Placing a property on the market represents a substantial decision that can have a massive impact on the financial well-being going forward, so avoiding costly mistakes is crucial.
Here are the “Top 5 Deadly Mistakes People need to avoid when they sell their property”.
These include the following:
1. Going for an inexperienced and cheaper fee agent.
Do not go with a bad agent or the agent who gives you the cheapest fee (how can they negotiate the best price for your home if they cannot negotiate their own professional fee). You are paying for a strong negotiator after all so please ensure you get a good one that will fight to get you the best possible price.
Ensure you engage a qualified, licensed, experienced agent who knows the local market like the back of their hand.
Questions asked of these agents should include:
- Are they a member of a professional body?
- Are they qualified to do what they do?
- How many years have they been in business?
- How many properties have they sold in your area?
- Have they won awards?
- What is their website like?
- What is their marketing plan for your home?
- Are they online?
- What is their digital marketing plan like?
- What kind of Google Reviews do they have?
- How long have they been in business? (ie are they experienced to deal with buyers and/or seller’s market, a booming or a crashing market?).
I can assure you a strong, positive, experienced and passionate agent is worth their weight in gold for you and will have a massive impact on your end selling price.
2. Over valuing your property from the start.
Do not overvalue your property from the start. It is desperately important not to “overshoot the runway” from the start as you will be chasing the market down from thereon.
An overpriced property on the market leads to few or no viewings, plus it helps other competing properties to sell faster and for more money. Your property will just sit there for months even years without activity and will become shop-soiled and shop-worn, and potential purchasers will think there is something wrong with the property in question. This long term destroys the equity on the house and causes it to devalue.
3. Selling your property in poor condition.
Do not sell a property in bad shape. The condition you present your house for sale makes a huge difference in the price you eventually end up getting. It is really important that you speculate to accumulate by having your property neat, tidy and freshly painted. It is essential to present your property well for sale.
Please download our eBook the “Team Lorraine Mulligan Home Staging Checklist” to ensure you have your property in pristine condition for sale.
When a property comes to the market in bad condition, purchasers literally take lumps off the price of the property. They make really “Low Ball Offers” which leads to the vendor receiving low and poor offers. This also makes it difficult for the estate agent to get higher offers. If the starting point is too low, it can be hard to get the price back up to a decent level.
4. Selling a bad-smelling property.
Ensure your property smells well. A big deterrent in receiving an offer on a property is if there is a bad smell from the inside. Purchasers are immediately put off with the smell of cigarettes, cigars, strong spicy and fishy smells, greasy smells, mould and mildew smells, stuffy, breathy, sweaty bedroom smells and smelly, unkept and soiled bathrooms dirty and overflowing cat litter trays and birdcages, dog and cat smells.
The smell is one of the human five senses, and this is extremely important and cannot be overlooked. It is very important to note that purchasers do not appreciate scented candles as they can feel that the vendor is hiding something.
5. Selling a property with cracks and water staining.
Ensure you fix up your property if you there are any structural issues, mould or water stains. Your purchaser will not want to inherit someone else’s heartache, so it is really important that you ensure your property is in excellent condition when you decide to place it on the market.
Please note that if a purchaser oversees something wrong with your property I can guarantee that the purchasers structural surveyor will spot it and if the purchaser is drawing down a mortgage the banks will spot it, and you won’t be able to sell until all items are put right. Also, please ensure all property alterations and extensions come with the relevant planning certificates eg. certificates of exemptions, compliance etc. Make sure all attic conversions are signed off also that they have been built correctly and are certified.