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Selling property? Avoid these 5 common mistakes

mistakes when selling

Selling property? Then you’ll want to make sure you get the best value. Avoid these 5 common mistakes.

Let’s face it, selling property is a big deal. When things go wrong, it can be stressful and costly. For most of you, your property is your biggest asset, so you want to make sure you secure the best possible sales price. Here are 5 things you want to avoid when it comes to selling.

Overpricing.

While it’s natural to want to achieve the highest price for your home, set your sights too high and you’re in danger of putting buyers off. Buyers are usually tossing between a few different properties in the same area, and the price will be one of their biggest points of comparison. If your asking price doesn’t add up, you could lose them to a competing property.

Ignoring maintenance issues.

These days, buyers tend to want a hassle-free property they can move straight into. If your property is burdened with leaky pipes and faulty appliances, it could cause problems come inspection time. Sometimes, it’s worth investing the money and fixing issues before you put your property on the market.

Overcapitalising.

If you’re renovating to sell, you should firstly research popular features and trends in your area. Often our own tastes and needs are different to those of buyers. It’s easy to spend thousands of dollars rendering a property or installing the most luxury appliances, but do buyers care about these additions and will they add value to your property? If you do make changes, make sure you’re spending your money on the right things.

Not being flexible.

You may have a preconceived notion of how your sales process will go, but often things don’t go to plan. Limiting your flexibility will also limit the pool of buyers interested in your property. Sometimes, personal circumstances don’t allow us to be flexible. But ideally, you want to remain as flexible as possible about things like price, settlement terms and viewing times so you can draw as much interest as possible.

Poor negotiation.

Often, there’s a difference between what a buyer actually pays for a home and what they would have paid. And here’s a little secret – many real estate agents don’t even know how to secure the best market value for a property. The thing you need to remember is a buyer’s first offer is unlikely to be their best offer. Most buyers will pitch a good 10% below what they’re willing to pay. And if you find yourself in the lucky position of having more than one interested buyer, your negotiation position is fairly strong. Your goal is to get them up to your asking price—anything higher is a bonus.

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