There’s a bit more to selling a home than sticking a for sale sign outside the property, taking a few photos and putting them online.
When a property hits the market for the first time, you want impact and people through the door. Putting a property on the market requires thought and planning.
Once it’s on the market, that’s when the fun begins! Yes, hold out for the right price, but not to the detriment of the property – if a property is on the market for several weeks, potential buyers start to think there is something wrong with it….. buyers can be fickle!
Here are six basic mistakes to avoid when putting your property on the market.
- Over priced
Be realistic! A 2-bed modern apartment by the sea is going to get far more than a 2-bed older apartment in the suburbs.
Pricing a property is an art. We all want to get top dollar for our property, but we also have factor in the condition, location and demand for the type of property when working out a price tag.
Then there’s the economy; the price paid for a property is governed by what people are willing to pay at the time. Quite simply, in strong economic times, people will pay more; in weak or uncertain times, they are less likely to part with their hard-earned cash or stretch themselves.
- Bad condition
Anything tatty and worn-out is unattractive, and a property is no different. Making minor repairs, putting a new coat of neutral coloured paint on and tidying up the garden will help give a property the boost.
When it comes to inside the house, you don’t necessarily have to turn the house into a showroom, but removing personal items and decluttering, putting flowers in a vase, fruit in a bowl all create the atmosphere of a loved property – and give people just enough to imagine themselves living there.
Sometimes circumstances mean you do have to sell when the property is in need of major renovations, or even part way through renovations, but it is still possible make it look good and feel homely.
- Wrong marketing
We positively cringe when we see some photos of property for sale. Bad pictures and descriptions mean you’re unlikely to even get people through the door, let alone put in an offer.
Once you’ve got your marketing materials sorted, you need to make sure your property is exposed to the people wanting your type of property – sometimes it’s not good enough to simply list the property on a website. Some property websites are better than others for the different types of property, and print media can have just a good a pull, if not better depending on the property.
Hold open inspections at times when most people can make it – 11am on a Monday morning maybe better for you, but early evening or weekends is better for the majority of people.
- Not Listening to The Market
Your chosen agent will recommend an asking price/price range which usually is lower than most owners think, because they are emotionally attached to their home and this is only natural. When prospective buyers inspect your house, they are also comparing it to other properties on the market and analyse the value in it to them and their family. When an offer is submitted to your agent, it is there job to get it up as high as possible and then your job to say “Yes or No”. However a smart owner will listen to the market and feedback as well as the agents advice when considering their options.
- Not getting the right agent
We know we’re biased on this one! Yes, you can sell your house yourself, but it is hard work and it takes time marketing, organising open inspections and answering queries. Plus, an agent is independent, is looking at the property with a buyers’ eye and holds no emotional attachment to it.
There are plenty of other good agents out there – but there are also some who are not so good so do your homework to find one you’re comfortable with and who you feel will help you get top dollar.
As well as having the experience of knowing how you should present your property, and where and how to market your property, many agents have a database of people interested in your type of property; we’ve sold properties before they’ve gone to market and saved owners the expense of advertising.
You wouldn’t ask someone who just sells furniture to sell your antiques, you ask a specialist who appreciates your asset and knows its value. The same goes for selling your property. You ask someone who’s experienced, knows the market and has the contacts.
- Attending inspections
Some may argue the seller being on site is a positive as they can tell potential buyers about the property, however we believe this isn’t always the case. Having the seller at an inspection does sometimes make potential buyers uncomfortable… you want the potential buyer to see themselves in the property, not as invading someone’s home. They also need to feel they can ask blunt questions without upsetting someone!
If you’re looking to sell your property in the future, get in touch and our experienced team will give you a no obligation appraisal (and they’ll also give you plenty of tips on what you need to do to make it better!)
We believe we go above and beyond expectations which is why we are one of Newcastle’s longest established real estate companies. Give us a call on 02 4954 8833 or pop into our Cardiff office for a no-obligation chat. Alternatively, send us an email to: firstname.lastname@example.org – we’d love to hear from you.
And don’t forget to check out our Facebook page for handy tips on selling your property or what to look for when buying a property.