Home selling mistakes that could cost you big time

Real estate agents have listed the biggest mistakes they see home sellers make over and over again. Avoid these stuff-ups if you don't want to cost yourself a big sale.

Housing market conditions favourable to sellers always helps with getting potential buyers to sign on the dotted line.

But it doesn’t necessarily mean a sale will come easily – something as simple as not cleaning your home before an open inspection could be the difference between a sale and a pass.

With this in mind, industry experts have weighed in on some of the steps sellers can take to ensure they’re not missing out on a transaction.

MINOR REPAIRS

Real Estate Buyer’s Agents Association of Australia (REBAA) president Melinda Jennison says buyers are nervous about time frames and costs associated with locking in trades for repairs and maintenance after buying.

Jennison says for this reason, it’s important for sellers to complete minor repairs before opening their home.

Some repair jobs are bigger than others, but you should get as many as possible done before you try to sell.

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“When the obvious items are attended to prior to selling, a buyer has more confidence knowing they won’t have to account for any additional costs or time frame uncertainties after moving into their new home,” she says.

“A well-maintained home also gives buyers the impression that it has been cared for by the previous owners.”

BE FLEXIBLE

Jennison says allowing time for additional inspections is also a factor worth considering.

“While it can be inconvenient for some sellers to open their home, often buyers want to view the home at different times of the day and sometimes the times may not suit their work or family commitments,” the buyer’s agent says.

Real Estate Buyer’s Agents Association of Australia (REBAA) president Melinda Jennison

“Having some flexibility to ensure buyers have additional options to view will ensure they have the ability to make an informed decision about the home.”

MARKETING

Real Estate Institute of Australia (REIA) president Hayden Groves says sellers are more likely to lose out on a sale if their marketing isn’t up to scratch.

“Owners should take advice from their real estate agent on
how to appropriately market
their property so every single buyer that’s available in the market is touched and found,” says Groves.

“(Marketing) is a very important component so you’re leaving nothing to chance.”

MANAGE EXPECTATIONS

It can be stressful if you don’t manage your expectations.

Groves says another common mistake he sees among sellers is having unrealistic expectations in terms of their ideal sale price.

“Make sure your selling expectations are in line with the current market sentiment,” he says.

“It’s a good idea to get at least two, if not three market professionals to make sure you’re getting a clear view on what market prices should be.”

PRESENTATION

The less clutter, the better. According to Jennison, a home that is clean and has plenty of open space enables buyers to envision how they might live there.

“Sometimes spaces can feel smaller if rooms are full of oversized furniture and various knick-knacks,” she says.

“We even find a neutral colour scheme is often more inviting for buyers than bold colours, and this generally appeals to a wider buyer group.”

REIA president Hayden Groves reveals his most common errors that sellers make.

MOST-COMMON SELLING MISTAKES

Poor presentation:
How your home looks on open day can sway a buyer’s decision to purchase.

Off markets:
The more marketplace exposure, the better. List your home on realestate.com.au and as many other platforms as possible.

Rigid open times:
Try to be flexible with open home times to account for buyers with busy schedules.

Unrealistic prices:

Get an expert opinion (or two) to make sure your sale price is in line with the current market.

Source: REIA president Hayden Groves, REBAA president Melissa Jennison

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Originally published as Home selling mistakes that could cost you big time