It’s Important to Plan Your Sale Carefully Whether You’re in a Hurry or Not
Selling your home is a big decision, especially if it’s the first home you’ve ever purchased. Whether you’ve tossed around the idea of selling for weeks, months, or years, or have to sell quickly because of a job relocation or change in circumstance, it’s important to plan your sale carefully and get expert advice.
With that being said, we want to help you avoid some of the most expensive mistakes that sellers frequently make. Here are 10 mistakes to avoid:
- Not Getting a Professional Property Inspection
You’ll typically have to present a building and pest inspection report to the buyer, but it’s also a good idea to have a pre-inspection done before you put your property on the market. This pre-inspection can shed light on any issues your property has—especially if your property is older—and allow you to fix them before you’re dealing with buyers, marketing, etc.
- Setting an Unrealistic Selling Price
What you believe your property is worth may be very different than what the current market value is. You might not be aware of how things like public transportation impact your home’s value or how internet connectivity can alter your selling price.
If you overprice your property, you put yourself at risk of not attracting buyers and having your property sit on the market, eventually costing you money, time, and missed opportunities. At the same time, if you underestimate the value of your property, you’re losing money. A professional real estate agent can guide you in what the current market value is and help you identify a fair asking price.
- Selling Without a Real Estate Agent
A professional agent provides expert advice on pricing, marketing, and improvements that could increase your home’s value. He or she also provides negotiation support and help attracting buyers to your property, and scheduling inspections.
Many sellers want to save the money they would pay in commission to a professional agent and try to sell themselves. Many end up having their property sit on the market far too long, struggle attracting buyers, don’t have their property priced accordingly, and the list goes on. Selling without an agent is a costly mistake many sellers make. With the right help, you can easily make up the commission in a higher selling price an agent achieves or a quicker turn-around time.
- Contracting the Wrong Agent
Inexperienced agents who fail to keep sellers informed or who don’t aggressively work in the best interests of the sellers, can be a costly mistake. Research and interview agents, and take a look into their selling history in order to ensure you select a quality professional you can count on.
- Failing to Make Your Property Move-In Ready
Make sure to present your house in the best possible light. Stage your property, so it looks move-in ready. Clear out the clutter, deep clean, do all of the necessary repairs and maintenance, and show potential buyers how appealing your property is.
- Failing to Understand Seller Rights and Obligations
The sale of your property is regulated by specific laws and it’s important you’re aware of what those laws require of you and what rights you have. You have to oblige to a buyer’s right to a cooling off period and provide a contract of sale. Check with your lawyer or real estate agent to make sure you understand everything in your contract and that all of your paperwork is correct.
- Failing to Be Transparent with the Buyer About Issues
Do not withhold any information about your property from buyers. If a buyer later uncovers issues and you were aware of them, you could be liable for costs. Be transparent upfront and it will undoubtedly save you in the long-run.
- Not Using a Strategic and Focused Marketing Strategy
A for-sale sign and internet listing is not a strategic marketing strategy that’s going to attract buyers. A strategic marketing strategy will look at your property as a whole ( the style, the location, etc.) and your target audience for the optimum turn-out and enquiries. By not using a strategic and focused strategy you might not attract the right buyers who are willing to pay your asking price.
- Not Having a Solid Negotiation Strategy
Negotiation needs to be part of your selling strategy. You need to be prepared to negotiate and consider, before-hand, how much you’re willing to go down on price or appease other requests. If you haven’t thought ahead to what will happen at the sale’s table, you might settle lower than you truly wanted only to have remorse later.
- Plan for Unforeseen Obstacles Post-Sale
Make sure you have a plan in place for issues that may arise post sale, such as a drawn out selling process. This can impact your mortgage or closing costs, so make sure you are prepared for unexpected events.
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If you have questions about selling your home or would like to speak to a real estate agent, contact us today. We’d be happy to offer advice.
The information and links provided on this website are for general information only and should not be taken as constituting professional advice. This information does not take into account the financial situation or particular needs of individual readers. Before making any decisions about matters discussed on this website, you should consider whether it is suitable for you in light of your own circumstances, and seek appropriate advice.