Selling your home requires significant time and effort, it’s a one of a kind experience that has its own unique stresses and complications..
Everybody wants to sell their home for the highest price possible, and quickly. To ensure you’re happy with the process from start to finish, avoid these 10 mistakes when selling your home.
1. Selling your home by yourself
Some sellers choose to sell their own home, hoping to save the fees associated with a Realtor, but are the savings real? Without the research that a licensed agent can provide, it may be difficult to know where to begin. Selling your home alone could end up costing you more than if you had hired an agent, if you don’t know what you’re doing.
While there are sellers who consciously decide to sell their home by themselves, it’s always better to get all the help you can get. A licensed agent’s extensive knowledge and experience will be more than beneficial to you, smoothing the process. However, thorough research should be made as well in selecting a professional and would end up costing you more – which leads us to the next mistake.
2. Hiring the wrong agent
Not all real estate agents are built the same way. Selling your home is a highly important stage in your life, which also entails equally important decisions. With this, you wouldn’t want someone who’s not the right fit to be with you throughout these times now would you? A couple of factors from your end that you should consider in choosing your agent are the price and type of your property as well as the target buyers and marketing techniques. A mismatch between you and an agent might lead to them giving improper advice and guidance on these factors, leading to the delay if not the failure of the sale.
3. Overpricing your property
A high price is not the most encouraging selling point in the first place, so overdoing it is all the more difficult to take in. To mitigate this, make sure to employ the services of a hardworking real estate agent with rich market knowledge. One thing you can do for starters is to set the price a little bit lower than what you intended it to be. Low prices tend to attract more buyers, so the competition that can come out of this will lead to higher offers, and then to higher profits.
4. Lack of preparation for the property
Looking at your home as it is right now, it might seem just fine; but remember that your perspective is that of a resident and not of a buyer. “House blindness” is where you can’t see the inconspicuous problems or shortcomings that buyers will notice. More than making it tidy, prepare your property in a way that it looks sellable – since that’s the goal anyway. This is another good reason to engage with a Realtor, they will be able to give you objective feedback about what elements of the property to focus on. Keep it in excellent condition and it will entice buyers in no time.
5. Pass on maintenance concerns
Apart from worrying about the presentation of your home, its internal factors like repair issues should be addressed too. Majority of buyers are seeking properties they can move into and enjoy immediately. Buyers don’t want additional expenses to fix up the home they just moved into, so see to it that pipes, wires, walls and roofs are in great shape for long term living. It’s highly recommended that paying a little more to get these fixed or maintained as they increase the chances of the home getting sold. Although, it’s always best to consult with your agent first before doing any upgrades; which brings us to the next point.
Overspending on your upgrades tends to lead to capital loss, which is definitely undesirable. These expenses inevitably end up getting added to the actual price, making the property even more expensive and less attractive to prospective buyers.
7. Not advertising your home
No matter how beautiful your property is, or how conveniently located, or how reasonably priced it is, these selling points are no use if it is known in the first place. Plenty of advertising methods are available so make sure to take advantage of them. A professional signboard in front of the property is a sure-fire way to attract attention from those in the area, however online advertising is going to attract a broader audience.
8. Sticking to traditional way of selling
Speaking of the internet, it is indeed a fantastic platform to promote your property in. The innovative marketing strategies this technology brings lets you reach tons of potential buyers.This could include online listings, professional video and photos, virtual furniture staging and even virtual tours of the home.
9. Lack of flexibility
This entire process of selling your property is not a one-way street. Different factors that affect it are ever changing, leading to its overall unpredictability. This includes your target market and their consumption behaviours, and even the real estate market itself. Flexibility is also required in taking offers. Utilise the best of your negotiation skills to get the best outcome.
10. Ignoring the fine print
Covering all the previously mentioned factors and finally getting that sale are great achievements. However, the mistakes don’t stop there. A lot of sellers have the tendency to ignore the contracts at hand before signing them. For additional safeguarding, have a solicitor go through the terms and conditions with you before signing anything.