Rookie er­rors to avoid when sell­ing your home

Central and North Burnett Times - - REAL ESTATE - Carly Jacobs

SELL­ING a prop­erty isn’t easy.

Un­less you’re a real es­tate agent, it’s prob­a­bly not some­thing you do very of­ten which makes it dif­fi­cult to hone your skills and get good at the real es­tate game.

The in­dus­try is con­stantly chang­ing, which can make the whole process even more over­whelm­ing. Ray White Surfers Par­adise CEO An­drew Bell shares what the most com­mon mis­takes ven­dors make are and how to avoid them.

Not let­ting enough peo­ple know your prop­erty is for sale

Bell says one of the big­gest mis­takes home sell­ers make is not shout­ing it from the rooftops.

“In or­der to achieve max­i­mum sale price it is es­sen­tial to at­tract as many buy­ers as pos­si­ble.

This re­quires a multi-pronged mar­ket­ing strat­egy.

“So many prop­er­ties have been un­der-sold from a fig­ure they could have achieved by the prop­erty not be­ing pre­sented to all ar­eas of buyer en­quiry.”

Ad­ver­tis­ing your prop­erty on­line will en­sure you at­tract the most buy­ers.

Not al­low­ing the agent to weed out time wasters

“For most buy­ers the pur­chase of real es­tate is the largest fi­nan­cial trans­ac­tion they do in their life­time.

“They only do it two to four times in that life­time, so they are of­ten are ex­tremely ner­vous and cau­tious.

“The harder a seller comes across the more dif­fi­cult it be­comes to ne­go­ti­ate bet­ter out­comes for the seller.”

An­drew rec­om­mends trust­ing your agent and let­ting them do the work for you – that is their job af­ter all.

Be­ing in a rush

Sell­ing your home takes time and it’s un­re­al­is­tic to go into the mar­ket ex­pect­ing a full-price of­fer on the first week­end it’s for sale.

It’s im­por­tant to re­mem­ber that some prop­er­ties take a long time to sell and that, ul­ti­mately, you can’t sell a house that no one wants to buy. It’s un­re­al­is­tic to ex­pect a full-price of­fer on the first week­end.

“Much prepa­ra­tion needs to be ini­ti­ated wait­ing for the right weather con­di­tions to en­gage pho­tog­ra­phy and video,” Bell says.

“Ad­ver­tise­ments need to be well writ­ten and there is a se­quence of events that should oc­cur in or­der to have a mar­ket­ing cam­paign un­fold in the most ef­fec­tive way.”

Ask­ing for too much money

When peo­ple are in the mar­ket for buyer a house they be­come ex­perts and they will know im­me­di­ately if you’ve over-priced your house, Bell says.

Ask­ing for too much money for your home can back­fire when you lose buy­ers.

“For the two or three months that buy­ers may be in the mar­ket­place they be­come the best val­uers there are for that pe­riod of time.

“Gen­er­ally speak­ing they know ev­ery prop­erty that is on the mar­ket for sale, they in­spect a great num­ber of prop­er­ties, they know what ev­ery prop­erty has sold for and know when a prop­erty is over­priced or fairly priced.

Ask­ing be­yond a rea­son­able price will cause many po­ten­tial buy­ers to not even call to in­spect a prop­erty and so po­ten­tial buy­ers are lost be­cause the ask­ing price is a turn off.”

Not tidy­ing up

Not only do you need to give your house a thor­ough clean, you should also re­move any per­sonal items that make the house look like it be­longs to some­one else.

A po­ten­tial buyer needs to imag­ine your home as their home.

This means fam­ily pho­tos should be re­moved from the walls, shop­ping lists should be taken down from the fridge and any per­sonal items should be stored away neatly in the cup­boards.

Don’t forget to clean up your mess be­fore an open house. It’s ob­vi­ously not prac­ti­cal to to­tally empty your home but a po­ten­tial buyer needs to be able to imag­ine your home as their home and they won’t be able to do that if the walls are cov­ered with pic­tures of peo­ple they don’t know. It’s a very pow­er­ful psy­cho­log­i­cal trick that’s def­i­nitely worth the trou­ble.

Spend­ing too much money on pre-sale ren­o­va­tions

Bell says an­other ma­jor rookie er­ror is spend­ing far too much money on sale spe­cific ren­o­va­tions.

While it is cer­tainly good prac­tice to patch any holes in the walls and make mi­nor fixes to the prop­erty, it’s not al­ways a good idea to spend thou­sands of dol­lars on a ma­jor ren­o­va­tion that you may never get a re­turn on.

“There is usu­ally prac­ti­cal and some­what in­ex­pen­sive work that can be done to add to the over­all presentation of a home when pre­sent­ing it to a mar­ket.

A coat of paint or re-car­pet­ing can make a big dif­fer­ence but be wary of ex­ten­sive up­grades,” he says.

Not think­ing out­side the box with mar­ket­ing

Tra­di­tional mar­ket­ing is still es­sen­tial but Bell sug­gests dig­i­tal mar­ket­ing in­clud­ing so­cial me­dia shar­ing, sub­mit­ting your home to any rel­e­vant web­sites and even cre­at­ing a dig­i­tal tour of your home for po­ten­tial in­ter­state and in­ter­na­tional buy­ers.

“There are ac­tive buy­ers who are con­stantly look­ing in the mar­ket for prop­er­ties to buy and a nor­mal mar­ket­ing cam­paign can eas­ily find th­ese buy­ers,” Bell says.

“How­ever th­ese buy­ers are of­ten the most in­formed and knowl­edge­able buy­ers and can be the most dif­fi­cult to ne­go­ti­ate with.

“There is how­ever an­other type of buyer and that is the pas­sive buyer or the in­ac­tive buyer.

They’re not even look­ing to buy and there­fore it is the job of a good mar­ket­ing agent to know where to go to find th­ese buy­ers.”

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