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Property Talk

Property Talk

Author: Andreas Wassenaar
Date: 2019-07-05

What should Sellers know before considering listing their home for sale

As active agents we see Sellers making the same mistakes over and over again, blissfully unaware of how they prejudice themselves and actively mitigate against achieving the best possible result.

If you are a Seller who typically wants to achieve the highest price that the market will deliver on their property then this information is for you. If you are a Seller who only wants to achieve a sale at any price then no need to read any further.

Rule No 1: Don't appear desperate to prospective buyers. An open listing across more than 3 agencies screams desperation and buyers will hammer your pricing in response to that. A sole mandate is the best way I know of to align the Seller's and appointed agent's behaviour and activity. Open mandates mean agents compete with each other at the expense of price, which then has no further bearing.

Rule No 2: Take astute advice when given. As strange as this may seem to many Sellers, they do not determine the market price and neither does the appointed estate agent. The market determines the eventual transaction price on any given property. The market has a way of eventually disciplining Sellers. You cannot argue the facts of actual transaction data and if your home pricing is not aligned with this you are simply pricing to "stay" rather than "sell".

Rule No 3: You only have one opportunity to make a good first impression. This relates to both the presentation of the home and the pricing. Attend to all remedial work required before listing the home. Think of your home as having to be in "showroom" condition as soon as it goes into the public domain. The risk with over-pricing initially is that you squander the opportunity of making a good first impression and generating maximum interest in the key early days of a listing. You never get a second chance.

Rule No 4: Have a plan. Listing your home with several agencies and hoping for the best is not a plan, it is asking for lethargic inactivity on your property. A carefully considered and tailored marketing plan with budget amounts attributed to generating interest and leads, viewings on site and then a transaction within a realistic time frame to suite market conditions is the type of strategic plan a Seller should expect. Don't flog a dead horse - if you cannot get your home in showroom condition then a strategic marketing plan is wasted on it.

Rule No 5: Have realistic expectations. If you have rented your property to earn income to defray costs and at the same time you are attempting to sell the property you are setting yourself up for disappointment. As soon as you have a tenant in residence the access and presentation are compromised making a sale within a time frame unlikely. The investment segment of buyers who are happy to purchase a tenanted property is small relative to the whole market. Why limit the potential buyers for your property Either decide to sell or rent, committing to either one once the decision is made.

Rule No 6: Be kind to your Estate Agent. These are hard working people with families to support who are trying their best on a daily basis to get to a successful result for you as the client.