When trying to sell a property, half the battle is anticipating any problem before it comes. Selling a property can be complicated when you consider the steps involved: making repairs, like a kitchen makeover; navigating the closing process; and finding a buyer. The consequences of making any mistake can end up impacting your finances and peace of mind. With this in mind, here are five mistakes you should avoid.
1) Choosing the Wrong Agent
Choosing the agent who will sell your property is an individual decision. Everyone gel with other people differently, meaning that the best agent for your personality won’t be the perfect one for others. In addition to the capability of developing a strong working relationship, look for an agent with recent, successful experience in that area. To make sure you will choose the right sales agent with strong marketing ideas of selling your property, do your research and interview several prospects face to face.
2) Setting an Unrealistic Price
Generally, the price you want for your property and what the market is willing to pay can be 2 different things. You may have a rough idea of the value of your property based on properties with similar features and size that have sold in your area. These comparable sales (comps) are what most sales agents use when suggesting a list price. However, the challenge is that comps are not always the same, so you have to account for all the differences between property features to be accurate (making adjustments).
3) No flexibility
Real estate is often a game of negotiation, and that’s where professional buying and selling agents come in. They sell and buy properties on a daily basis, making them more experienced when it comes to negotiation than you. However, a common mistake that most vendors make is being too inflexible. Don’t ignore the feedback your sales agent and the market is giving you.
4) Making Costly Renovation and Ignoring Major Repairs
Buyers can be turned off when they see your property has a lot of maintenance issues. This can also reduce the value of your property. Buyers usually expect the condition of the property they want to purchase to be exactly as described. Since most buyers will do an inspection before buying the property, you should prioritise the most glaring issues. Look for professionals to help you with repairs; for instance, you can find a company that specialises in kitchen makeovers. A kitchen makeover will save you time and money, and it will increase the value of your home.
5) Failing to Consider Your Broader Financial Situation
You should consider your financial situation before selling your property to avoid painful surprises. Before making the decision to sell your property, assess your debt, income plus all upcoming expenses that you may incur during your move. You should contact a mortgage advisor or your bank to understand the amount you owe on the property you want to sell. This, together with the price you want to sell your property, plus the cost of selling your property, will give you a rough idea of the amount you will get after the sale.