Selling potentially your most valuable asset can often be a complex process.
Notwithstanding the emotional stress and pressure the sale of a house can involve, there are legal issues to wade through, fees, settlement agents and legislation to navigate during the course of an average sale.
And whether you’re a seasoned property flipper or it’s your first time at the helm, there are pitfalls that can arise along the way.
However there are a number of simple and fairly straightforward ways to ensure you don’t end up making common and costly mistakes according to Abel McGrath Property Consultant, Janet Barron.
Choose the right agent for you
Ms Barron says choosing the most appropriate agent can be one of the most difficult hurdles when selling your home.
“It’s not always easy or straightforward and everyone has, sadly, heard tales of dissatisfaction in this respect,” Ms Barron says.
“What you should look for are trust and competency and that means selecting someone who is both transparent and respectful in their dealings and who has good market knowledge and effective communication and negotiation skills.”
Pricing is key
Pricing your home too high or too low can also be one of a seller’s biggest mistakes when heading to market. It’s just as important not to over-price as it is to under-price.
“Pitching your property at a level that is going to attract maximum buyer interest and that is realistic in terms of the prevailing market is crucial to a successful and timely sales campaign,” Ms Barron explains.
“Under-pricing puts vendors at risk of losing huge sums of money especially if your agent doesn’t have the requisite negotiating skills. Over-pricing can be a major deterrent to potential buyers and is equally as dangerous”.
Go in prepared
Lack of preparation heading into a marketing campaign is another common problem for buyers gearing up to sell.
“Although price is obviously key, preparation and presentation for a successful sale are really important factors. Over 90% of buyers utilise digital media when seeking a home to purchase”.
“The time taken and effort expended to make your property stand out amongst a multitude of competing properties on the market, therefore, cannot be underestimated.”
Don’t cut costs in a tightening market
Ms Barron says there is definitely a temptation for some buyers to scrimp on costs in a tightening market.
“It’s been a long time since Perth has seen a property market such as the one that exists now,” she says.
“The quality of your advertising and marketing campaign is critical in attracting maximal buyer enquiry although this need not necessarily be an expensive exercise.”
“A competent and caring agent can be invaluable in providing astute advice and guidance in this area.”
Don’t wait for the perfect time
Another common mistake vendors make is to wait around for perfect market conditions.
“None of us has a crystal ball in relation to the market. To put it simply, the very best time to sell your home is when it is right for your individual circumstances.”
Early offers can sometimes be the best
“On balance it’s widely accepted that early and first offers are often the best. The interest level in your home will never be higher than in those first few weeks of going to market.”
“Vendors should think very carefully before holding out for a higher offer in these circumstances.”