When selling your home it’s fair to say you are looking to achieve the best result for your property in the shortest amount of time. There are a lot of factors that can contribute to how quickly your home is sold, but when it comes to some of the things that may be holding you back, it’s good to know what these are so that you can avoid them.
Having unrealistic price expectations
One of the key reasons some properties sit on the market for too long is because they are not priced correctly from the beginning. The majority of properties receive the highest level of interest in the first four weeks of the property being marketed. After this time, buyer enquiry tends to wane, and the longer a property sits on the market, the lower the enquiry rates get.
It’s a fact that over-priced properties take longer to sell and do not attract the optimum number of potential buyers, particularly during the prime selling period. The longer properties sit on the market the lower price they achieve. After three or more months this can often be 20% to 25% less.
Tip: To ensure your property is priced correctly, do your research, look at what similar properties have sold for in your area, be realistic and look at your home objectively through the eyes of a buyer. Lastly, speak with a knowledgeable sales consultant who will be open and honest about the price range your home is likely to attract.
Investing too little in marketing
Investing enough in your initial marketing campaign is very important as this will help to ensure your property is highly visible to potential buyers in those crucial first few weeks.
The latest research from Harcourts Group Australia, showed a direct correlation between the amount spent on marketing versus how much interest there was in a property. On average, properties that sold in the shortest timeframe invested a further AUD$1,913 in marketing than those that did not see a sale in the 45-day period.
Tip: Speak with your sales consultant about the best marketing plan for your property. A knowledgeable sales consultant who knows the area, takes the time to become familiar with your home and understands the needs of potential buyers will be best placed to help you determine the best marketing strategy for you.
Using poor quality photographs to market your home
The images of your property that appear in print and online are the first, and possibly only impression you will make on potential buyers, so they need to have a certain wow factor. You need your home to stand-out against the competition, and with professional photography becoming increasingly popular, you don’t want your property to be the odd one out.
Stats also show that homes listed online with professional shots tend to get more clicks, so it’s well worth the investment.
Tip: Your sales consultant can organise for professional photos to be taken of your home, taking the hassle out of organising this yourself.
Not carrying out necessary maintenance or repairs
It’s a good idea to make any aesthetic repairs needed in your property well before you have buyers inspecting the home. Things as small as a chip in paint in an interior wall could detract from the overall feel of the home, and lead to lower than fair offers. On the other hand, a fresh coat of paint can add value to your property that may far outweigh the cost of repainting.
Remember, it’s important to look at your home objectively through the eyes of a buyer. As hard as that may be it does mean putting your personal feelings and memories of the property aside and looking at it as if for the first time.
Tip: You could also invest in updating features like tired curtains, older fixtures and fittings, re-carpeting or laying new turf if you have a patchy lawn.
Failing to interview potential sales consultants
Choosing a sales consultant is a critical part of the home-selling process. After all, you are going to want to work with someone you trust to achieve the best result possible for your home.
There is nothing wrong with meeting a few sales consultants to see what each has to offer and to see who will be the best fit. Here are some things to look for when choosing a sales consultant:
- To sell real estate in Australia, you need to be a qualified sales consultant, and that means you need to hold the proper valid licence.
- Experienced sales consultants don’t just know all there is to know about selling real estate, they also know about your local market, average property prices, what kinds of homes and even features are popular with buyers, key negotiation strategies, and how to effectively market your home.
- Focused on you. The real estate professional you choose should be committed to creating meaningful and genuine personal relationships.
- Is able to achieve the best result.Achieving the quick sale of your property for the right price can depend on more than your sales consultant alone. A consultant needs the right tools at their disposal and the support to use them effectively.
If you need help or advice about the best way to price, market and sell your property speak with your local Harcourts sales consultant.