Selling Your Home? 11 Costly Mistakes to Avoid
SELLING YOUR HOME CAN SEEM STRESSFUL AND OVERWHELMING.
Getting everything in order, trying to sell at the right price, understanding the market… While it can involve a lot of work, that doesn’t mean it has to be all on your shoulders! It should be a rewarding experience and by avoiding these mistakes, it can be!
1) THE MORE AGENTS YOU EMPLOY THE LOWER YOUR PRICE BECOMES
You may think listing your home with several agents will increase your chance of finding a buyer. However, it can actually decrease your chance of getting the highest price and make you appear desperate to sell. Buyers will shop around and contact many agents to see what the lowest price they can pay for the home is – and each agent will give them a different price. Chances are, the agent quoting the lowest price will get the sale. Having many agents means they are also less likely to work hard for you as they don’t ‘own’ the listing and may lose out to another agent.
2) NO FOR SALE SIGN CAN MEAN NO SALE
The buyers who are most likely to pay the highest price for your property will specifically want your location. These buyers are likely to drive around the area after hours keeping an eye on the market, so a sign acts like a 24 hour salesperson!
3) CLOSED AGENCIES LOSE BUYERS
Before choosing the agent to market your property – ask some questions:
“What happens to your listings when you go on holidays?”
“Do you have someone that can take care of inquiries or inspections if you are busy?”
“Do you answer your phone on weekends?”
“Will you be showing the home or will you send another member of your team?”
You want someone on your side who is putting the hard work in. Weekend work, frequent communication and an investment in the sale of your property is essential.
4) BE WARY CHOOSING A HIGH QUOTING AGENT
When you invite agents to give you an appraisal price of your property, be wary of the agents that quote you a high price. In the industry, this is known as ‘buying a listing’. We recommend you don’t choose an agent based on their appraisal price alone, as you may be disappointed. We recommend choosing an agent who you can trust and feel you can work closely with.
5) DON’T MAKE THE MISTAKE OF WORKING WITH A CHEAP AGENT
You should never choose an agent based purely on their fees. It’s better to pay an extra one percent for a selling fee than to receive ten percent less on your selling price. Good negotiators rarely give big discounts on their fees. If they get you the best price, they are worth a fair fee.
6) DON’T MAKE THE MISTAKE OF NOT TRUSTING THE AGENT!
If you don’t trust the agent, don’t hire the agent! Before you make your decision, ask questions, check references, test their negotiating skills and ask yourself the BIG question: ‘Do I feel comfortable with this person handling the sale of my house?’
Once you decide on the agent, give them your trust and confidence. Allow the agent to make decisions and get on with their job. By all means, give them your feedback and tell them how you are feeling but this is their job and what they have been trained to do so trust them to do it!
7) DON’T REVEAL YOUR REASON FOR SELLING
No one, other than the agent you trust, should know your reason for selling. If your reason is revealed, it can severely hurt your chance of obtaining the highest price. This is especially true if you need to sell by a certain date. If buyers know the reason you are selling, it can weaken your negotiating position and will more than likely reflect in a lower sale price and less money in your pocket.
8) NEVER LET AN AGENT MARKET YOUR PROPERTY WITH A PRICE RANGE
All you are going to do by marketing your property with a price range is to invite offers at the lowest price listed. If you don’t ‘play ball’ with the buyers, even though their offer is within the range, you could run the risk of losing them.
9) MAKE YOUR HOME SPARKLE! DULL HOMES GET DULL PRICES
Do not confuse improvements with presentation. Make your home sparkle and your price will shine. Pay attention to little things which create a big impression, like the initial view of your home. Stand back and look at what buyers will see when they first arrive.
10) DON’T MAKE THE MISTAKE OF HOLDING OUT TOO LONG
Too high a price can create too low a price. Asking Price and Selling Price are often two very different things. If your home does not sell within Two to three weeks, we recommend you lower the asking price. If not, and it sits on the market too long, your home could acquire the ‘lemon’ tag. Buyers will wonder what is wrong with it and will more than likely give it a wide berth.
11) NOT PAYING FOR ADVERTISING
Your agent should provide you with a marketing plan covering all the ways your home will be put into the world. Make sure it shows your home in the best light and don’t cheap out on the marketing.
One way to help overcome the costly mistakes is to use a buyer’s agent. With our Brisbane Vendors Advocacy service, we represent your best interests when selling your property, managing the process and ensuring you get the best price. Contact us below to find out more!