How to Avoid the Most Common Mistakes Sellers Make – Part 1

There are some common errors in judgement which can be made by a vendor wishing to sell their home, and which can be detrimental to the ultimate sale of the property. While many real estate agents will place “Not Using an Agent” at the top of the list of these potential errors, this need in no way be the case. As long as the vendor goes into the process with the knowledge required and realistic expectations of how the process of selling will unfold, there is no reason why a property can’t be sold for a premium and in a timely fashion without the added expense of agent commissions. So below is a guideline of things for a vendor to avoid when selling their property, in no particular order:

Limiting Accessibility of Buyers

It is said that the most crucial time for a new property listing is the first two to three weeks; a vendor needs to expect to be, during this time and during the marketing process, at the buyer’s mercy. The home needs to be available for viewing at the convenience of the buyer, not the seller – which will have an impact on the current occupants of the home, but “them’s the brakes”. A home too long on the market can become stigmatised and if a vendor wants to sell, they need to be flexible on allowing access of potential buyers to the property.

Unwillingness to Spend a Little

This should be common sense, unless you are marketing your property as a “fixer” and pricing it to suit. Repair anything that is broken, shabby or unsightly. Present the home as you would wish to have it if you were buying.

Over-capitalising

While not repairing broken fixtures and spiffing the house up to be presentable will lose potential buyers, spending too much on unnecessary improvements will not equate to a relative increase in sale price. While the place may need new carpets, a coat of paint, or a new roof, only undertake other big investments if they are really necessary. Otherwise it may be money leaving your pocket and with no real possibility of recouping it at sale.

Panic Selling

Most vendors wish to sell quickly. It’s not a great idea, however, to appear desperate to buyers – they will not only expect they can get the property at “bargain” prices, they may wonder what is wrong with the property that the owner wishes to offload it so quickly. Knowing the market value of the property and having a realistic expectation of the time it will take to sell in the current market are important considerations which should be anticipated before placing the house up for sale.

Next time we will cover part 2 of this article, and the other common mistakes vendors make when selling their own homes.

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