One of the biggest fears all sellers have is that the property may not sell. In our experience, there is always a reason why a property fails to achieve a successful sale. Here are the five top mistakes sellers make that can result in a property not selling or being on the market longer than desired – and how to avoid them.
- They base their price on their own needs, not the market
One of the major mistakes a lot of vendors make is to assume they will get the price they want regardless of whether that price is realistic in the current market. To avoid this, base your pricing strategy on other properties similar to yours that have sold previously, and get regular updates from your agent about more recent sales.
2. They are ignorant of the competition
Nobody sells their property in isolation. Your property is in competition to every other property for sale at the same time. So you need to make sure your pricing, presentation and marketing is leading the competition. Know how other properties for sale like yours are presenting and how they compare and the prices they are aiming.
3. They think the property will sell itself
Surely everyone can see what a gem your property really is underneath all the clutter, unwashed dishes, unfinished renovations and layers of dust? Actually, no. And they certainly won’t pay top dollar for it. Regardless of where you are located, or what else is selling around you, buyers are put off by poorly presented properties seeing them as risky money-pits. Clean and declutter, get repairs done and consider a stylist.
4. They underestimate the importance of marketing
You can’t sell a secret. Your agent will recommend a marketing strategy that will get your property in front of the right types of buyers but it will require investment and engagement. Read the ads, check the photos and ensure every piece of marketing is selling your home to its best advantage.
5. They think the first offer is a sign of more to come
You can’t sell a secret. Your agent will recommend a marketing strategy that will get your property in front of the right types of buyers but it will require investment and engagement. Read the ads, check the photos and ensure every piece of marketing is selling your home to its best advantage. They think the first offer is a sign of more to come
Often, motivated buyers will move on new properties to market, and make very good offers. New vendors however assume that because they’ve received a fast and strong offer, they shouldn’t accept it but should hold out to wait for more. Such an approach is fraught with danger. If the offer is what you wanted, make the sale.