Regardless of your situation, selling your home will be one of the biggest decisions of your life. With the pressure you’ll feel to get a sale arranged quickly, it’s easy to fall foul of these common mistakes home owners make. That’s why we’ve created a list of the top 10, so you can avoid making them yourself.
- Not hiring an agent Although some people sell houses problem-free without using an agent, it’s highly advised that you find one to manage your sale. A good real estate agent will take care of the whole marketing and sale negotiation process, saving you a great deal of hassle and stress. If you’re unsure of how to find the right agent for you, make sure you check out or article What to look for in a Real Estate Agent.
- Choosing price over experience
Although choosing to work with an agent who has a few years of experience under their belt might be costly, it’s definitely better than working with someone who’s inexperienced. As they say, good decisions come from experience, and experience comes from bad decisions. An inexperienced agent could miss out vital aspects of the sales process or not possess strong negotiation skills – this could leave you waiting months for offers that turn out to be way below your asking price.
Although choosing an inexperienced agent might be cheaper in the short-term, it could end up costing you a lot more overall.
- Failing to book a formal property inspection
Although some homeowners choose to do this themselves, a professional property inspector will be able to produce reports on your property’s short falls, allowing you to fix them prior to sale.
Not being aware of any pest of structural issues your property has could take serious money off the offers you receive, so it’s best to be as prepared as possible.
- Failing to list when buyers can move in The anxiousness around buying and selling a property often creates a sense of urgency on both ends. If your property is available immediately, failing to mention this could mean you’ll miss out fast offers. Buyers needing a property quickly will often be open to negotiation on their offer price, so don’t miss out on an easy way to boost your sale.
- Not knowing your rights Property law is an incredibly specific area and can be an absolute minefield to navigate if you don’t have prior experience. Liaising with the right legal professionals can save you from making expensive errors. Avoid tying yourself up in a lengthy legal dispute by ensuring a lawyer checks over your paperwork prior to signing a contract of sale.
- Hiding the details from the buyer When it comes to selling a property, this is a definite one to avoid. Prior to sale, homeowners are legally obliged to disclose certain pieces of information to prospective buyers. If you keep quiet and don’t tell, you’ll be liable for costs in the event your buyers find out. For this reason, it’s well worth checking this over with your lawyer before signing any paperwork.
- Asking for too much If you’ve spent a number of years in a property and have developed an attachment to it, your idea of your property’s worth will probably be different from the buyer’s. By asking too much for your property, you’re going to be putting off a sizeable chunk of the market. If you’re confused as to how much you should ask for, get your agent to arrange a valuation.
- Not marketing your property effectively 20 years ago, a ‘for sale’ sign and an ad in the local newspaper probably would have done it. Unfortunately, in the digital age, you’re going to need to market your property online, too. This is something an experienced real estate agent can help you with. Ask them to post your listing on their website and share it out via social media to maximise the audience that sees it.
- Not capitalising on negotiations After you’ve found an interested buyer, the negotiation stage is of huge importance. Not making the most of it, or being too aggressive, can be the difference between you getting a great price and getting no price at all. By choosing an agent with a strong history in the industry, you can rest assured that this stage will be taken care of.
- Not planning for after the sale Most people think that when the contract is signed, the work is done. Sadly, this couldn’t be further from the truth. Agreeing move-in dates and getting your house ready can be a logistical nightmare if not planned properly. Make sure you have a solid plan for tying off your mortgage and home insurance plans and you’ll be fine. Real estate agents are notorious for disappearing as soon as ink hits paper too, so check up on their background and pick an agent willing to see your sale through to the end.
Take note of these 10 steps and you’ll be prepared for anything the home-selling process will throw at you.
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If you have questions about buying or selling real estate or would like to speak to a real estate agent, contact us today. We’d be happy to offer advice.