7 Traps to Avoid when Selling your Home

Selling your home is a serious business - and a business on which everyone seems to have their own point of view. But taking the wrong advice or the wrong approach can cost you a lot of money when it comes to sale time. And we think you should get as much for your home as you possibly can.

So here are 7 deadly sins to avoid when selling your property:

1. Having unrealistic expectations

Understandably, most of us love our homes. But that can lead to some people putting an inflated price tag on it when it comes time to sell. And instead of considering the offers that are put to them, they hold out, waiting for the one that will finally meet their expectations.

The reality is, your home is only worth what people will pay for it. An experienced local real estate agent will have a very good idea of what that is before they list your property. So interview several agents and compare their valuations for your property. Then take this as your guide to what you should accept.

2. Interviewing only one agent

So, you’ve watched the local market for a while and you’ve already more-or-less made up your mind who’ll be selling your place before you’ve even interviewed anyone. Then, when you do call them up, they win you over and immediately confirm everything you thought you knew. Including how much your home is worth. So you sign on the dotted line without even finding out what other agents have to offer at all.

We think you can only make an informed decision on who the best agent is, when you have the chance to compare several agents side-by-side. That includes their sales record, their commissions, their plans for marketing your home and their valuations.

3. Not letting the world know it’s for sale

Some people see marketing as an unnecessary expense and they scrimp on it to keep their costs down. Others find the idea of the hordes traipsing through their home unbearable, so they sell ‘off market’ or let as few people as possible know that it’s for sale.

Getting the best price for your home really does mean getting as many interested people as possible through the door. And the best way to do that by far is through a solid advertising campaign that gives your property maximum exposure, including print, online, windows and sale boards.

4. Not paying enough attention to presentation

The simple fact is that first impressions matter. Well presented properties almost always attract more buyer interest and, when people see something that looks a bit shabby, they expect to get it cheap. So tidy up, de-clutter and show your home in the best possible light.

You also want buyers to imagine themselves in your place before they buy. Ask your agent about who they think your home is likely to appeal to - eg young professionals, downsizers, mature families - and set your property up so that your target buyers can see exactly how it would work for them. Don’t be afraid to use a stylist if it’s likely to make a difference to your sale price.

5. Not using a local specialist

There’s simply no substitute for local knowledge. After all, what represents a good price will change from suburb to suburb, street to street and even building by building. And the types of buyers and methods for attracting buyers are likely to change too.

The best way to get top price is to master the local conditions. That means using a local agent who understands your area intimately, as well as what works and what doesn’t.

6. Throwing money away on a renovation

Because better looking properties usually attract more buyer interest, it can be tempting to renovate your whole property in the lead up to selling: new kitchen, new bathroom, new flooring and a repaint. But the amount you’ll make from your renovating efforts isn’t always more than the amount you invest.

The best approach is to ask your agent what they think you should do to your home before you list.

7.  Being impatient

We’ve all heard about the buyer who walks through the door, falls in love with a place and offers top dollar then and there. But, sadly, that doesn’t happen very often at all. Buying a home is the biggest investment most people ever make, so they usually like to take their time about it, just to make sure that they’re investing their money wisely.

Be patient with your sale and don’t just jump the first offer that comes your way. After all, a good agent will try to get you a better price by getting more than one buyer interested in your property. And that process can take a little time.

Visit Agent Select to find out more.

Agent Select is a free and independent service that helps consumers select the best performing real estate agent, and negotiate the best terms to sell their property, anywhere in Australia. Agent Select’s three step process provides you with a property report, compares sales proposals from three local agents in a customised Agent Comparison Report, and gives you complete freedom to appoint your chosen agent to sell your property with confidence. Find out more at AgentSelect.com.au or call 1300 040 463.