The Property Conundrum: What are the Most Common Mistakes that People Make When Trying to Sell Their House?
Making the decision to sell a house is a big one, and the sales process can sometimes be stressful. However, that doesn’t stop people making things harder on themselves by hindering the sale! These are some of the key errors that any seller needs to avoid making if they want to achieve success in the market:
Asking for too much money
Rather unsurprisingly, the most common mistake that sellers make is asking for too much money. In their determination to turn a profit, people forget that they’re selling exactly the same house that they themselves bought, and that if the market has taken a downturn, a return on investment is not a guarantee. Whether it’s being advertised by estate agents in London or a private seller in Aberdeen, a house is only worth what buyers are willing to pay for it.
Not promoting the sale
It’s amazing in a way: people won’t think twice about selling a TV on Facebook, E-Bay or by putting an ad in the paper. However, they’ll happily assume that one advert in an estate agent’s window will be enough to sell a £200,000 house! Marketing a home requires a lot more effort than simply sticking a “For Sale” sign in the garden.
Anyone looking to sell quickly should explore every single marketing channel available to them, including social media, magazine adverts, estate agent websites and print leaflets – not to mention good-old word of mouth. They should also ensure that they make use of an expert photographer to get accurate, high quality shots of the property.
Going solo
There are two main circumstances in which a seller might consider negating the experience of an estate agent: if they’re selling directly to someone they know and trust, or if they’re an estate agent themselves. Otherwise, it’s simply not worth taking the DIY approach. There is a lot of money at stake in the sale of a house, and getting things wrong can easily lead to a financial loss that runs into thousands.
Like a good accountant, a good estate agent will usually earn the seller at least their fee back as part of the sale process. Professional agents such as Winkworth Estate Agents will use their local knowledge and understanding of the market to pick best time to sell, and will also know how to deal with all the necessary legal paperwork.
Not fixing everything
Perception is reality. It’s therefore not hard to guess the thought processes of those visiting a house that they can see is in a state of disrepair: ‘I can see that there are several things in the property that need fixing. So what can’t I see?’
It’s vital to ensure that everything in the property that can be fixed is fixed. Screws should be tightened, walls repainted, carpets cleaned and leaks dealt with. Everyone – whether they’re looking for flats to rent in London or a cottage in Devon – wants to see a tidy, presentable property the first time they walk through that door.
Not presenting a neutral impression
Selling a home can sometimes be tough emotionally, with people genuinely attached to a property that they’ve invested time and money into over the years. This is natural. However, it’s important to remember that a buyer isn’t necessarily going to see the property in the same way as the seller. They might walk into the living room and decide that they’d love to turn it into an office, or look at the spanking new conservatory and want to tear it down.
The point is this: It’s important to present a property that anyone could fall in love with. Neutral, comforting colours are the order of the day, and it’s important to remove any items that give the place too much of a personal association with the seller, i.e. big family photos, or a pool table.
Not tidying
This tip might seem like a relatively obvious one, but it’s amazing how many people still don’t give their homes a good tidy up before a viewing. When looking round a property, people want to imagine how it would look like when filled with their stuff. This becomes a lot trickier when the current occupant’s bills, clothes and photo frames are scattered all over the place! It’s important to send a mental message that the house belongs to the buyer, not to the seller.
Author Bio: Matt Bailey is a 15-year veteran of the real estate sector, and has the scars to prove it. He loves nothing more than seeing a happy family move into their dream home and he researched this piece with the help of information found on the Winkworth website.
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Category: Real Estate
