Mistakes sellers make

Mistakes sellers make

Monday 21 March 2022Wed 16 Feb
Mistakes sellers make

They work with multiple agents

Sellers often make the mistake of listing the property with multiple agents in the hope they will have more chance of finding a buyer quickly. However, Information on each agent listing can be different and often incorrect due to lack of consistent contact between the agents and seller which only devalues the asset. I see it time and time again, the same property listed multiple times at different prices.

Exclusivity with one real estate broker ensures your property is marketed with one message and in one specific way. This will avoid the potential of a multitude of differing adverts of your property, some of which can even display a different asking price than you had agreed with your broker and used as click bait.

It can also lead to agents not acting in the best interests of the seller as they are rushing to get a deal done ahead of anyone else, which can lead to more pressure on lower offers and maybe not structuring the deal properly, which can lead to issues down the line.

They market the property at the wrong price

It is imperative to market the property at market price. I understand that it’s hard for some sellers to come to terms with the current values. But if you work with an agent that knows the area well, then they will know the market price. Listing properties above market price and then slowly reducing the price over time makes the property stagnant. Buyers see the property online and watch the price drop. Buyers then ask themselves why it hasn’t sold?  Is there something wrong with it? Why has the seller dropped their price now? Is the seller now looking for a distress sale?

They don’t present the property in sellable condition

It’s said that first impressions are the only impressions and this is true when it comes to presentation. Well maintained gardens, neutral smells and tidiness are important factors. Put the pets away, avoid having too many people in the house, and if your unit is vacant, it’s worth keeping on lights and air conditioning to give a bright, cool and welcoming feel.

They are not ready with their documents

Sellers need to be prepared for when they sell their property. Not having key documents ready can delay and potentially lose the offer they have agreed. Ideally, before a seller agrees a sale, they should send the necessary documents over to their agent. Sellers nee to ensure they have paid their maintenance fees to the developer, their title deed ready and make enquiries with their bank as to how much outstanding finance they have. A seller should talk to their agent about what their plan is for after the sale so time frames can be established and nothing comes as a surprise.

They don’t make viewings easy

If the property is tenanted, it is imperative that the tenant is co-operative, so the landlord should keep a good relationship with them. Tenants will often be present at viewings while the property is occupied, they can be instrumental in the house sale. If a tenant isn’t onside, this can hinder the sale of a property, while accommodating tenants can even help to sell a property on viewings. Make sure they are kept informed and allow access, this is another reason not to use multiple agents, it’s only going to upset the tenant if they’re receiving multiple calls a day for access. Sellers who occupy properties themselves can also put restrictions on viewings. They need to be as open to viewings as possible to ensure a quick and efficient sale. If the property is  vacant, the seller should supply the agent with a key.

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