May 14, 2021
Mistakes to Avoid When Selling Your Home
Selling your home takes careful consideration. When selling a property it is vitally important that you take the time to ensure mistakes are avoided and risk is minimised. Diving head first into selling with the failure of taking these precautions can bring many disadvantages to a property sale.
Through ignorance and eagerness, a key disadvantage a property seller can experience is a reduced profit. By throwing your property into a sale rather than taking the time to carefully consider the variety of factors involved in selling, a property seller risks selling their property below the value it is worth.
Like with anything worthwhile, planning is the key. We all know that classic saying ‘fail to plan, plan to fail.’ Don’t let this be true when it comes to your property sale. Without a clear plan it becomes difficult to visualise the steps you need to follow to achieve a successful property sale.
By developing a plan you can outline your objectives and determine what actions need to be taken to get there. With a clearly structured plan you can lower your risk and increase your potential. Your plan will act as a guide for the journey of your property sale, ensuring everything remains on track.
Promotion is a vital part of any sale. Failure to communicate the sale of your property to your market will lead to a failure to attract the correct audience, if any audience at all. Without a strong marketing strategy, your property can risk sitting on the property market for an extended period of time due to a lack of awareness from your target market.
Competition is high, therefore, a single medium of promotion will limit your opportunities to reach your target market. To avoid this, think where your audience are and the best mediums of reaching them.
We understand the attachment and emotion sellers feel towards their property, however, setting these aside when placing your property on the market is essential. Emotion can cloud your judgement and lead you to analyse things wrongly.
By working with a team of experts to assist you in the sale of your property you bring yourself the advantage of not being clouded by emotion which can consequently allow you to price your property realistically.
It is also important not to be disheartened and know to expect that rarely will a seller receive their asking price for their property.
Presentation counts, first impressions can be a lasting impression, therefore, you want to make a good one. To sell your property you want to portray it in its best light. Organise, tidy and freshen the place up both inside and out, this will allow people to properly imagine buying. Utilise the unique selling points of your property. Demonstrate what sets your property aside from its competition, this can sway the decision of your market, potentially securing a sale.
It is important to be patient with a property sale, and carefully follow the steps and make the correct considerations. By allowing yourself to dive in you open your opportunity to increased risk.
Taking the time to devise and outline a strong plan can bring advantages to the selling of your property. A plan keeps you on track and allows you to visualise the next step. This also has the potential to reduce stress when selling your property.
Ensure your marketing strategy is well developed. The aim of your marketing plan is to open opportunities, therefore, investing the time and sometimes money into doing this right can pay off. Without a strong marketing strategy you can farley limit your chances of a successful sale.
Setting the price for your property can be difficult, but it is important not to let personal emotions hinder your judgement. Having an experienced team of experts on your side can provide you with guidance and support to ensure you set the right price for your property.
HIghlight the best parts of your property. Show off what places it above your competition and communicate this to potential buyers. This may be the point that sways their decision in your favour.
Disclaimer: This is information based on our knowledge gained throughout years of experience, education and learnings. This information is open to interpretation, therefore, you must carry out your own due diligence regarding the subject.
Andrew Duncan. (2021). 9 Critical mistakes to avoid when selling your home. Available: https://blog.andrewduncan.co.nz/critical-mistakes-to-avoid-when-selling-your-home/. Last accessed 13.05.21.
Amy FONTINELLE. (2020). Avoid These Mistakes When Selling Your Home. Available:https://www.investopedia.com/articles/mortgages-real-estate/08/home-seller-mistakes-selling-house.asp#setting-an-unrealistic-price. Last accessed 13.05.21.
Springbok Properties. (.). How to Sell Your House – 21 Mistakes to Avoid When Selling Your House. Available:http://springbokproperties.co.uk/blog/sell-house-21-mistakes. Last accessed 13.05.21.