5 common mistakes sellers make (and how to avoid them)
Selling your home is an exciting time, but it can also be quite stressful at the same time. Small mistakes can lead to sitting on the market for longer than anticipated, lower offers, or even no sale at all. If you're thinking about putting your property on the market, here are 5 things to keep in mind to help achieve the best possible price.
Overpricing for home
Naturally, everyone wants to achieve the most amount of money for their home, but in doing so, sometimes you can miss the market because the property is priced much higher than comparable homes that have sold. Buyers are well-informed more than they ever have been with many websites sharing comparable sales. Google Chrome has extensions that share when a property has been listed and any price movements giving buyers complete transparency of the marketing history.
How to avoid it:
Research similar properties to your home and pay more attention to sold prices rather than asking prices.
Work with an experienced estate agent who can demonstrate knowledge of the local area and how they intend to achieve the best possible price for your home.
Price your home competitively. When you list your home for sale, you want to generate viewings from the outset. The first three weeks are the most important. Anyone who is seriously looking to buy a property will have alerts making them aware when a property matching their requirements becomes available. If you're priced correctly, I would expect 3 viewings per week consistently and to start seeing offers after the tenth viewing.
Poor Marketing
Too many agents solely rely on putting properties on the portals and waiting for the phone to ring. Instead, your agent should do the following:
Invest in professional photography, a floorplan (with measurements), and videography showcasing the best areas of the home.
Ensure that your agent uses engaging language in the property description including keywords.
Use social media to broaden your marketing reach. In this day and age, everyone is using social media, so your agent must have a social media strategy.
Ignoring minor repairs
Previously, estate agents have always advised sellers against doing any work to their property because the new buyer will want to put their stamp on the property. The best advice now is for sellers to make minor improvements to their property before they go on the market, as you don't want a potential buyer to think the house hasn't been cared for. Not making improvements could lead to lower offers. How to avoid it:
Simply walk through your home and look at your home as if you were the buyer. Repaint walls where necessary and fix loose handles or carpets.
For more severe work, it is worthwhile getting ahead of this by arranging quotes for remedial works to share with potential buyers.
Choosing the wrong estate agent
Against popular belief, not all estate agents are the same. Some have better knowledge and more experience having been through several property transactions, some communicate better than others, and some may not effectively market your home. How to avoid it:
Look for an estate agent with a proven track record in your area.
Ask the estate agent what their marketing strategy is when listing your home—every home is unique, so the marketing should reflect this too.
Choose an estate agent who is proactive and communicates effectively.
Being unprepared for viewings
Buyers must be able to see themselves living in the property, so an untidy property, cluttered, or bad smells can be a turn-off. How to avoid it:
Declutter your home. Yes, you may live in the property, but you want your buyers to be able to envisage themselves living in the property. Removing excess personal items around the home can help secure a buyer.
A lovely-smelling home creates a nice ambience and viewing experience for the buyer. Opening windows and lighting scented candles/diffusers is a big win.
Keep the house well-lit, open windows and turn on all the lights.
Avoiding these common mistakes can make a huge difference in how quickly and successfully your home sells. If you're thinking about selling in Totteridge & Whetstone, I’d love to help you achieve the best possible price.