When it comes to selling your property there is plenty you can do to increase your chances of success, but for most people, selling their home isn’t something they do regularly. This means that it’s often tricky to know how to best contribute to the process of preparing and marketing their home resulting in the successful completion of the sale. In this article we shine a light on the seven mistakes that many sellers make and what you can do to avoid them.
- Basing your choice of estate agent on their fee
We all want to get good value for money for any service or product we buy and finding a bargain can give us a delightful feeling of success. Selling your home is no different! However, when it comes to choosing your estate agent, the headline price or commission rate is only one of the factors to consider. To describe exactly what makes a great estate agent would go beyond the scope of this blogpost, but it is crucial to the success of your sale to choose the agent who can offer you the best possible service and achieve the best price for your property.
Have a look at this example to illustrate what we mean. You agree a fee of 0.75% with Agent Sophie, who negotiates half-heartedly on your house sale and achieves a price of £297k for your property that has been advertised as ‘offers over £295k’. This means that you get £2000 over the asking price for a fee of £2673 due to the agent.
In another scenario, you agree a fee of 1% with Agent Sarah who works tirelessly on your behalf and agrees a sale price of £305k. This means that you get £10,000 over the asking price for a fee of £3660.
The difference in fee due to the agent of £987 results in a gain for you of £8000… so the extra ‘cost’ to you in a higher commission rate is still a better end result. Remember to do the maths before you decide which agent to select
2. Believing the valuation counts for everything
All professional valuers and surveyors offer their best estimate based on experience and local knowledge of the market: they won’t be swayed by any amount of pleading or bargaining! However, whatever the value they place on your property, what really counts is what the market thinks of your property; after all, if nobody is willing to make an offer, then the valuation counts for very little.
3. Being unprepared for the photographer
It’s crucial to give your property its greatest chance to sell by presenting your home in the best possible light. Make sure you have your property well-staged and be willing to be flexible with this when the photographer comes. Beg, borrow or steal accessories from your friends and use their spare storage space to help de-clutter. If they suggest swapping a chair here or there, or removing a picture, go with it and see what the effect is in the photograph.
4. Believing all viewers can see past flaws
Whilst some people are blessed with the imagination to see the potential in any given situation, many are not and cannot look past what is in front of them. Give your property the once over with a critical eye and see what you can deal with to broaden its appeal.
5. Being unable to accommodate viewing requests
Make it as easy as possible for the agent to get hold of you by phone and be as flexible as possible to facilitate viewings at various times of the day and week. We know that this can be tricky when your shift patterns or family members don’t lend themselves to this and we can always work around your availability, but it’s great when the seller can offer a variety of times to welcome viewers when it suits the viewer, thus increasing the chances of a successful visit leading to an offer.
6. Thinking that your property is extra special
Like with babies, some sellers have rose-tinted glasses on when it comes to their own home and believe it commands a higher price than a very similar house down the road. We have been guilty of this one in the past when we sold our very first house which we were very attached to. Emotions can skew your view, so be realistic and reasonable in your expectations.
7. Forgetting that your agent is only one part of the process
Selling and buying property only happens easily when each party involved in the process can communicate well, honour deadlines and work with integrity and professionalism. As well as a good estate agent, you will also need a conveyancer or solicitor and a mortgage broker. Choose as wisely as you can!
We hope you find these suggestions helpful and that you’ll soon be well on your way to the sale of your home. Please get in touch on 01786 821012 if we can help in any way.
Markus and the team at Cathedral City Estates