If you’re thinking about selling your property in the Inner West or on the Balmain Peninsula, read on for our top selling mistakes to avoid.
When you’re trying to save money when selling your property, it’s easy to fall into these traps that could cost you in the long run. So check out the common mistakes sellers can make.
1. Basing your agent selection on false promises and perceived savings
Most sellers talk to several real estate agents before deciding who they’ll choose to sell their home.
Your business is valuable; fierce competition to win listings often results in agents over-promising what price they can achieve for your home, as well as offering discount commission and marketing packages.
Basing your decision on who is the cheapest or who promises you the highest price will almost always lead to a disappointing outcome. In many cases, it will end up costing you dearly in terms of stress, a drawn-out sale and the agent not achieving the best price for your property.
Remember that the cheapest agent is the one who gets you the best net return from the sale. You should base your decision on who you feel you can trust, their recent track record in your area, and their overall strategy for achieving the best result. Talk to your neighbours, ask for recommendations from friends, and check out what each agent’s past clients have to say about their experience.
2. Not preparing and styling your Inner West home
Buyers want to imagine themselves living in your home; they don’t want to assume your lifestyle. They’re looking more for a blank canvas on which to project their dreams. So sellers who don’t declutter and then style their homes can miss out on buyers.
Your Inner West real estate specialist can advise you on what to keep and what has to go. They can also recommend a stylist who can save you money and add value to your home.
3. Ignoring regular maintenance
No one wants to visit a home with squeaky doors, leaky taps or rusty guttering. Think about how you’d feel; it just looks like work and buyers will discount your home accordingly. Instead, make sure all the obvious maintenance is completed. Most important, make sure your home is spotless. So think about pressure cleaning the outside (including the roof), repainting any flaky paint around windows, and mulching your garden and trimming bushes and trees. And last but not least, make sure your windows are sparkling. You might be surprised what a difference this makes to your home’s appearance.
4. Overcapitalising on renovations
This is where it’s critical to talk to your agent before you spend any money. Sure, a fabulous new kitchen might look great for photography but it might not be to buyers’ tastes. Same for expensive bathroom renovations; you always want to leave something for the buyer to do to add value to the home they’re buying.
You’re better off making small cosmetic changes such as replacing cupboard doors or door handles, resurfacing your bath, replacing old tapware, or even repainting key rooms in neutral tones. Those small cosmetic changes can be as effective as major renovations when it comes to buyer interest.
One of the worst things you can do to your property is to cover or remove original features of older homes. These period features hold huge buyer appeal, especially to downsizers or those looking to the Inner West for the sense of history and community intrinsic to the area.
5. Poor marketing
Marketing your property takes more than a few photos taken with your smartphone, and placing an ad in a newspaper.
You need a marketing strategy that is tailored for your home and its target market. Beautiful photography, professional copywriting, a great floorplan and quality collateral such as brochures and signage will literally add value to your property.
An active agent will have a strong database of potential purchasers as well as a clear strategy on how they will target buyers on local, national and international levels.
So don’t compromise on the quality of your marketing. Ensure your agent has a clear marketing strategy for your property and can implement it in a timely manner.
The last word
You can see that it’s worth engaging a reputable agent who has a broad knowledge of the Inner West; one who understands buyers’ needs, has a clear marketing strategy and can weed out the time-wasters. If you’re thinking about selling, please give us a call first so we can help you avoid some of these seller mistakes.