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6 Mistakes vendors make when selling their home

16-Aug-2018
For most vendors, selling a home is not a rare occurrence. Navigating the constantly changing real estate market can be a costly exercise if you do not have the correct tools or knowledge. We have put together a list of the most common mistakes vendors make when selling their home. In some cases, these mistakes can cost vendors thousands of dollars or even prevent them from selling completely.


1. Do not keep your property a secret!
The key to selling a home is generating interest and attracting as many buyers as possible. Without enquiries, there are no buyers. Some vendors wish to keep the sale of their property on the down low for a variety of reasons. In most cases, the vendors that achieve the best price are no afraid to let the world know that their home is for sale. As a vendor, you should yell from the rooftops, share the listing on Facebook and not be afraid to let people know that you are selling.


2. Being in a rush
Unfortunately, most homes do not sell the minute they are put on the market. Selling a home and achieving a great result can take time. It is not common practice to put your home on the market and receive an incredible offer after the first open for inspection. In some cases, a unique home requires a unique buyer which takes time to find. When thinking of selling your home, speak to a local agent who can update you on the current market. There is no point setting your hopes on selling a home in 7 days when the average selling time for your area is 30 days.


3. Asking for too much money
The modern-day buyer is educated with the large amount of information available at the click of a button. Being unrealistic with your price expectations will cause you to lose buyers. If you are wondering what your home may be worth or looking to sell, it is best to speak with an expert sooner rather than later. An experienced real estate agent will be able to provide you with an estimate for the current market value of your home and the current conditions of the market.


4. Presentation
The presentation of a home can make or break your sale. Not only do you need to present the home in a clean manner and considering doing some minor renovations such as painting, but you should also try and remove as much clutter as possible. It is also a good idea to remove any personal items such as photos. You need a prospective buyer to be able to imagine themselves living in the home, not starring at your collection of porcelain cats or laughing at your terrible choice of a wedding dress. It may seem a bit drastic but look at it as a good opportunity to spring clean and trust us, it is worth the effort!


5. Spending too much money on pre-sale renovations
Houses sell without being renovated. One of the most costly errors made is spending far too much money on renovating a home for sale. It is important to present a home well, maybe repaint area that requires attention but major renovations such as a new kitchen or bathroom may not get you the return you need.


6. Not thinking outside the box with marketing
Traditional marketing is still essential, but you should consider other avenues such as digital marketing, social media and video tours. Vendors need to remember that buyers come front a wide range of sources, both locally and internationally. Buyers can either be actively looking to purchase a home or passively in the marketplace. An experienced agent will be able to develop a marketing plan that uncovers every buyer and ensures that no stone is left unturned.


It is so important as vendors that you are realistic about your expectations. Remember that selling a property isn’t always easy, speak with a professional agent before you make any major decisions and gain an objective and educated opinion. It would save you thousands in the future or alternatively, achieve you a much higher price.

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