Home sell­ing mis­takes to avoid

Lesotho Times - - Property -

THERE has been a trend of com­mon mis­takes that sell­ers tend to make when it comes to putting their home on the mar­ket.

This is ac­cord­ing to Grant Gavin, Bro­ker and Owner of RE/MAX Panache, who says it is un­der­stand­able that sell­ers find the process of sell­ing their home com­pli­cated and over­whelm­ing, as it’s not some­thing they do ev­ery day.

How­ever, he says with the right re­search to en­sure they are pre­pared for the sale, and en­sur­ing they use the right agent, many of the com­mon er­rors could eas­ily be avoided.

For ex­am­ple, Mr Gavin says many sell­ers tend to se­lect an agent to sell their home based on who gives them the high­est val­u­a­tion.

“This is a mis­take, as by do­ing this, sell­ers may in­ad­ver­tently be em­ploy­ing the least ex­pe­ri­enced or least pro­duc­tive agent.”

He says, in­stead, agents should be se­lected based on their ex­per­tise and knowl­edge of the area and the prop­erty mar­ket, their mar­ket­ing plan and by other homes that they have sold. Mr Gavin says good agents will have a solid track record of prop­er­ties they have sold, which will give a good in­di­ca­tion of their abil­ity.

Pric­ing the home at a pre­mium in the ini­tial mar­ket­ing pe­riod is an­other com­mon mis­take sell­ers tend to make.

He says this is the most crit­i­cal time when mar­ket­ing a home be­cause the most ac­tive buy­ers in the mar­ket will come through dur­ing this pe­riod.

That is why it is crit­i­cal for the home to be priced at fair mar­ket value from the out­set, he says.

One of the most detri­men­tal mis­takes that many sell­ers make when putting their home on the mar­ket is over­pric­ing the prop­erty, says Adrian Goslett, CEO of RE/MAX of South­ern Africa.

He says of­ten sell­ers set a higher price for their prop­erty than they want to get out, with the hope that if a buyer of­fers a lower price, they are still able to ne­go­ti­ate close to the orig­i­nal price they wanted.

How­ever, Mr Goslett says if the prop­erty is over­priced, many buy­ers won’t even take the time to view it and would rather look at other prop­er­ties that are priced at what they deem to be rea­son­able mar­ket value.

He says all over­es­ti­mated prices will do is make prop­er­ties that are priced cor­rectly look like a bar­gain buy.

Mr Gavin says many sell­ers also tend to turn down the first of­fer they re­ceive. “When sell­ers re­ceive an of­fer early on in the sale process, it’s fairly com­mon for them to feel that they need to wait and see what else the mar­ket will de­liver.”

Un­for­tu­nately, he says the longer a home stays on the mar­ket, the lower the even­tual sell­ing price that can be achieved.

“If the agent mar­kets a home cor­rectly at an ac­cu­rate price, then sell­ers should be pre­pared to re­ceive an of­fer early on in the process.”

With the Con­sumer Pro­tec­tion Act in mind, fail­ure to dis­close faults in the prop­erty that may not be vis­i­ble to buy­ers when in­spect­ing the prop­erty is an­other mis­take of­ten made by sell­ers, says Mr Gavin.

He says buy­ers are more aware than ever be­fore of the im­por­tance of get­ting a home prop­erly in­spected to en­sure they know what they are buy­ing.

He says should faults that the sell­ers knew about be dis­cov­ered, things could get tricky and it will more than likely put the sale at risk.

To sell a home in the short­est amount of time for the best pos­si­ble price, Mr Gavin says sell­ers need to have done their re­search and se­lect the best agent to work with them in or­der to achieve their goal.

— Prop­erty24.

ES­TATE agents should be se­lected based on their ex­per­tise and knowl­edge of the prop­erty mar­ket.

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