Whether it’s your home or investment property, when it comes to selling it, you want to get the best possible price in the shortest amount of time with the least amount of stress.
Knowing what to avoid will keep costs down, save time and it will lead to a successful sale with both sides happy.
Here are some common mistakes sellers make when putting their property on the market:
- Overpricing your Property
Many owners will get several agents in when looking to sell their property. Some agents will be truthful with you the owners and advise honestly what your property may be worth, however some unskilled agents find the only way they can get business is to promise the world including an inflated asking price. The genuine agents will always supply comparable properties that have recently sold with photos and addresses for you to also do a drive past. Remember the best time to sell is in the first 7-10 days and the longer the property is on the market; generally you will receive a lower selling price.
- Not Using an Agent
We admit we’re biased on this one!
Yes of course you can sell your house yourself, but it is a lot of work, takes time, and in some cases, can cost you more if you’ve overlooked something.
A good agent not only takes the stress out of the process, knows the market and all the legalities, has the negotiating skills and can explain the paperwork and small print, but also they often have a database of prospective purchasers they can market your property to.
We see too many private sellers believe they have saved on agents fees but end up underselling their homes by sometimes as much as $20,000 to $30,000.
- Scrimping on Marketing
Some agents will tell you today all you need is to put it onto the internet.
Yes the internet is vitally important but you also need to look at how it will be marketed on the internet, which portal will your property be shown on, will it have high quality professional photography along with floor and site plans.
However just as important as the internet, is advertising your property in the local paper. In Newcastle over 50,000 Saturday papers are still sold with the vast majority purchasing them for the real estate section. Some of these people will also look at the internet but a good percentage just rely on the paper.
To really ensure you get the best price for your property you need to be guaranteed that those looking to purchase are aware of your property.
- Over Capitalising
Most people want a house they can move into, and then make their own mark on their home. Yes, make sure the property is maintained and do the repairs, redecorate if necessary with neutral colours, thoroughly clean it and tidy up the garden, but don’t go installing an entire new bathroom when perhaps upgrading the shower will suffice.
- Easy Access
Whilst it easy to have 1 or 2 open houses a week some buyers still like the ability to have private viewings at a time that is suitable for them and this is where the vast majority of buyers still come from. Be sure to be flexible with your agents for viewing hours as a knocked back buyer may have been the one who would have paid more than any other prospective purchaser, but you will never know.
- Economical with the Truth
You may not want to disclose past events or current faults, but believe us, when an inspector finds a problem or discovers an issue when you’re at the tail end of negotiations, it’s not easy. At best, contracts have to be renegotiated or the sale won’t go through and you’ll have to start all over again. At worst, you could be charged with criminal behaviour.
Want to know some more property selling top tips? We’re here to help!
Our knowledgeable and experienced team will help take the stress out of selling, make sure you avoid costly mistakes and will guide you through every step of the process. With over 40 years of business in the area, we are one of Newcastle’s longest established real estate offices, so give us a call on 02 4954 8833 or pop into our office for a chat.