Nine Costly Traps To Avoid When Selling!
1. Having an unrealistic expection of price.
Real Estate Agents Appraisal - An agent who is experienced will be able to present you with information on your property, including statistics on what similar properties in your area have sold for recently. They will take into account any special features your home has which could affect the value eg, size, conditions, proximity to amenities etc. Their appraisal will give you a range in which you could expect to achieve your sale price in.
Registered Valuation - This will cost you several hundred dollars, but you will have a detailed report you can use to reassure yourself on what your property is worth.
2. A poorly presented property
Tidy up! The importance of this can never be underestimated. Presenting you property well doesn’t have to cost the earth, sometimes a little elbow grease can make a world of difference.
3. Weak marketing strategy
Make sure your agent is ready to hit the floor running with the marketing of your home. Agents who are especially good with their marketing will attract better quality buyers resulting in a better outcome for you.
4. Too much emotional attachment
It’s easy to say, but don’t get emotional or take things personally. Buying and selling a home is one of the biggest things we do in our lives. When we are talking about your home, but if you can manage to operate on an intellectual level rather than an emotional one, you will come through the process better off. Be as professional and business like as you can be.
5. Covering up problems
Be honest about your homes defects. If you gloss over, are dishonest or fail to disclose obvious defects that could seriously affect the value of your home, you may be in for legal problems further down the track. It is important to seek legal advice if you are unsure of anything.
6. Not reading the market
We’ve all hear the advice to sell first. Generally this is sound advice as it effectively makes you a cash buyer. You will know exactly how much you have to spend on your new home and you will be in the driver’s seat. However there are times the whole Real Estate market changes to such an extent that this tip becomes redundant. Please get current professional advice before acting.
7. Being Inflexible
Be realistic about the time frame you need between listing your home for sale and the date by which you would like to move. If there is no real reason to be firm about the dates – Don’t be! If you put a deadline in place that your home has to be sold by, you immediately put yourself at a disadvantage.
8. Moving too early
Stay put! A home that has been lived in always has more appeal than a vacant one. If possible, avoid moving until the house has sold. If this isn’t possible, consider getting your property staged. Buyers generally find it difficult to visualise and gauge the size of spaces having it furnished fixes this issue.
9. An incomplete contract
Make sure the contract is complete. Consider and list everything. This list includes, but is not limited to;
- Chattel list – be thorough
- Possession date
- Date the contract becomes unconditional
- Deposit amount and date it is due
- Penalty interest
Remember to seek professional advice before signing the contact so you can be certain if every detail within it. Remembering that once signed it is a legal binding contract.
A great agent will:
- Offer a free appraisal on your property without pressure or obligation. This will be supported by evidence and statistics.
- Show you a marketing plan for your property.
- Guide you through the steps of home selling and what you can expect and will be able to answer any questions or concerns you may have.
- Discuss with you and advise you on the best way to market your home.
- Offer advice and suggestions on things you can do to increase the value and appeal of your home.
- A great agent will communicate regularly so you always know what is happening, sadly this is not something all agents do.
- Most importantly a quality agent with have the energy, expertise and negotiation skills to deliver a price your home deserves!