There are a number of common mistakes that owners make when selling their home. It’s important to be aware of these so that you know what to avoid. These mistakes can lead to your property sitting on the market for a long time or selling for a lower price than what it could be worth.
1. Pricing property too high
One of the biggest mistakes people make when selling their properties is pricing it too high. Of course, we might have an emotional attachment to our homes. However, property is only worth what someone else is willing to pay for it. When you price your property too high, your property doesn’t compete well against other properties and less buyers will be interested in viewing your home.
The longer a property sits on the market, the less appealing it looks to potential buyers. People will start to assume that there has to be something wrong with your property for no one to have bought it. Hence, it’s important that you get an accurate appraisal on your home and you have a strong pricing strategy.
2. Choosing the wrong agent
You’ll want to be talking to and getting appraisals from multiple agents. Following on from the last point, you need to be careful of agents that say they get an extremely high price for your property without being able to give you evidence to back it up. An honest and knowledgeable real estate agent will be able to get your home sold faster and for the best price possible.
The right agent for you should work well with you. Their communication should be great and they should be able to advise you on what your home needs before it goes onto the market. For example, what repairs need to be made or what type of property styling should be done to appeal to buyers.
3. Not presenting property well
When you talk to real estate agents and other experts in property, one of the most common things that will come up is the importance of presenting your home well. This means that it should be clean and decluttered. To really stand out from the crowd, you want it to be styled with furniture and accessories.
For sellers in the Sutherland Shire property market or in surrounding areas, it’s important to be aware of your target market. Generally, sticking to neutral colours and consistent styles throughout a home is a good idea. Try to style your home based on your property’s unique characteristics. For example, if you’re selling a relatively new apartment, going for a modern style to target young professionals might be ideal.
4. Making the wrong upgrades
Though it’s important that you make changes in order to get your property looking as appealing as possible, there’s definitely the possibility that you’ll be making the wrong upgrades. For example, doing an expensive kitchen renovation when you’re selling in a middle-class area might not make sense. Make sure to do your research and talk to the right professionals to figure out which projects will give you a good return on investment.
Guest author: Ellen Orton is the Head of Business Operations at OpenAgent.com.au, an online agent comparison website helping Australians to sell, buy and own property.