Com­mon mis­takes when sell­ing a house

Wangaratta Chronicle - North East Property Guide - - NEWS - Writ­ten by | in Sell­ing

Save your­self a headache and the cost of sell­ing a house by avoid­ing these five mis­takes.

1. Plac­ing the world on your shoul­ders

The term ‘DIY’ should ex­tend, for most peo­ple, only as far as a new paintjob or the odd mi­nor/cos­metic ren­o­va­tion. The big­gest cost of sell­ing a house and eas­i­est mis­take is de­cid­ing to sell your house your­self. Un­less you feel com­pletely con­fi­dent in sell­ing your house your­self, are flex­i­ble in what price you want for the house or don’t have the money to use an agent, then per­haps avoid sell­ing your­self. En­gage a pro­fes­sional real es­tate agent to value your house, mar­ket it, and then sell it. The ben­e­fits of en­gag­ing an agent to sell your home? They have sold dozens of prop­er­ties (hope­fully!) and know what works and what doesn’t. How­ever, this does lead into the next mis­take to be wary of.

2. Choos­ing the wrong agent

There should be two par­ties work­ing to­gether in sell­ing your home: your­self and your agent. With­out in­ter­view­ing an agent and find­ing out whether they have re­cent and con­sid­er­able ex­pe­ri­ence in your lo­cal mar­ket then you risk em­ploy­ing some­one who will not work with you, who will not work ef­fec­tively and who won’t prove to be the worth­while dif­fer­ence be­tween sell­ing your prop­erty your­self and en­gag­ing a pro­fes­sional. Be sure that any prospec­tive agent can show you their pre­vi­ous sales and com­pare these to your own prop­erty. Fol­low­ing this, ask them how they will mar­ket your home and who they in­tend to mar­ket it to­wards.

3. En­ter­ing the game blind

Mis­takes when sell­ing a house of­ten come down to a lack of knowl­edge and aware­ness of the mar­ket. The eas­i­est way to avoid un­der­quot­ing or overquot­ing your home (and alien­at­ing buy­ers) or sell­ing at the wrong time is to be your own prop­erty ex­pert. This means be­ing aware of the larger mar­kets and then hon­ing your knowl­edge once it comes time to sell. At­tend­ing auc­tions will be a valu­able tool for know­ing how to mar­ket your own home, while us­ing on­line data such as a Price Es­ti­mates tool will give you not only a clear in­di­ca­tion of your prop­erty’s worth but vi­tal de­mo­graphic data to help you gear your prop­erty’s mar­ket­ing to­wards the sort of prop­erty seeker who will pay what your home is worth.

4. Be­ing in­flex­i­ble

This goes for many fac­tors within the sell­ing process. You need to re­main open to the sug­ges­tions and knowl­edge of your agent, to the pos­si­bil­ity of at­tract­ing and ce­ment­ing early of­fers rather than wait­ing to see what you can get at auc­tion (es­pe­cially in a buyer’s mar­ket) and be­ing flex­i­ble when it comes to what you can get for your home. If it seems that it is un­likely that you will get what you ini­tially hoped, be open to ac­cept­ing a lower price if it means you can still do what you wanted to do with the money. This flex­i­bil­ity leads to…

5. Be­ing com­mit­ted to sell­ing a house

Avoid en­ter­ing the mar­ket half­heart­edly just to see how your prop­erty per­forms. This at­ti­tude will taint your re­la­tion­ship with your agent, as they will work harder for your prop­erty if they know you want to sell it. Be­ing non-com­mit­tal may also im­pact other as­pects of the sell­ing process, such as re­duc­ing how ef­fec­tively you mar­ket and dis­play your prop­erty, how well you fix re­pairs to the home (trust be­tween you and a po­ten­tial buyer is key to driv­ing up your home’s price) and im­pact ne­go­ti­a­tions you have with po­ten­tial buy­ers, which can all have an ef­fect on the cost of sell­ing a house.

Black­board with a list of fac­tors that in­flu­ence a prop­erty’s value

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