Selling a property can be a fantastic opportunity to capitalise on your investment and to make a change you may have been planning for years. However, there are several common errors that can delay the process, complicating what should be a smooth and simple transaction. Although all five of these mistakes are frequently made, they don't have to be. If you're about to put your home on the market, make sure you avoid these common pitfalls:
Having unrealistic expectations on price
Pricing your property is a fine art, as setting the figure either too low or too high can put off potential buyers. It's important to put sentimental value to one side and take a practical approach, considering how much similar homes in your area are selling for. Market trends should also be factored in: If property prices are on the rise, you may be able to go a few percentage points above your neighbours. If they are stagnating, it might be wise to list your home at a more modest starting point.
Ignoring your property’s flaws
To achieve the maximum price for your property, you will need to ensure that the building and its interior are in the best possible condition. Familiarity can make it difficult to notice the flaws in your home, so ask a friend for their opinion. For example, although you may not have realised that your doors would benefit from a fresh coat of paint, a fresh pair of eyes often won't be so forgiving. If you can address any minor repairs and renovations before coming to market, it will significantly improve your position when negotiations begin.
Failing to stage the home
Buyers want to envisage themselves living in your property, and this is easier if it is as neutral as possible. Give them the impression that they could move in immediately by storing away items such as family photographs, small collectibles and other personal touches. If you have a bold colour scheme on your walls, consider painting over it in a magnolia shade. Ultimately, you are looking to create a blank canvas, so remove anything that is particularly specific to your tastes.
Marketing your property goes far beyond simply listing it. To catch and hold the attention of any and all potential buyers before they’ve even stepped into the home, you will need to start with excellent imagery. Use high quality professional photographs, ensuring that they’re focussed, wide-angled, and perfectly lit. Engel & Völkers will assist you and make your house look its best.
Not hiring an agent
Trying to sell your property alone is the biggest mistake, not least because it makes the other common pitfalls far more likely. Emotional attachment to your home can cloud judgement, and a lack of contacts could leave the property sitting on the market for months. Enlisting the help of a fully qualified estate agent from Engel & Völkers to assist you in the sale will ensure that you avoid this. With decades of experience in the high end real estate market, our professional agents are industry-leading experts in pitching properties, finding the right buyers and negotiating the best prices. For more information, visit us online or in person.