Every day I speak with home-owners who are considering selling their home and understandably there is some trepidation, and the reasons for their concerns range anywhere between – “We might undersell it” to “What if no buyers come?”, or “How will we know if they like it?”.
In my experience I can honsestly say that almost all the concerns raised by home sellers when considering selling are not concerns at all.
Follow a tried and proven process and you can get the job done with a minimum of fuss.
To help give you a better idea, I’ll cover the five most costly mistakes that you may face when selling your home...
1. Seeking advice from the butcher, the baker or the candlestick maker
Everyone knows something about real estate and the property market.
You own a home. You’ve watched The Block, House Rules or Selling Houses Australia. You read the auction and sale results in the paper, or follow them online.
Here’s where a little knowledge can be a dangerous thing.
Asking the opinion of someone who is NOT immersed in the market on a day to day basis is not advisable – especially around the question of price
Pricing your home is not a science, however recent (accurate) historical data is vital. So, researching the sale prices of similar properties in your area (1-3km radius) is where you must concentrate the bulk of your research.
If the butcher, the baker or candlestick maker believe your home’s price is above your expectations or true market value, get out the contract and sign them up. They are your buyer.
2. Sh*tty Presentation, Cr*ppy Images
Over 70% of a property buyer’s attention is drawn to one thing – the images; photos, videos and floorplans.
With over 90% of property buyers searching for their next place online, images can make or break any genuine buyer interest in your property.
Hey, the photos themselves might be great, but what about the presentation of the property they are portraying.
Make sure when selling your home that you:
Present the property within an inch of its life. Clean and pristine. Clear the clutter and make it sparkle.
Get a pro to take 12-15 great shots in landscape format, showing off the best features…and don’t forget that buyers now expect a floor plan and even the odd drone shot.
3. Not enough information or too much.
As I said previously, property buyers are drawn primarily to good images.
However, you still need a benefit-laden headline and a reasonably interesting narrative (description).
So many home sellers and their agents write their version of ‘War & Peace’. Paragraph after paragraph of grandeur and beauty - yawn. Buyers can fall asleep by the time you get to the bathroom description.
Or, we see a headline like ‘4 bed home’ and a narrative that is a 25 word extension on the headline. More information please.
What to write is like Goldilocks and the Three Bears. This one has ‘Too much’, this one is ‘Not enough’, but his one is ‘Juuuust right’.
Rule of thumb is: Write an intro with the benefits of owning the property, list the property’s main features, then finish with a location snapshot and a call to action.
And always remember; buyers are attracted to benefits NOT just features.
Be sure your agent is a skilled marketer who knows how to communicate with buuyers.
4. Failing to ask THE question.
Its working! You are on the market. Buyers are responding to the online ads and seeing the sign out the front.
Your agent is showing people through on individual inspections and a few are rolling through the open homes.
But no offers!
This is classic indication that the market may not share your sentiments with the value you are offering.
This question of every buyer who inspects your property, MUST be asked (and don’t stray from these EXACT words),
“I’d really appreciate your help, what do you think this place will sell for?”
The next key action is for your agent to shut up and let the buyer answer. If the buyer offers an opinion, the next question must be, “Would you like to make an offer?”
Engage, ask and listen. You’ll be amazed at how much buyers will be willing to share with your agent – then your agent MUST give you that vital feedback so YOU can make the decisions that matter.
5. Waiting too long to change your bait.
Selling a property is a lot like fishing.
You prepare your rod (the marketing) and bait the hook (your guide/list price), cast it out into the big pond of hungry buyers (fish) and wait for a big bite. Waiting, waiting…
Two, three or four weeks have passed and not even a nibble.
The fish don’t like the bait. And with each passing day, the prawn you wrapped around the hook gets smellier and less appetising. The fish aren’t interested.
This is called the ‘Deafening silence of the market’. The fish (buyers) keep swimming past and are looking for juicer bait – better value.
It’s an easy fix. But don’t wait for six, eight or ten weeks to roll by or you will start to play a game I call ‘Chase the market’.
If the nibbles are non-existent or few and far between, act within the first four weeks and change your bait. Make a noticeable, yet smart, price adjustment and re-fresh your marketing.
Get a nice juicy pilchard on the hook; something the buyers will notice and want to take a big bite of.
Selling your home is actually a simple undertaking as long as you take on the right support and advice from someone who is not afraid to ask the right questions and actually investigate what the market (buyers) think – and let you know.
