Who doesn’t go into selling a house with the intention of making a significant profit? We’re all trying our best to make a good financial return on the sale of a house. The process can be tricky, and we can often fall short due to these common home selling mistakes.
These property sale no-nos could detract thousands of dollars from your ultimate sale price, so read on to make your real estate journey smoother.
1. Not taking the time to choose the right agent
Many sellers choose agents from the most recognisable agencies, or perhaps who they bought the property through initially. The problem with this is that the agents from the biggest agency on the block aren’t necessarily the ones who understand the market, what buyers are looking for, or what the best tactics to sell your house are. It pays to take time to find the right agent by reading reviews on websites like Rate My Agent.
2. Hiring an agent who charges for expensive extras
While some agents will include services like advertising and staging in their fees, many others charge separately for them. In this case, the best option is to find a real estate agent who provides these services as part of their fee so that you’re not in for any nasty surprises.
3. Hiring an agent who charges a hefty commission
There is no real estate agent standard commission fee in Australia. They vary from agent to agent and can be very different in each state.
The two kinds of commission fees are fixed rate, where the agent charges a certain percentage of the final selling price (this percentage is agreed upon from the start); and the tiered percentage commission, where the commission percentage grows as the final selling price increases.
While most people expect that commissions are a non-negotiable part of real estate dealings, it’s possible to pay a set amount of money regardless of the final selling price, if you hire an agent with a flat fee.
4. Not trusting your agent
It’s normal to be a little nervous when selling your home, but you must trust your agent’s expertise and skills. It’s always good to ask lots of questions and stay informed, but doubting and trying to take control of everything can end up doing more harm than good.
5. Not doing simple cosmetic fixes to improve value
One big mistake you can make when selling your house is not paying attention to the little details. A broken light, chipped paint, a missing tile – these things can make all the difference on whether or not a potential buyer makes an offer. See these great quick tips for preparing your home for sale.
6. Doing a costly refit of your kitchen or bathroom
Now, when fixing up the house, it’s possible to take it too far. A complete remodelling of the kitchen or bathroom is often unnecessary and can sometimes just increase the cost, rather than the price of the house. It’s best to take this on a case-by-case basis, though, and a knowledgeable estate agent will be able to help advise.
7. Not doing your research on the value of your home
Trust your agent, but also inform yourself of the value of your home. Request the appropriate appraisals, research the market, look up similar listings and check out the sales history for your area. Knowing the value of your property will help give you a better idea of how much you can expect. You can check your suburb profile or get great insights tools like Buyer Advantage too.
One of the quickest, easiest, and most informative ways to learn the potential value of your home is to claim your free property value estimate from Upside. This report takes less than a minute to request, and it will arm you with information such as comparable and historic sales data from your area so you can get a feel for where your home fits in.
8. Appearing too eager
This is a common mistake when, for one reason or another, you need to sell the house quickly. Buyers can detect your urgency, and if they feel you’re desperate to sell, they may take advantage of it and offer a lower price.
A good real estate agent can guide you through the selling process and help you avoid making mistakes that detract from the price of your sale, so it’s always important to spend the time up front to find the right estate agent for you.
Keen to find out more about the value of your home? Get a free online property estimate now.