Within all the excitement and intrigue to sell their property, people often make six deal-breaking mistakes while selling their property in Sydney’s Inner West.
Giving less importance to the buyer
This is one of the most common mistakes, sellers forget the buyers. However, it’s not just about giving importance to the buyer; it’s also about how willing you really are to sell your property. Have you been doing everything you can to highlight the features of your home? What about the presentation? How well have you presented your property in the advertising campaign?
If you want to successfully sell a property in the Inner West, you must think from the buyer’s perspective and give importance to their view point. Think about what a buyer would be looking at first when he/she enters your home. Nobody likes to see a property which is full of unnecessary items so, de-cluttering your home is crucial to allow your buyer to check each and everything in your house.
Furthermore, find out different ways you can reach your ideal buyer. Why not consider making a Facebook campaign if you are looking for professional buyers? Try to do something different, people are tired of the usual approaches.
Imbalanced expenditures on renovation
Sometimes sellers extravagantly renovate their property and then expect for a higher sale price. It just won’t happen because all you have done is renovated optional things which don’t even matter!
On the other hand, some sellers completely ignore renovation as they think it’s not even important or they are scared of spending more money than they are expected to gain. The point is, as long as you are renovating the right parts of the house, it’s going to play a huge role in maximization of profit. People simply love when a property consists of all the latest facilities, qualitatively charming design and attractive fittings.
Spend wisely and it may turn the tables upside down, spend unwisely and you may be making it harder for yourself.
Having too much confidence
Some sellers become overconfident about the worth of their property and expect to receive a huge profit out of it. That is not possible. Your property will be worth what it deserves to be paid for. If you have a decades old property in top condition, it won’t matter. Time has changed. People are looking to adjust according to the new fashions and new facilities, your 1980’s renovations won’t do you any good.
So what to do? Get a trustworthy agent and ask him questions about your property. Make full use of him/her and find out what your house is worth and how can you further improve its worth, if it’s possible
Ignoring what the market says.
The real estate markets, whether it’s in the Inner West or even outside of Australia, are dictated by the laws of supply and demand. This is exactly why a lot of emphasis is placed on market research before stepping inside an auction or putting a ‘for sale’ sign on your property.
If your property has recently failed to sell, listen to what the market is saying. That does not mean that the market was actually speaking and you failed to hear its words but rather it’s a metaphorical way of suggesting that look again at the market trends. Have you overpriced your property? Did you bring it to the market through the wrong means? Are you even advertising at the right market?
All of these factors are dictated by the market trends and until and unless you are aware of what’s going on in the market, you will not be able to find out how to properly display your property when selling it.
Auctions are not everything
Auctions have started to become a literal culture in Australia, especially in the Inner West. People forget to check the market conditions before starting an auction campaign. What if there is already a high level of similar property stock available to the buyers? Do you think they will come to your auction? Absolutely not! It is very important to know that auctions are only effective when the stock is low and the buyer activity is high, not the other way around.
We personally believe that off-market properties tend to have better chances of getting sold than through any other method. However, this is not to discourage you. If you think auction is the right choice for your property, go ahead. But make sure it really is the right choice.
Lack of belief in the real estate agents
If you have already hired a real estate agent, which you should if you haven’t yet, then why not put your trust in him/her? If you are not completely happy about your agent’s choices, then not only are you wasting your hard-earned money but you are also wasting the agent’s time.
Real estate agents, the trustworthy and professional ones, can positively turn the tables upside down when it comes to successfully selling your property. They can help you in getting the best price for your property and the overall desired results. So, if you have hired an agent, trust them!