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7 Common Mistakes You Need To Avoid When Selling Your Home
re you a home seller carry out that plan. Firstly, you
contemplating the 'Real need to work out what method
Estate Private Sale' option you’ll use to sell your home,
of sellling your home? i.e. real estate agent or private
sale. Your choice should
Before you take the plunge, make primarily be based around your
sure you read this. These overall lifestyle demands and
mistakes are a result of reasons for selling. Once you’ve
observations and feedback from decided that private sale is for
customers and clients using the you, your plan should include
online private sale method. such details as: a realistic
deadline to achieve a sale based
Common Mistake #1:Lack of a on the current market; a schedule
genuine Reason, a Plan, Strategy based on your overall timeframe,
& lack of Research ‘chunked down’ with achievable
goals and deadlines at which to
It is important before selling review your current
your home that you know exactly plan/strategy; optional
why you want to sell your home. plans/scenarios in the event
Your why will help determine your things don’t go exactly to plan
level of motivation and the and how you need to handle the
consequent outcome of your situation accordingly; research
actions. on current and historical sales
which may be gained through agent
Once you know your reason, you appraisals and/or valuations; and
believe it’s genuine, and you’re a marketing plan and budget to
committed to selling your home, fulfil your plan.
then it’s time to determine an
overall plan, with a strategy and Common Mistake #2:Setting your
varying tactics you’ll employ to Sale Price too High
valuations, information you’ve
This can partly be due to a ‘lack collected from papers and the
of research’. Because a home internet, open for inspections
owner has an emotional attachment you’ve attended of similar style
to their home, they will properties. You then need to sit
sometimes justify their reasons down and make a comparison of the
for setting the price before information you’ve gathered. Look
doing their market research. You at the statistics and base your
may have heard these price on factual information,
justifications before or even rather than emotional
contemplated using them yourself. justifications. This will save
You know, things like “well the you much time, money and stress
neighbour up the road sold their if you do this from the outset.
house for this price and my house
is much better so I know I can The other danger of setting your
get a better price”, or “the price too high is that you’ll
paper says there’s been a 25% turn off potential buyers before
growth in this area and the they even set foot in your door.
median price is this, so my house Remember, buyers are not stupid.
must be worth this” or “I’ve They will have done their
spent a lot of money on all these homework too and will have
renovations, so I should get this compared other properties in the
much for it”, etc, etc. Don’t same price range with yours to
fall into this trap! determine whether you’re asking
price is realistic. The objective
Start your research first and of your marketing is to generate
gather information from as many buyer enquiry – that’s it! Once
sources as possible (that doesn’t you have people calling you and
include your family or friends’ viewing your home, it’s no longer
opinions), such as appraisals, about marketing, it then becomes
about communicating and don’t like, you don’t take these
negotiating, to achieve a WIN/WIN events personally. Remember it’s
outcome for both you and the not about you (unless you’re
buyer. downright rude and obnoxious,
then I wouldn’t recommend trying
Common Mistake #3: Lack of private sales).
Commitment and Confidence in your
Abilities Lack of commitment to the process
can also mean sitting on the
Selling your home is not rocket fence. It’s quite natural to want
science. I can attest to that to hedge your bets, and use an
because I don’t consider myself a agent to sell your property while
brilliant salesperson, had never trying private sale, however be
sold my home privately, yet I was aware you may just be setting
able to sell my own home without yourself up for failure. Think
complications or stress. about it for a moment…by using an
Sometimes it’s not about how agent while trying private sale,
smart you are. What it does take what are you really saying about
is a positive attitude to tackle yourself? Don’t you think you
the challenges (because you will have the ability to pull it off?
get them), the confidence and Maybe, if things don’t go
firm belief in your abilities to according to plan, at least you
deal with people in a friendly, can blame the agent, right, and
courteous manner, and 100% no one will ever know you didn’t
commitment to really give it a your best shot?
carry out your plan. It’s also There’s always two sides of the
about separating yourself from coin. An agent is human and can
the process so that when things make mistakes too, and sometimes
don’t happen exactly as you’d there can be a point at which
like or you get a response you even an agent can’t sell your
home regardless of how good a buy a home before they’ve sold,
salesperson or negotiator they or making plans which leave them
are. Do you then blame the agent? with only one way out – selling
Or even if you used the services by a specific date! That’s okay
of an agent, are you committing while it’s early days, but as the
to that agent 100% for whatever deadline date looms, doubts,
time you’ve agreed to? If you’re uncertainties and worry start to
not, build until the tension reaches
then you’re still sitting on the boiling point. What then happens
fence and you’re not going to get if a home seller doesn’t sell by
as good an outcome as if you just that deadline date is they become
committed totally for a period of desperate and make silly, rash
time. Of course, if things don’t decisions to relieve that
work at the end of that tension. The decision can often
timeframe, you still need to be a source of regret. The trick
objectively look at the reasons is not to apply a deadline
why. So I would recommend to you leaving you more vulnerable to
commit 100% to the process for a circumstances which are beyond
realistic period of time before your control.
using an agent, if at all.
