Selling your home isn’t something that you do every day-unless you’re a real estate agent. Over the years I’ve honed my skills in learning what works when it comes to selling your home, as well as what doesn’t.
Fortunately, other people have made these mistakes so that you don’t have to!
1. Ignoring an estate agent’s style tips
We all develop personal connections to our homes, but sometimes those connections mean that it’s hard to see our home through the eyes of a potential buyer. An experienced agent should know how to present your home in a way that will maximise your home’s selling potential.
2. Underestimating the importance of street appeal
First impressions matter, and potential buyers driving past or inspecting your home will take notice of your property’s exterior. In my experience, people buy in the first five seconds and justify throughout the inspection. Make a good impression from the outset and keep up to date with the mowing and weeding!
3 Under-investing in marketing
A targeted, wide-ranging marketing campaign designed to reach as much as possible of your buying audience is essential. Buyers fall into different groups and demographics, and a high quality marketing campaign will reach out effectively to all of these.
4. Not being switched on about going online
In our office, it’s where about 90% of our buyer enquiry comes from. The more you invest here the better. Only a small percentage of buyers look beyond the first page of property search results!
5. Being afraid to commit to a sale price
Committing to a sale price isn’t an easy task, but it’s one that should be a much easier decision when you consider that almost half of all potential buyers will pass over properties with no listed price. Why? It seems too hard, or worse, they fear it will be out of their range. Take the plunge and name a figure.
6. Holding out for a better price
Though it can be tempting to wait for a better offer, the property market doesn’t play by the rules of Who Dares Wins, so think twice before rejecting that initial offer. In my experience, often the first offer is the highest we’ll receive, and almost every record price we achieve comes from an offer made within the first thirty days.
7. Taking offers personally
A low offer on your property is not a reflection on you, or even on your home. Instead, they’re representative of a willingness to commit to opening negotiations. I always encourage vendors to see a low offer as a starting point rather than a final figure.
8. Opting for appointment-only viewings
Although there is the odd exception, for the most part opening your home for inspection is essential to ensure it’s seen by as many potential buyers as possible. We get around 10 times the buyer traffic if it’s open for inspection as opposed to by appointment viewings.
9. Cutting costs when choosing a real estate agent
If you think the best agent is expensive, try hiring the second best & see how much that costs you!
10. Failing to keep up with property maintenance
It’s almost always cheaper to do it yourself than to let the buyer use it as leverage for a price reduction.
I recently sold a home in Aspley where the building and pest report identified multiple maintenance issues at an estimated repair cost of $15k! As expected, the buyer tired for a $15k price reduction. I intervened & re-quoted with a local trusted trade and they seller got the job done for $3k. Fortunately, I managed to salvage the deal without a price reduction. However this could have been avoided or worse the deal could have fallen through.