Not trusting the agent
If you don’t trust the agent, don’t hire the agent!
A major ingredient in any relationship, business or personal, is trust. Do I feel comfortable with this person handling the sale of my family home? If your answer is ‘no’, do not hire the agent. Once you decide on an agent, give the agent your trust and confidence. Do not interfere. Allow the agent to make decisions and get on with the job of finding the right buyer for your home. The best agents are worthy of your trust. They won’t let you down
No for sale sign
No sign could mean no sale
A sign attracts buyers and it is your 24 hour salesperson. Be careful as some people will knock on your door. Insist they call your agent. Trying to negotiate yourself could cost you thousands of dollars.
For Sale Signs also attract other agents, do not believe everything they tell you. Judge each on merit as some will tell you they have a great buyer just to get a foot in the door. Others will be genuine.
Poor presentation
Pay attention to little things which create a big impression – the front garden and the first appearance of your home. Stand back and look at what buyers will see when they arrive. Cleanliness is vital, remove the clutter. Less is best.
Remove hanging kitchen towels, put away appliances, fold bathroom towels, clear away excess ornaments as buyers want to imagine what their furniture will look like in your home.
Ignoring early buyers
High prices often come early, Low prices often come late,
The buyers you reject when your home is first placed for sale may be the buyers prepared to pay the best price. The number of buyers for your home usually gets lower, not higher, as time goes on. And your price will often get lower too.
Consider carefully the early offers you receive. If the early price enables you to achieve your goals, you should consider selling sooner rather than later. How many times do you hear of sellers having their homes for sale for a long time and getting a higher price, almost never? The highest price comes when your home is fresh, not when it’s stale.
The best agents are those who can find the best buyer willing to pay the best price in the shortest time and with the least cost to you.
Revealing your reason
No one, other than the agent need know your reason for selling. Sometimes if your reason is revealed it can severely hurt your chance of obtaining the highest price. This is especially true if you need to sell by a certain date.
If buyers know the reason you are selling it can weaken your negotiating position. Too often some agents say, “Must sell /bought elsewhere/financial problems/bank repossession.” If asked the reason for selling, simply say that you are “re-locating”. Don’t let the reason you are selling your home be the reason you receive a lower price.
Not advertising
Agents will advertise your property. Should you wish additional exposure there are many ways to do this at a minimal cost to yourself. A larger sign, a highlight property listing on Real Estate.com, brochures, paper advertising etc. It is important to discuss a marketing strategy.
Serious buyers look on the internet 7 days a week, they don’t wait for the weekend paper anymore, and do inspections any day of the week.
It appears that buyers are shifting the way they locate property and that newspapers are becoming less and less relevant. In 2008 The Los Angeles Times ceased producing their property section after 100 years of production because it was becoming less relevant for consumers in America who prefer the internet. This is rapidly happening in Australia which is why the two largest real estate websites in Australia have newspaper owners as major shareholders.
Choosing the cheapest agent
You want an agent that will go the extra mile for you. Be careful choosing an agent based purely on their fees as it is better to pay an extra one percent for a selling fee than to receive ten percent less on your selling price. Good negotiators rarely give big discounts on their fees. If they get you the best price, they are worth a fair fee.
You need an agent who is available to buyers. Weekends are especially important. You never know when the perfect buyer will come along. A buyer will buy from the agent who is open. The best agents offer a 7 day service and are prepared to work on your behalf.
Defaulting to open listings
Do not list your home with several agents. You may think this will increase your chance of finding a buyer but it can decrease your chance of getting the highest price. Too many signs outside your home show desperation and spoil the first visual presentation.
Buyers shop around. They will use the agent who can obtain your home at the lowest price. Choose one agent, one you like and trust, and give them an exclusive knowing your property will be a priority with them. Or, to keep your options open, choose two agencies at opposite ends of the mountain to obtain good exposure and opportunity.
Auctions
Some auctions are not honest with the “reserve” price. The reserve is your lowest price and it is the minimum you will accept. Set your reserve realistically.
Auctions can work for the buyer but this is dependent on the market, the position and the price. Don’t be badgered into selling by auction. If it is a necessity or a last resort it is important to have a marketing plan in place, plus an active agency and a knowledgeable auctioneer.