With spring just around the corner, everyone begins to think about new beginnings and renewal. As the days get warmer and the birds begin to sing, everyone has a little bit of an extra spark in their smile. Spring also marks the beginning of the home buying season. Buyers are ready to begin looking for that perfect new nest to call home and sellers are equally as eager to get the best possible price for their properties.
However, as more homes hit the market sellers have to be especially cautious, and perhaps more importantly well prepared. With more houses available property sellers really have to know how to market their homes the right way to help it stand out from the crowd. There are many common mistakes that property sellers make – especially those who are first time sellers. Here are just a few of them and what should be done to avoid making them in the first place.
Mistake : Getting the Price Wrong
Every property seller wants to get the best possible return on their investment but set the asking price too high and a property seller is simply setting themselves up for failure. Not only will it lose them potential buyers who would probably have been greatly interested in buying their home had the pricing been better but it may also mean that those who do show up will be disappointed in what the home delivers for the inflated price. Overpriced properties rarely sell and the owners end up having to “discount” the price to get them sold anyway.
On the other hand setting a ridiculously low asking price, one that a property seller knows they will never accept but is designed to lure buyers in is nothing short of downright unethical. In addition nine out of ten of the buyers you attract will not be able to afford the real asking price and the qualified customers may never see the house.
Action: Do your homework, research the local market and set an asking price that is realistic.
Mistake: Choosing the Wrong Way to Sell
In Australia there are two main ways to get a house sold. In metropolitan areas, where the housing demand is high, sale by auction is very popular. The process is quick (it takes about six weeks) and the aim is to get the best price by creating a sense of urgency around the home to get buyers interested. Private treaty (or sale by negotiation) is rather different and is favored by those with property for sale in more suburban areas. This is a method that works better if a property seller is in no real rush and can afford to wait for that perfect offer to come along.
Action: Investigate both methods of sale carefully and figure out which is the right one for you before putting your home up for sale
Mistake: Spending Too Much on Advertising
Yes, you are going to need to spend some money to advertise your property but that does not mean thousands of dollars and a splashy spread in a real estate magazine. Most buyers have a certain geographical area in mind and all the ads in the world won’t tempt them to stray so a For Sale sign on the front lawn and a well composed online ad really should be enough.
Action: If you are using a selling agent make than justify every penny in advertising. And don’t pay them a thing until the property is sold.
Mistake: Working with the Wrong People
The majority of real estate sales are conducted by estate agents. In order to make sure you use the right one keep these points in mind:
* If you don’t trust an agent at the first meeting do not work with them. Trust is of paramount importance in the agent/seller relationship and if it isn’t there the transaction is not going to work.
* Don’t go with the estate agent who promises they can get you what you know is an inflated price. This is a high pressure sales tactic, nothing more, nothing less.
* Don’t base your decision on the lowest price. Cut price often means cut rate service too.
* Don’t list with multiple agencies. To do so may end up getting you a lower sale price than you deserve as too many agents compete for the commission and push bad offers.
* Don’t choose an agency that does not operate on the weekend. Most people use their weekends to go house hunting so if your agent is not available it won’t help your chances of selling your property
Mistake – Neglecting Your Property
Your home for sale needs to maintain its street appeal at all times, as this is the very first impression potential buyers will get of the property as a whole. This may be where they either fall in love or dismiss it out of hand, depending on the state it is in.
Choose your estate agent with care. Ask for referrals from previous clients and to see their sales track record. Alternately you could choose to go the FSBO (for sale by owner) route, which will save you quite a lot of money visit www.BuyMyPlace.com.au now!