Selling your home is a major decision and a massive commitment. Essentially you disrupt your usual routine for a few weeks to ensure you get the best possible price for your property.
There are a number of factors that can contribute to the number of days your property sits on the market. Here are the top 10 MISTAKES you could be making when you hammer in that For Sale sign.
NOT MAKING EASY REPAIRS
Well looked-after homes give a positive first impression. But unfinished or neglected repairs make buyers hesitate while considering the additional cost, hassle and effort involved. Is the paintwork up to scratch? Do the door hinges squeak? Is the carpet stained? Most of these problems are small and inexpensive to fix, and well worth it to present your home in the most positive light.
OVERCAPITALISING WHEN PREPARING FOR SALE
It is all well and good to get your home in tip-top shape, however, it is important to be careful of getting too carried away in adding additional fixtures or performing a quick reno in the hope it will make you more in the long run. Focus on the fixes that aren’t going to cost you too much cash, rather than the big, hard-to-tackle tasks.
TOO MUCH PERSONALISATION
While you might be a fan of your eclectic decor, it may not be your buyers cup of tea. Everyone has different tastes in decor and style, so allow buyers to imagine themselves putting their own stamp on the property by keeping any pre-sale renovations neutral. Also, think about what will best represent the space and how the buyers can use it,
MASKING OBVIOUS PROBLEMS
You may be able to hide certain issues cosmetically, however, all the truth is revealed during a building and pest inspection. So if your property has termite damage, a non-compliant pool fence, or falls within a flood zone, it is more beneficial to be upfront with your buyers and save yourself the heartache of a contract crashing.
SETTING AN UNREALISTIC PRICE
Everyone wants the best possible price for their property, however, a large number of owners believe their property is worth more than market value. To avoid disappointment, it is important to be realistic about the price your home can achieve. Your agent can guide you on this based on recent sales in your local area. You will also want to look seriously at any offers and counteroffers to seal the deal so you can move on.
Selling a home can be an emotional process, but do your best to remain objective and calm throughout the process. Try and keep an open mind and not let comments made by potential buyers get to you. You may have spent several years of time and money on the property to make it your sanctuary, however, the new owner may have different ideas for your space.
HIRING THE WRONG AGENT
This is absolutely crucial when it comes to selling your property. You want to ensure your agent has local market knowledge and experience so they can achieve the best result for you. Not only will a local agent know the market like the back of their hand, they will also have a large database of buyers who are looking to find their dream home. When engaging an agent, you can rest assured that all negotiations, inspections and formal proceedings are completed promptly and professionally.
SKIMPING ON MARKETING
Marketing is very important when it comes to selling a home. You could have the most perfect property in your neighbourhood, but if no one knows about it you won’t attract any buyers. It is super important to use a variety of advertising methods to help entice buyers, especially the internet. Also don’t discard the smaller shareholders – websites such as domain.com.au are housing a large number of buyers both locally and interstate.
NOT ACCOMMODATING BUYERS
In order to reach a wide number of buyers, you might need to make sacrifices. This could include showing your house at odd times of day or night by arranging easy access for your real estate agent. It could also include being flexible when you are examining offers. Instead of flat-out refusing them, you could try making counter-offers to negotiate a win-win situation.
NOT READING THE FINE PRINT
After you’ve gone through the full process of preparing, marketing, and showing your home, you may think you’re in the home stretch of the sale and get careless. Selling a house can be tedious when it comes to the financial and legal side of it. Some home sellers may not bother reading all the fine print on their contract of sale. However, this can be one of the worst mistakes to make. After you’ve signed this legal document, you must abide by all of its terms and conditions. Without meaning to, you could agree to fund additional repairs or give up appliances you didn’t mean to. Be sure that you read through the full contract thoroughly, going through it with a solicitor before you sign anything.
TAYLAH ANTONIOLLI – MARKETING & COMMUNICATIONS COORDINATOR
07 3202 3040
A go getter and doer, Taylah is a no excuses, get the job done kind of girl. With a strong work ethic and high attention to detail, Taylah is happy to help out wherever she can. Armed with a degree in business specialising in marketing and public relations Taylah brings fresh ideas and innovation to the iThink team.