When it comes to selling property yourself, women are most likely to take the leap of faith and because of that the most likely to make mistakes.
The Australian property market remains a hotly contested space between buyers and sellers, particularly in popular capital city areas.
Low interest rates, based off a cash rate at 1.5 per cent, are fuelling property activity and with that, the price gains.
Here’s 6 mistakes to watch out for when selling your own property mistake and importantly how to avoid them!
Overpricing your property
Setting the asking price for your property too high can backfire by reducing the number of interested buyers who come to inspect.
Tip Research your area, keep yourself constantly updated on what is selling and what has recently sold. Also take note of what isn’t selling and try to work out why; could it be presentation, price, or maybe some hidden issues?
Not preparing your property for sale
Failing to prepare your home for sale can reduce buyer interest, and even lead to disappointment when they see your home.
Tip Take a bit of time to get rid of clutter, tidy, and stage your house to make it look its best for inspections. It’s also important to keep up with its basic maintenance.
Once the house is visually appealing, appoint a professional photographer to maximise its image.
Tip If you can afford it, use a professional photographer. If you take your own photos, ensure that you have selected a nice bright sunny day.
Open windows and blinds, turn lights on and have light behind you to reduce shadowing, which can cause photos to be dull or drab.
Not Being Flexible
It’s normal to have some preconceived notion of how your sales process will go.
Yet because you are trying to reach out to a wide range of potential buyers, you need to be flexibly and that could include showing your house at odd times of day or night and making viewing easy for a potential buyer.
Tip Maintain a regular open house time, so potential purchasers know in advance what day and time the house will be open. And, contact any interested parties within a reasonable time frame of their enquiry, and be flexible when you’re presented with, and considering, offers.
Spending marketing dollars where people aren’t looking
About 90 per cent of buyers are searching online for their next property, so it doesn’t really make a whole lot of sense to throw thousands of dollars at an expensive print media campaign.
Agents love them, as it’s a chance to advertise themselves and their agency, the problem here is, you’re the one footing the bill.
Tip If you’re searching for out of the box ideas, to drum up interest in your property, the best way to do this is via social media channels.
Creating social media pages on Facebook, Instagram and Youtube enables you to reach out to a larger pool of potential buyers in a shorter timeframe. Plus a like bit of paid social media marketing can go a long way.
Taking things personally and not asking for help
The negotiation of price and working with people to achieve a sale doesn’t have to be a daunting experience.
This is purely a business transaction that you’re taking charge of. Remember if you take the emotion out of selling your home, you will find it makes the process much easier.
Tip Getting advice, from an outsider can give you a different perspective and help you come up with a counter offer, and ultimately a price you and your buyer are happy and willing to agree on.
Avoiding these 6 common mistakes will not only make for a smoother selling process, it could also help you achieve a higher selling price and a quicker sale.