How many times in your life have you sold a home? Realistically, unless you flip properties or you’re on The Block, it’s likely only going to be a few times in your life. Why does this matter?
Because the market can change dramatically in between sales meaning the average person is generally out of their dept when it comes to selling successfully. Simple things like the demographic of an area may have shifted or new developments have been completed, changing the landscape of the area. Without looking at the whole picture, mistakes are made which can compromise the marketing of the property, the outcome of the sale and even whether a sale is made at all.
We work with lots of different people who are selling property for a multitude of reasons ranging from upgrading and downsizing through to small developments and even whole suburbs! Consistently working with both buyers and vendors means we keep abreast of what’s happening in the market and how we can maximise this for our vendors.
Mistake #1 – not starting with the outcome you want to achieve
One mistake we commonly see, particularly in those who select an agent before they’ve thought about their outcome, is a confused or misguided strategy. What do we mean by this? You may have an idea of who you think will buy your house and at what price. The agent will likely be happy with this and go ahead and list. Part of the work we do with our clients is to help them examine all of the options on the table.
You might think a first home buyer wants your house, when in reality with some different styling, a refresh and the property could appeal to downsizers who are more financially stable and will purchase faster. This then informs the language used in the marketing, the photography, how the property features are showcased, the way the property will styled and who the agent will show through.
Targeting the wrong buyer can have implications and result in a drawn-out marketing process or offers which don’t reach your desired sale price.
Mistake #2 – choosing the wrong agent
To put it bluntly, yes it does. Different agents excel in different areas. Some have incredible contact lists for certain types of properties, others are brilliant negotiators via private treaty and still others will succeed at auction. The fee and marketing you pay can also vary dramatically depending on who you select.
Finally, it’s important to consider where you are selling. It’s no good picking the best, most highly awarded agent in Australia if they don’t know your area or don’t have any buyers who would be interested in your property. Choosing the wrong agent can impact when you find a buyer or indeed whether you find a suitable buyer at all.
Mistake #3 – thinking with your heart instead of your head
The final mistake we often see is letting your emotions get in the way. Let’s be clear, it’s hard not to! You’ve spent time living in the property, grown attached or need to attain a certain sale price to buy your dream home. Having someone on hand who can support you through the sales process is crucial, especially if you have to have a difficult conversation with your agent about the direction the sale is taking.
Having an advocate who’s in it to support you, project manage your sale and have those hard discussions is critical to exceeding the price you want and to help you take the next step in your life’s journey – wherever that may be.
Ready to learn more about our Vendor Advocacy Services? Get in touch here.