First Time Selling a Property? Avoid These Traps

Author
YNM Real Estate
Date
19 December 2021
Category
News

Selling your home can be a nightmare, if you don't know what you're doing. Luckily, many people have already gone through the process and made all the mistakes you don't have to.

Publicity is Your Friend

The bigger your pool of potential buyers is, the better your chances of receiving an acceptable offer. Even if you've contacted a real estate agent, there's nothing stopping you from telling your work colleagues, social acquaintances and people you bump into at the bank. Online advertising is easy, so there's no excuse for your property not to be front and centre to potential buyers.

Get Expert Advice

It's an unfortunate fact that some people will not be entirely honest when it comes to large transactions. A consultation with a lawyer or other professional will set you back a couple of bucks, but taking this step can save you hugely in the long run. Of course, your brother in law, your neighbours and your three year old child will all want to help you with their wisdom, but with free advice the rule is that you generally get what you pay for.

One rule of thumb for selecting a real estate agent is to go with one who actually thinks about your questions before responding. You wouldn't mind it if your doctor looks up some information, so an agent saying “I'll get back to you” is actually a good sign.

Give Yourself as Much Time as Possible

An anxious seller is like blood in the water for buyers looking for a good deal. If possible, even if it requires two moves instead of one, make it possible to keep your house on the market for several months. Not only will this result in a better potential price, but you will spread out the stress and work involved in marketing a property over a longer period.

Unrealistic Pricing

All the fond memories you have of your home will mean exactly nothing to a buyer. Even Buckingham Palace has a market value, and trying to squeeze out more than that will never work.

That being understood, there's no reason not to ask the best price you can expect to be paid. Spending a few hours over the weekend making sure that the garden is presentable, doing a bit of painting and generally making sure that all maintenance issues have been addressed can increase the perceived value of your property by 5 to 10%.

Do not be under the illusion that selling a house is easy, and doubly so the first time you attempt it. More than anything else, connecting with someone experienced, like an estate agent, will save you money, time and tears.

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