Selling your home can be a daunting task to some owners. For some, it is a matter of emotions, because this is all about your attachments & sentiments.
It’s easy for the first time for the home seller to make a lot of mistakes which cost them thousands of dollars that can be avoided altogether. By taking advice directly from those in their chosen professions.
- 1.Choosing To Sell Your Home “By-Owner” Without Market Research
Do you think that you’ve got all the experience to sell your home by yourself? The main reason is that home owners think that the direction is to save on commission costs. There's a lot more involved in selling a property than putting up a 'for sale sign'.
All you need to do is to complete all the items a real estate agent does. Undoubtedly, you may find it stressful & time-consuming. In many cases, you’d be better off paying that commission; since a professional real estate agent can help you maximize your dollar getting you a bigger profit even after paying a real estate agent’s commission.
Check out some questions that experts say homeowners should ask themselves before selling a home on their own:
Do you know the value of my home in today's market?
Will I take charge of sales and marketing responsibilities?
Will I be available 24/7 days a week?
Am I willing to screen potential buyers?
Can I professional negotiate?
Do I know how to maintain my emotions?
Can I handle criticism of my home?
Do I have experience how to deal with people and selling my home?
2.Choosing The Wrong Real Estate Agent
Hiring a real estate agent that does not focus in your best interest, who is inexperienced, lack of knowledge, limited advertising campaign & poor negotiation skills could damage your property sale. Don't be afraid to ask the real estate agent a bunch of questions as in why they are a better choice than anyone else you may be considering.
A good real estate agent must have firsthand knowledge in order to shape up your property sale. They have effective communication skills and negotiation skills. Also, they can present impressive marketing strategies to gain maximum exposure.
Tips: Question To Ask Agents
3.Not Preparing Your Home For Sale
The most important thing is the house’s street appeal. Don't assume buyers are going to walk in the front door & overlook your clutter. We've seen prospect buyers walk away criticizing the house appeal.
Tips: House Styling
4.Mispricing Your Home
One of the biggest mistakes is - overpricing your home for the current market, that means it could sit there for weeks or months, prospect buyers may not view your home or make an offer, the longer the property stays on the market you run the risk of losing money if your home becomes a stale listing. Buyers are more educated and working with agents too and have the tools to research comparable properties. The most accurate way to price your home is to invite 3 different agents from different agency firms to give you a comparative market analysis, home similar to yours recently sold in your neighbourhood.
5.Overcapitalisation Your Home
Australians love to renovate, however, it can be an extravagant task or you can say it is a mistake as they can’t recover their expenditure from current market prices.
Tip: The Key Is To Do Your Homework On Local Property Values
When making renovations, try and stay in-line with property values in your neighbourhood that may become the competition in future years. Do not put pools in because it’s your wish list, if a buyer wants a pool, they can add their design after they buy your home.
6.Neglecting Necessary Repairs
Making repairs before the house flaunts on the market. Showing the house when there are cracks in the walls, water stains on the ceiling & broken door handles are all turnoffs to potential buyers. When repairs are overlooked, prospect buyers will offer less or may not make an offer on your home. Doing the repairs beforehand will help you to get the most money for your house.
Tips: Applying a fresh coat of paint to walls and ceilings.
7.Refusing To Negotiate
Sellers should set a fair price for your home in-line with your comparable neighbourhood competitors. Almost all sellers want more money for their properties because they say they work hard and it’s worth it. But is it price on emotions. Then it is a mistake. You will need to price your home logical in today’s market. Many buyers like to make low offers well below your asking price and that is normal if you have an experienced agent they can negotiate getting the price you want without scaring off a potential buyer. Never walk away from the negotiating table for emotional reasons, is not a good idea.
Tips: Put more items on the table to increase the opportunity for a deal.
8.Investing Too Little In Marketing
Investing not enough in your initial marketing campaign or cutting costs will not always generate qualified buyers and may sit on the sideline for many weeks or months. The “for sale” sign will not be enough. Old traditional marketing has changed.
Tip: Investing enough capital in your marketing campaign is very important using all the newest methods such as internet listings, social media, virtual tours, video and many newer methods. By targeted qualified buyers that have finance approved, that are looking to buy your particular property in the shortest time frame.
Ask the agents what’s in your marketing campaign.
9.Letting Emotion Get In The Way Of Your Sale
Selling a home can be very emotional at the same time you should avoid taking it too personally and prevent yourself from walking away from a prospective sale due to any type of emotional reason that you may have. According to real estate agents it is their job to mediate the entire selling process so that it is as smooth and comfortable for you as possible, as a homeowner, there will be emotions and challenges you will have to face. Working with your agent will help drop off some of your emotions.
Buyers will criticize the flaws in your home?
Buyers make an offer on first inspection may seem too soon to you.
Early offers may make you think your property is under priced.
The home is correctly priced with the recently sold homes in your neighbourhood. The higher price comes when your home is fresh, not when it’s stale.
Waiting too long for a higher price may lead to a price reduction.
Consider carefully the early offers you receive.
10.Poor Quality Listing Photos
More than 90% of all home buyers use the internet during their home search process. You only got about 3 seconds to catch a buyer’s attention. To try and make them click on your house to get more information, so you’d better make sure you and your agent organize professional photographer for a close-up. Buyers are drawn to photos, and high-quality photos drive more showings, you won’t ever get a second chance to make the perfect first impression.
Tip: Your sale agent can organize professional photographer to provide the best photos, videos, floor plans, etc.