Four Real Estate Selling Myths Dispelled

You will undoubtedly receive advice from well-meaning friends, family members, or co-workers if you’re busy getting your house ready to sell.

You’d be surprised at how many widespread myths and misunderstandings exist regarding selling a property, even though some of it may be well-intentioned and well-informed. Based on our knowledge and experience of the industry firsthand, we decided we needed to shed some light on the unvarnished truths.

To ensure you make the best decision when it comes time to list your property for sale, read these four home-selling myths you shouldn’t believe and that has been dispelled.

Myth 1: Set Your Prices High

Setting a high asking price and then negotiating with buyers to lower it is bad advice because you run the risk of alienating them right away. An inflated opening price increases the likelihood that your property will be passed over by buyers when you first put it on the market and when it is still new. The key is to set your price sensibly, taking into account what comparable properties in your local market sell for.

The best way to establish the current market value of your property is to seek help from your local real estate agent that specialises in your Suburb, they will provide you with a CMA (Current Market Analysis) which will be based on recent sales of similar houses and properties currently for sale in your area.

It’s critical to realise that an online estimate is only a general guide to home prices. They are not valuations or appraisals. If you want a more precise estimate of how much your property would sell for, you need an appraisal performed by a real estate agent and a written report outlining what they believe it is worth.

The Truth is…

If you want to attract interested buyers, you must price your property based on actual recent sales, there is a big difference to being on the market and in the market….

Myth 2: Online Marketing is Sufficient Enough

In 2023, everything is anticipated to be online. This brings us to our second myth, which is that all you need to do to market your property is online, the internet is great, but you need to market your property everywhere buyers are looking, remember more buyers can result in more competition and a higher sale price.

One of the best investments you can make when selling your home is budgeting for a varied marketing campaign. This entails supporting your online listing with a “For Sale” sign, open house flyers, printed property listings in regional or national publications, and marketing to the agents’ established database.

To attract the greatest number of potential customers, the trick is to cast the widest marketing net. The more interest you generate, the more competition there will be for your home, and the more likely it is that you will sell it for a higher price.

The best resource for guidance on the best marketing channels to use is local agents. For instance, if there is a target market you need to reach, they might list your property in a foreign-language newspaper.

The Truth is…

It pays to make sure your property receives maximum exposure across a variety of channels, even in a seller’s market.

Myth 3: Select the Least Expensive Agent

The third myth focuses on pinching pennies and picking an agent based on their commission, with the lowest amount winning out.

You pay your real estate agent a commission when they sell your property. It’s critical to comprehend how commissions work because they frequently represent the single largest expense when selling your home.

There are no strict guidelines to follow here, but we do suggest looking past the fees and commissions an agent requests.

In comparing agents, consider their track record of sales and experience to determine if they are the best fit for you. If they or their agency has a track record of consistently selling for more than the going rate…you might be willing to pay a slightly higher commission.

Often, we see very ordinary agents discounting their commission to try to get your business, this can cost you tens of thousands in your sale price.

The Truth is…

Look past fees and do extensive research on your agent – as experience, performance, and local knowledge can matter a great deal when choosing the best for the job.

Myth 4: You Don’t Need an Agent

Alongside the growth of the internet, the DIY approach to selling investment property or one’s home is on the rise. This includes the emergence of so-called “hybrid” real estate agents, who provide a streamlined service with little personal contact after the initial consultation and frequently do not include open houses in the fee, contrary to custom when dealing with a full-service real estate agent.

It can be significantly less expensive, but do you have the time and/or know how to run inspections, market and style a home, deal with buyers, and communicate with conveyancers?

It is important to note that Purplebricks, an online real estate agent, exited the Australian market in May 2019, two and a half years after making a promise to change how Australians sell real estate.

They cited “challenging market conditions” and a “geographic expansion” that “was too rapid”. But a lot of the criticism of Purplebricks was focused on how sellers felt abandoned and that their neighbourhood property expert fell short of their promises. A low fixed fee business model like Purplebricks wasn’t all it was cracked up to be, in fact.

Despite this, we believe hiring an agent to help you sell your house is definitely worthwhile. Why? Because a seasoned, neighbourhood agent will have better market insights and can assist in determining a fair asking price for your home.

They also carry out a variety of other tasks in the background, allowing you to go about your busy day and contact them when it comes time to make the most crucial decisions.

The Truth is…

That selling a home involves much more than simply posting an online listing and hoping for a flurry of offers.

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