Four Real Estate Selling Myths Dispelled
You’re not alone if you feel overcome with dread when considering selling your property. In fact, according to a Zillow Group report, 95 per cent of vendors find at least some aspect of selling a property stressful.
It is completely understandable to feel under pressure when there are so many things to plan and consider.
As we all know, there is a lot at stake, which is why selling a house is so stressful. Considering that your home is one of your most valuable possessions, it’s critical to maximize the sale price for your financial stability.
The seller’s market we are currently observing is changing, giving buyers a little more negotiating power and choice. As a result, it is now even more crucial that you capitalise on specific stages of the selling process. Errors in these steps could have expensive repercussions.
If you’re a seller and are unsure of what you should do, Paul Hill Reality will share with you the common pitfalls to avoid so that you can maximise your sale while minimising stress.
1. Not giving the best possible impression of the property
Make no mistake: improving your property’s presentation is very important. When potential buyers view a property, they should be able to picture themselves living there or envision a happy tenant living there.
You must at the very least:
- Organise your space and remove your personal touches. To do so, get rid of belongings like family photos, awards, and oddball souvenirs.
- Refresh the area by performing some minor fixes and aesthetic improvements, such as repainting, cleaning the carpet, and changing out standard fixtures.
- Show your property has been well-maintained, even if it is an older property. Astute buyers will look in every nook and cranny of your home.
- Basic gardening: trimming, mulching, mowing, etc.
Whether you decide to stage your property or not will depend on your specific goals and the market. For this crucial decision, we advise you to look at the presentation of comparable homes on the market. Also speak with your chosen real estate agent, but it’s always something you should at least consider.
2. Overcapitalising on renovations and repairs
But hold on a second, not all properties will benefit from renovations and repairs, so it’s important to make sure you’re not spending money that won’t be recouped through the sale.
How do you know whether your property would benefit from a bit of sprucing up or not? It depends on the condition of competing properties in the same market and price range, the strength of the market and the balance of supply and demand in the area.
You must note that properties that are in a state of absolute disrepair won’t benefit from a coat of paint (and we’re talking properties with holes in the walls or floors), most buyers want a home that’s in move-in condition. Otherwise, the sale price is compromised.
You can limit the number of buyers who might be attracted to your home by not making repairs. Such an improvement might not be warranted if an upgrade won’t return the investment.
Paul Hill Reality urges sellers to compare homes in the neighbourhood to your own. If most of them have upgraded kitchens and you’re wanting to achieve a similar price, these homes are your competition.
This doesn’t mean you have to buy designer appliances and tear out the cabinets, but a minor kitchen remodel might be a good investment. Sometimes simply painting oak cabinets and installing updated hardware can give your kitchen an all-new look.
3. Picking the wrong agent or having no agent at all
This mistake can be one of the costliest, and in today’s market, finding the right agent to represent you and sell your property is vital.
Picking an experienced agent with the best customer service who can handle and stay on top of all buyer inquiries has become more important. You would be surprised to know how many tearful or angry calls Paul Hill Reality has gotten from potential buyers regarding agents from other real estate agencies that weren’t giving them the time of day, and/ or telling them what’s going on.
Agencies that have more manpower, will have the resources to contact and keep track of everyone interested in your property. You’ll want to find agents who know the value of teamwork, so nothing slips through the cracks. We have a dedicated customer care manager for this purpose.
4. Property priced unrealistically
It is important to set a realistic (and legal) price guide for your property at the beginning. Indeed, when buyers search and the property is too expensive, they tend to ignore it. Even if the property is reduced later.
Were constantly told that buyers are fed up with properties marketed as “Contact Agent.” They feel the agent is just trying to gather more contacts rather than sell the listing at hand.
In general, both demand and interest in the product will often decrease after 21 market days, so the right price is important during the most attractive period of the real estate market.
Additionally, by enticing buyers with a reasonable and realistic price, your property will generate more demand and enough competition to push the price higher.
5. Find an agent who inspires confidence and thinks about your next steps.
Whether you’re looking to downsize, upsize, or even temporarily lease, finding an agent ready to take the next step in your real estate journey is very helpful in a market where stock is lower than usual. Agents should help sellers to look for their next purchase, or to get into rental properties – but the rental market is tight as well. When you’re moving through such an important and stressful period in your life, having qualified recommendations on hand can make all the difference.
When people are selling and trying to sort out their lives. They’re looking for great movers, conveyancers, mortgage brokers or a solicitor. You will want to list with an agency with a good network that can refer you to these services with a proven 5 Star reputation.
Sellers should feel totally in control with their hands on the steering wheel, the agent should just be the guiding light….
The very best agents give people more of their time. Show more empathy and put in the extra effort, and that’s the kind of agent or agency you want to list with.
Remember experienced property managers can save you time, money, and headaches.
If you are looking for a experienced property manager with your best interests at heart – look no further than Paul Hill Realty Hope Island! You won’t find a team that is more respected, reliable, and trusted in residential property management.
Paul Hill Realty office is located at Hope Island, we manage residential properties anywhere on the Northern end of the Gold Coast. Paul Hill Realty Hope Island is your best choice in property management.