that they look their best and most attractive. You could even advertise on homemaker and real estate blogs to get the word out. Word-of-mouth selling has transitioned into social media and getting your message out there virally. Ask your Facebook friends to share your ‘Buyer Wanted’ post.
These are just a few of the most common mistakes to avoid when selling your property. Have you ever made a mistake when selling a property before? What do you recommend first-timers avoid? Speak up the comments!