5 Critical Seller Mistakes To Avoid.
By Ray Wood
Every seller has the opportunity to sell for more but it's not always smooth sailing. There are often more questions than answers and current market conditions can throw up any number of challenges. If you're going on the market soon, here are 5 critical mistakes to avoid.
Critical Seller Mistake number 1. Starting price set too high
There is nothing wrong with ambitious pricing. It's okay to go for gold and try for a dream price. It's when the dream price is too ambitious that the nightmares begin.
A property is fresh and interesting when it first hits the market. There is a golden window of opportunity for sellers. This is usually the first half of the average selling period. Let's say the average selling time in your area is 60 days. The golden window is the first 30 days. After that, buyers are asking questions like "What's wrong with this house?" and "Why hasn't it sold?"
It's essential to get your price adjusted to attract buying interest while you're still within the golden window period. You may have already missed some good buyers but as long as you are priced right within this time, you still have a great chance to secure a top result. Keep in mind that competitive market pricing is the fastest way to attract multiple offers and competing buyers which is every sellers dream!
Critical Seller Mistake number 2. Rejecting a good early offer
The road to selling success is littered with tragic stories about the buyer that got away. Many early offers are rejected by sellers because they subscribe to the myth that things are just warming up when that first offer comes up after only days on the market. It's essential to remember that although you may have just put your property up for sale, your buyer may have been looking for months and is highly educated as to values in your area. In fact, a hot buyer will often have a better idea of value than your agent.
Critical Seller Mistake number 3. Poor presentation
When you put your property on the market, your enemy is other homes for sale in your area and price range. You are all competing for that hot buyer or buyers to inspect your home and make an offer. Words and your asking price are simply not enough. Your property is worth hundreds of thousands of dollars, so it's worth the time and effort to get it looking great.
Well presented homes create an ‘emotional trigger' that communicates desire in a buyer to own your home. This is because they mentally move in and see themselves living in your place. Check out home magazines or their websites for inspiration and ideas. Speak to your agent about hiring a staging or presentation specialist. If your mission is to sell for the highest possible price, then that is probably your best investment. Create the WOW factor and start the buzz happening about your place. Have some fun and get noticed.
Critical Seller Mistake number 4. Bad photos
Every time I see a poor quality photo of a home for sale, I see a real estate agent that doesn't care and a home seller that doesn't know any better. The digital image is now the most important item in your marketing checklist. Hire a pro and get a great image to impress your buyers. A professional attractive image simply jumps off the page to a good buyer and says: "Come around today and check me out. I might be just what you're looking for."
Critical Seller Mistake number 5. Limited Marketing
You can't sell a secret. No matter how great you have your place looking, and with the right price to generate real buyer interest you need to tell the world. Speak to your agent about ‘Power Launching' your listing to get things off to a flying start. Ask your agent where they are getting buyer enquiry and make sure you are featured there.
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Ray Wood is a bestselling real estate author and CEO of real estate group Bestagents.
