Unless you’re a real estate agent, selling properties is probably not something you do very often which makes it difficult to hone your skills and get good at the real estate game.
The industry is constantly changing, which can make the whole process even vaster. Here are the most common mistakes sellers make and how to avoid them.
- Limited reach of Property Availability
This can also be said as not letting enough people know that your property is for sale.
One of the biggest mistakes home sellers make is not shouting it from the rooftops. In order to achieve maximum sale price it is essential to attract as many buyers as possible. This requires a multi-pronged marketing strategy.
“So many properties have been under-sold from a figure they could have achieved by the property not being presented to all areas of buyer enquiry.” You can advertise with several real estate agents and also advertise online by registering with an online platform which has the public target strength to advertise your property to millions of prospective buyers like www.propertynaija.com.ng
- Not letting the agent to clear off time wasters
The first point of call to any property search is the local agents. “For most buyers the purchase of real estate is the largest financial transaction they do in their lifetime.
“They only do it two to four times in that lifetime, so they often are extremely nervous and cautious.
“The harder a seller comes across the more difficult it becomes to negotiate better outcomes for the seller.”
It is best you trust your agents and let them do the filtering work for you.
- Being in a rush to sell off.
Selling your precious home takes time and process. It’s naive to go into the market expecting a full-price offer on the first week it’s for sale. It’s important to remember that some properties take a long time to sell and that, ultimately, you can’t sell a house that no one wants to buy.
“Advertisements need to be well written and there is a sequence of events that should occur in order to have a marketing campaign unfolds in the most effective way.”
- Asking for too much money
When people are in the market to buy a house they become experts and they will know immediately if you’ve over-priced your house.
For the two or three months that buyers may be in the marketplace they become the best re-valuers there for that period of time.
“Generally speaking they know every property that is on the market for sale, they inspect a great number of properties, they know what every property has sold for and know when a property is overpriced or fairly priced.
Asking beyond a reasonable price will cause many potential buyers to not even call to inspect a property and so potential buyers are lost because the asking price is a turn off.
- Poor Face Lift
When you put up a property for sale probably the old property, it is advised that to get the best and profitable deal depending on the area the property is located, you have to give it a face lift in that the walls needs to be re-polished, ceilings need to be fixed, roofs need to be mended to appreciable quality and the veranda needs to be kept tidy.
Not only do you need to give your house a thorough clean, you should also remove any personal items that make the house look like it belongs to someone else.
This means, family photos should be removed from the walls, shopping lists should be taken down from the fridge and any personal items should be stored away neatly in the cupboards.
It’s obviously not practical to totally empty your home but a potential buyer needs to be able to imagine your home as their home and they won’t be able to do that if the walls are covered with pictures of people they don’t know. It’s a very powerful psychological trick that’s definitely worth the trouble.
- Spending too much money on pre-sale renovations
Another major rookie error is spending far too much money on sale specific renovations. While it is certainly good practice to patch any holes in the walls and make minor fixes to the property, it’s not always a good idea to spend a lot of cash on a major renovation that you may never get a return on.
“There is usually practical and somewhat inexpensive work that can be done to add to the overall presentation of a home when presenting it to a market. A coat of paint or re-carpeting can make a big difference but be wary of extensive upgrades.
- Not thinking outside the box with marketing
Traditional marketing is still essential but it’s best you do a lot of digital marketing including social media sharing, submitting your home to any relevant websites and possibly creating a digital tour of your home for buyers that aren’t so nearby
“There are active buyers who are constantly looking in the market for properties to buy and a normal marketing campaign can easily find these buyers,”
“However these buyers are often the most informed and knowledgeable buyers and can be the most difficult to negotiate with.
“There is however another type of buyer and that is the passive buyer or the inactive buyer. They’re not even looking to buy and therefore it is the job of a good marketing agent to know where to go to find these buyers.”