Common Mistakes Seller Made in selling their properties

1. Poor Presentation of Property

First impression always counts. Dressing up a property is equally important to determine or attract the right buyers. Great agents will always create a “wow” factor to attract buyers and create a positive impression of the property. A clean and tidy house definitely gives them a good imagination. Trim the lawn and decorate garden to welcome the buyers. Remove bad odour by opening the windows or air fresheners. Remove junk and clutters such as uncleaned dishes, garbage bins and laundry so that the property looks spacious and bright by turning on the lights, curtains and windows. Buyers will always imagine themselves owning and living in the property.

2. Quoting the wrong price 

By overquoting a price for further negotiation may seem to be a strategy but no. If the price is too high, it deters buyers from shortlisting your property. Furthermore it can be perceived as seller being greedy for asking too much.

On the other hand, underquoting of a price may seemed to be a desperate seller or sometimes a deal too good to be true, as buyers would be suspicious of any hidden or unknown factors. A great agent will be able to advise the sellers based on comparable sales and other factors such market condition, demand and sentiment.

3. Emotional decision making

Selling a property can be an emotional moment due to the past memories, passion, sentiment as well as financial capacity. Sometimes it is helpful to think rationally to determine the ultimate decision to sell the property and not letting ego and emotion affects a decision making which may be costly. Some sellers put personal emotional in a negotiation and fail to achieve their ultimate objective and lose out of certain win win situation.

Also, try to remember how you felt when you were shopping for that home. Most buyers will also be in an emotional state. If you can remember that you are selling not just a piece of property but also an image, a dream and a lifestyle, you’ll be more likely to put in the extra effort of staging and perhaps some minor remodelling to get top dollar for your home. These changes in appearance will not only help the sales price, but they’ll also help you create that emotional distance because the home will look less familiar.

4. Working with too many agents

Too many cooks spoil the broth. This phrase is not uncommon. Some sellers think that by appointing as many agents will achieve better outcomes. In most situation sellers fail to realise that agents are competing among themselves for a buyer hence, resulting the seller to be the biggest loser, as agents will undersell the property by presenting the buyer as soon as possible without any negotiation. A singular buyer will then have the opportunity to negotiate and bargain the price with numerous agents while seller would be thinking that there are numerous buyers when in fact, there is only one. Therefore the seller should realise whether they want to sell at the best price or with the fastest agent which may not achieve the best or desired results.

5. Wrong target market

This is one of the most crucial part of selling. Targeting the wrong audience can cost the seller financially and costly. Showing the property to the wrong people without qualifying and profiling can be frustrating not only to sellers but buyers too. Without understanding their requirements, it could be a waste of time for all parties. Great agents will be able to understand the property profile, demographic of the neighbourhood and the unique selling point of the property to identify the suitable buyers. They will be able to ask the right questions to qualify and shortlist as to filter the buyers. 

6. Poor Photography and Property Description in Advertisement 

Sometimes a picture worth a thousand words. This is very much related to the presentation of the property. Bad photos will immediately create a negative perception and bad appetite of the property. In certain instances it deters buyer from even picking up the phone to call. Great agents will know how to capture great photography to attract people browsing through an advertisement. Always clean up all the junks or mess before snapping a photo. Keep the property bright, neat and tidy as to create a good visual. We all want to look good on photos so is the property.

Sharing with the agents what you like and dislike about your property, the reason you buy it, could help the agents in describing and selling the property. Great agent will always identify the unique selling point of the property by overshadowing and overcoming the negative elements.

7. The Property is in poor condition

Ignoring or neglecting certain major repairs could be costly. Sometimes the cost of repair or fixing the problem can be justified in the selling price. The cost could be minimal and could be easily recover from the selling price. Buyers will always look for a reason to negotiate on the price hence try to avoid giving any opportunity for the buyers to find “faults” in negotiating the price downwards. Again great agents will be able to conduct a thorough inspection on the property and advice on necessary works require before presenting it to the market. This could save sellers a lot of money. Remember buyers are constantly shopping for properties and they do make comparisons among other properties.

Author: Mr. Tan Kian Aun