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5 Seller mistakes to avoid
1.Over valuing your property
Putting too high a value on your home can act as the number one deterrent to potential buyers, who are no doubt looking at several similar properties in your area. Overpriced properties typically perform poorly on the market. Often they linger in the market for too long and put genuine buyers off making time for an inspection or making an offer.
Appointing a good quality real estate agent is the best way to avoid this classic mistake. A good agent will be able to draw on their expertise and advise you on the best marketing techniques to attract buyers to your property. In most cases, a good agent will suggest listing your property for an Auction with the intention of stimulating competition between buyers. When done properly, this strategy may actually result in higher than expected bidding, and more money in your pocket.
2. Waiting for the market to improve
Don’t hold your breath for something better. Ranking at a serious number 2 on our list of common mistakes is ‘sitting back and waiting for the market to improve’. This can be a drawn out and costly mistake for home sellers and often ends badly. While it’s a great idea to check out historical sales data in your area, the reality is that no one can really predict what the market is going to do in six or twelve months’ time. So, if you want or need to sell now, put your best foot forward and take the plunge.
Remember, there are hundreds of potential home sellers entering the market every day and not all of them are in a hurry to sell. If the market isn't so great in your location, its probably not going to change all that much within the next 6 months or more. The best bet is, do your homework, proceed carefully and list your property when you’re ready to sell.
3. Listing your property before its ‘dressed’
Worse than turning up for a job interview in your trackies. Number 3 on our top home seller mistakes review is ‘listing your property before its ‘dressed’. Time and again amateur home sellers fail to understand the importance of making their home look as appealing as possible before putting it on the market. Presenting your property to potential buyers before you've thoroughly cleaned and spruced it is a classic way to lose money on your home. While some sellers go all the way and employ a professional stylist to do the job for them, just taking care of the basics can be enough to get you across the line. Is the garden neat and tidy? have the walls had a coat of pain recently? Is there anything that needs doing around the place that you've been putting off?
Sure, it seems like a bit of a hassle to begin with, but the costs of not dressing your property for sale can be huge. Also, don’t even think about having promotional photos of your home done until you've touched up the major parts of your property that are showing wear and tear. Pay particular attention to the front of your home as it’s likely that there will be quite a few potential buyers driving by to check it out.
4. Not comparing agents
Question: What’s worse than losing money?
Answer: Having a dodgy agent lose it for you!
It’s a basic truth that real estate, like many other professions, has it’s fair share of shady dealers who are solely interested in their own financial gain. For this reason alone, choosing your agent based on a highly quoted value can be a massive mistake.
Many agents who quote high property values and over promise results are poor negotiators. Since the main skill you are looking for in an agent is their ability to negotiate the best market price for your home, these tactics should serve as a warning sign rather than incentive for your business. Many home sellers are absolutely horrified by the things that their agent has said or done in an effort to sell their home quickly and reap a fast return for themselves. Classic horror stories include the agent revealing confidential information about the seller’s need for a quick sale and deliberately encouraging buyers to put in an offer at a low price. Taking the time to research your intended agent, and compare them to others in your area is an important way of avoiding this classic home seller mistake. Don’t wait until you have signed up an agent before you do your homework on them.
5. Not trusting your agent
Choosing the agent who over promises big prices, is most likely the agent to under deliver. A recent review of top home seller mistakes for 2019 places ‘Not trusting your agent’ at number 5 in our home seller mistakes to avoid list. While this may seem like a bit of a no-brainer, it’s an easy trap to fall into when you are trying to get the best possible results for your property.
Like any other relationship (business or personal), trust must be a key ingredient in your relationship with your agent. Sure, they may have said that they can get you the highest price, but are their claims realistic? Will they put their money where their mouth is when it comes to the sale of your most valuable asset? Remember, most agents are under no obligation to deliver a sales figure in line with what they have promised.
If you’re at all in doubt, the top questions to ask yourself are, ‘Do I feel comfortable letting this person handle the sale of my home?’ and ‘Is this agent willing to put his or her promises in writing?’. If the honest answer is ‘no’ then it’s probably time to consider a new agent.