Common Mistake #5:>Placing your
Common Mistake #4:Putting home on the market before it’s
yourself under unnecessary ready
pressure to sell your home
Before it’s ready can mean before
This would have to be one of the you’ve completed renovations,
worst things to do when selling maintenance and repairs, or given
your home. Private home sellers your home an overall clean to
may unduly place themselves under ensure your home is one that
pressure by signing a contract to people will feel enticed to
inspect. The first 30 days your may hinder the sale of your home.
home is marketed, statistically
is when you’ll receive the most Something which can also happen
volume of enquiry - while it’s which you should try to avoid, is
fresh and new. If you’ve failed setting a price based on a
to complete tasks which will finished renovation, then placing
adversely affect a buyers’ it on the market before you’ve
impression of your home, you may completed the renovation, at the
lose that buyer forever. price as if it had been
Remember, your home isn’t the completed. What this basically
only one around and the buyer may means, is your asking for an
find something else. Unless unrealistic price on the basis of
you’re marketing your home as a what you’re going to do down the
renovator, it pays to ensure your track. Buyers only see what is
home is looking spic and span. A currently in front of them, and
good idea is to approach your will assess your price
home from the street, steadily accordingly. They won’t make an
progressing through it, and look assessment based on your future
at it with a fresh pair eyes. plans or intentions. So if you
Look for what pleases you and can’t avoid placing your home on
what, if anything, raises doubts the market before the completion
in your mind or makes you feel of particular tasks or
uncomfortable. If you get renovations, just make sure you
distinct feelings as you progress make the necessary price
through your home, observe those adjustments.
feelings, work out what’s causing
them, and whether they’re Common Mistake #6:Not studying
positive or negative. Once this your competition and being
is done, rectify any niggling unaware of your basic rights and
feelings you have which you think obligations
intimidated into making decisions
In private sale, your main which aren’t part of your overall
competition is your local real plan or you feel uncomfortable
estate agent. You need to know with.
how they work, their basic
processes and procedures and look It’s not only knowing what
at why they complete tasks in a standard tricks or ploys agents
particular way. The first thing use, it’s also knowing your basic
you need to understand is their rights as a seller and
major motivating factor – to get familiarising yourself with
a listing! Without listings, things such as: Appointment to
there can be no sales – no sales Act form and that’s in the form;
means no commission – which means the difference between Exclusive
no pay. When you understand their Agent and Open agreements and how
motivation, you can then begin to they affect you as a private
understand why they might go to seller; the contract and cooling
some interesting extremes to get off periods, termination
your listing. It doesn’t mean penalties, etc, etc.
justifying any unethical methods. The more basic stuff you know
What it does mean is that by about how these things work, the
understanding their common tricks less likely you’ll get caught out
of the trade, you can avoid being by an agent, or even an
a victim of their psychological experienced buyer for that
tactics. When you know these matter. This information can be
basic tricks to secure your easily obtained through
listing, you can then work out organisations such as Office of
possible answers or responses in Fair Trading, REIQ (or your
order to avoid being a victim. state/territory real estate
You can also maintain control of body)and also your solicitor or
the situation and avoid being lawyer through a simple phone
call. Remember you don’t need to negotiations (as long as you’ve
know everything, otherwise you’ll been objective and looked at all
never get started, as long as the angles of course). By the
you’re aware of the basics and way, being firm doesn’t mean
where to go to if you need any saying ‘no’ vehemently (unless
more information. the offer is absolutely
ridiculous). You can still be
Common Mistake #7: Not Knowing flexible and compromising yet
your Bottom Line still achieve your outcome. I
suppose what I am trying to say
Once you’ve done your due is: don’t be wishy-washy, divided
diligence and completed all the or inconsistent when it comes to
necessary research, made your decisions on price. Make a
plans and feel confident that decision, remain flexible and
you’re ready to go, one last open to suggestions to reach a
thing I recommend you do is work compromise, remain strong and
out your point of no return. It’s firm when negotiations reach a
the point where you draw the line certain point and then have the
in the sand and say ‘I won’t courage to carry out that
budge any further’. It’s the decision whatever that may be.
point at which you either walk
away or you proceed with
About the Author:
Kerry Warnholtz educates individual home sellers about strategies when it comes to selling their own home to gain a successful sale... by providing simple, easy-to-follow information & resources on 'Home Selling Solutions' through her website http://www.home-owner-selling-solutions.com.
Read more articles by: Kerry Warnholtz
Article Source: www.iSnare.com |
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