Selling a property for the first time can be a daunting experience for many. Even those experienced in real estate sales will attest to the fact that it can often be a time-consuming and laborious process. Whatever the reasons for wishing to sell, there are a few common mistakes you would be wise to avoid
1. Choosing the wrong real estate agent
For most apartment and house sales, working with a real estate agent is key to ensuring a smooth and successful listing. Good agents are not only familiar with the paperwork an administration needed to process a property sale, but they can also provide excellent guidance with regards to competitive pricing as well as handle sometimes challenging interaction and communication with prospective buyers. Choosing the wrong agent, however, could have a reverse effect on the success of your house sale. Ineffective marketing could leave you with limited options and a small number of interested buyers whilst poor pricing advice could lead to a significant devaluing of your property should the sale go through. To ensure you choose a real estate agent who is going above and beyond for your benefit, it is always worth getting a recommendation or reading reviews from previous clients.
2. Trying to sell on your own
For those wishing to cut out the middleman altogether, selling your house on your own is also an option. In fact, more and more first-time sellers are bypassing real estate agents and going it alone. While this will eliminate your agent fees and commission, be warned that the risks can be high. Agents provide invaluable insight and knowledge of the housing market in the local area and could provide advice with regards to pricing and marketing strategies.
Indeed, by going it alone any advertising and marketing would have to be carried out solely from your own budget and could even end up spending more than if you’d hired an agent. Furthermore, unless you are familiar with the formalities of the escrow process as well as the more detailed legal points of property sales transactions, you may find that you have to consult with and pay for the services of an attorney.
3. Setting your Selling Price too High
Whilst it may be tempting, setting a price too high or higher than similar properties on the market can often have an adverse effect. High selling prices naturally reduce the interest your house sale can generate. If working with a real estate agent, it is wise to follow their advice and experience with regard to local market pricing. In some cases, it could also be beneficial to set a price lower than the perceived value of the house as competition between buyers could eventually push the price up to one which adds significant value.
4. Not keeping on top of Property Maintenance
Before listing and advertising your house, it is worth putting yourself in the shoes of those coming to view your property. Though some buyers will be happy to purchase a property with a long-term view to renovate and upgrade, most buyers searching the market are looking for properties that can be moved in immediately. In order not to scare off potential buyers, basic property maintenance should not be neglected. Rotten window frames, leaking roofs, and damp walls are sure to be picked up during any inspections so investing in some basic upgrades could be a great idea to generate more interest and get your house sale over the line. Cutting corners and trying to hide major problems is also sure to be found out and will have the opposite effect on your ability to sell.
5. Overinvestment prior to Sale
On the other hand, overinvestment in upgrades and property renovation could potentially backfire and leave you out of pocket. Check with your estate agent first before splashing out on repairs. Which areas are key? Which areas will improve your chances of a successful sale? After all, the fundamental goal of investing in your property’s maintenance is to increase its value and interest in the market.
6, Poor Advertisement
How do you intend to advertise your property? What typical profile does your target buyer fit? Like with any business or service, reaching out to the right audience requires an effective marketing strategy. Many first-time sellers fall into the trap of simple internet listings to advertise their home. Take an open-minded approach and consider adopting a wide range of advertising techniques. Social media and virtual tours, for example, are becoming an increasingly popular advertising method in today’s increasingly digital world.
7. Not doing the Preparation Work
With necessary renovations complete and an effective marketing strategy in place, you could be feeling that it is only a matter of time before you attract that interested buyer and strike a deal. To avoid falling at the final hurdle, make sure you go back to basics and do some home preparation. Stage your house properly so viewers can see its full potential. An untidy, cluttered house does no favors and could be the difference between persuading buyers to make that purchase decision.
8. Be Flexible and Calm
The process of selling your house can be stressful and time-consuming. If selling for the first time, you may have underestimated the complexity and need to be flexible to accommodate different buyers’ needs. This may include allowing viewings at inconvenient times or even in how you view and negotiate proposals and offers. To give yourself the best chance possible of closing the sale, make sure you are responsive to potential buyers’ requests and needs, whilst always consulting with your estate agent. Having invested a great time, money, and effort in trying to sell your home, keeping your emotions in check, and being calm is also important to see the transaction over the line.
Whether selling a semi-detached property or luxury apartment, keeping the above common mistakes in mind will help significantly reduce the stress, effort, and time spent in finalizing your house sale. An experienced real estate agent or solicitor can also give you the confidence you need and help guide you through each step of the process.