Setting a price is more than just putting a nice-looking number down and hoping for the best.
More often than not, sellers are on the side of profit – that is, they tend to want to start high (by which we mean “higher than they should”).
Doing this can cause a number of problems, the biggest being discouraged buyers. This can lead to a home sitting on the market for longer than it should, which inevitably leads to “there-must-be-something-wrong-with-it syndrome”.
On the other side of the coin, setting the price too low can stimulate too many enquiries, which can end up with the seller getting frustrated and accepting a low-ball offer.
We all have personal networks of sorts, but no home is going to sell itself unless maybe it’s a well-known prestige property.
There’s no way around it: homes need marketing.
Sellers sometimes feel their home will simply sell without having to spend a cent on advertising, but the reality is that they’re competing with tens or hundreds of other similar properties around Brisbane.
Commit to some marketing – preferably online
(it’s usually better bang for your buck)
The idea of moving into someone else’s home can be off-putting to some buyers.
While you may absolutely love your vintage Disney memorabilia, your potential buyers probably won’t.
It goes without saying that your home should be clean and well presented, but it can help a lot to go one step further and tone back the personal touches.
This will allow your buyers to project themselves into the home and imagine themselves living there.
Don’t go too far and make it look clinical – a little lived-in charm does wonders. Just not too much!
We’re not trying to toot our own horn, but it’s fairly common knowledge that using an agent can make the whole selling process easier and quicker, while also netting you a bigger sale price.
By all means, if you have the know-how and spare time to do a good job of preparing, marketing, showing and selling your home, then go ahead.
But if you don’t think you have the same skill set as someone that sells homes for a living, maybe consider taking a supporting role.
Following on from the previous point, it’s also a good idea to exercise some sceptical thinking before signing up with an agent.
Do your homework, interview a couple of different agents, and make sure they know what they’re doing.
We’ve heard more than a few horror stories that resulted from people realising they weren’t up to selling their homes themselves, and then, feeling exasperated, signing with the first agent that came along.
Just as a buyer shops around for the right home loan, you should shop around for the right agent.
If you get an offer that’s lower than you’d like, don’t just shoot it down.
Sure, it might be an opportunistic buyer trying to low-ball you, but it could also be a perfectly reasonable human being trying to negotiate.
You don’t have to only negotiate with the price either.
There could be additional value you could add or remove according to the home’s features (e.g. appliances, furnishings, etc.) that could make the difference between a low offer and a palatable one.
Time is also a valuable negotiating chip.
Having a contract settle at a time that suits your buyers can be worth a little extra dollars.
Withholding information is a serious mistake sometimes made by home sellers.
It may be tempting to hide any potential problems, but it is likely those problems will be uncovered as the sales process moves forward!
Information such as past termite damage, neighbour disputes and council approvals (or lack of) can become deal breakers for buyers if they find out about them too late.
Being honest and completely transparent will always benefit you and your sale in the long run.