When it comes to selling your home, there are a lot of factors you need to consider to make sure you get the best property value for it. Similar to looking for property to rent, buy, and going through the buying procedure, selling a property is an extensive process that takes a knowledgeable and experienced expert to ensure you don’t forget a step.
However, there are some people who have decided to sell their properties on their own. While this is not a problem if you’re familiar with the industry, if it’s your first time, it’s more likely that you’ll make a couple mistakes along the way that can lower your property’s value. Continue reading here to know the most common selling mistakes that you need to know.
Selling at the wrong price
Setting the price for your property can be an emotional and impractical decision for sellers. This is because most sellers want to get the highest value for their properties and sometimes, unknowingly, factor in their subjective view of how the home costs rather than looking at it objectively. In this case, whether you’re in a hurry to sell your home or not, it can still hurt your chances of actually getting buyers. After all, your potential clients base their budget on the market price of similar properties so if yours is too far out there, you will find yourself short on buyers or you’ll be lowballed below market price.
Not disclosing the price upfront
Similar to buying products and services, the first thing that a buyer looks for is the price of the home. This means that if you don’t disclose what the asking price is for the property upfront, despite how good the amenities and features of the home are, you will be losing a lot of potential buyers or get an offer below what you’re asking.
The same problem will happen as well if you indicate that the buyer needs to ask first to know what the property price is since it’s most likely that the value is higher than market price.
Selling by yourself
The most common mistake that property owners make is trying to sell a home by themselves. If you do this, chances are, you will be making the mistakes listed here and skipping a couple steps in the process of vetting the buyer as well as transferring the title. After all, if you don’t have extensive experience in real estate, it can only impede you from getting the best value for the property that you’re selling. This is why it’s always the best move to hire real estate agents to help.
There is nothing worse for a seller than putting a property up on the market and it hasn’t been decluttered, cleaned, or made presentable for potential buyers. This is because if your property is messy, a lot of possible customers will stay away from your listing, much less actually go through the sales process.
Moreover, even if you have interested customers, you’ll most likely get a lower offer for the home considering the state that you’re selling it at. It is important to prepare and organize your home for client viewings to be able to make good first impressions.
If it’s your first time selling a home you’ve lived in for years, you likely have an emotional attachment to the property, making it difficult for you to go through with property negotiations. In this case, this will impede the whole vetting and buying process for the home. For example,
if you receive an offer below the asking price, you cannot take it personally just because you have an attachment to the home. Similarly, if you receive criticism or comments regarding what the potential buyer wants you to update before the deal is closed, don’t let your emotions get in the way otherwise you’ll have a high chance of losing the buyer.
Necessary repairs are put on the backburner
Preparation is the key when you’re selling a property. After all, you are marketing your home to potential buyers so they will push through with the offer as soon as possible. However, if you have home repairs that you haven’t had fixed, especially if they’re apparent to the buyer, this can hurt your chances of selling your home. It can either make it difficult to sell the property or you’ll be lowballed for the price.
Home is empty
All buyers want to imagine themselves living in the property before deciding to put an offer. This is why putting your best foot forward by having your home designed and decorated for your target customers is important. If you have an empty property, without furniture or anything that will allow your potential buyer to see the charm of the home, this can hurt your listing and will leave your property on the market for a while and get a lower offer.