Selling your Sutherland Shire home? Before you hire a real estate agent, prepare your home, take photos or list your property online, there are a few things to think about.
These are the top 10 common mistakes sellers make when selling their properties. Keep an eye on them so they don’t happen to you.
1. Not hiring a real estate expert
The issue: Selling a home can be pretty complicated, requiring a good knowledge of sales, marketing, finance, and property law. Then there’s home staging, negotiating, all the paperwork … and more.
The solution: Take the pressure off your home sale and team up with an expert. Real estate agents have all of these skills so you don’t need to worry about them – it’s what they’re here for!
Learn more: Why sell with MattBlak?
2. Choosing the wrong real estate expert
The issue: There is such a thing as the wrong expert. Picking someone who isn’t right for you could lead to a strained relationship, a poor selling experience and, worst-case scenario, low price offers.
The solution: Some factors to look out for when finding a real estate agent include…
- Find someone with strong knowledge of your local area. Intimate local expertise can make a huge difference to the sales process.
- Find a skilled negotiator. There are many great agents in Sydney, but not all of them are elite negotiators – and it’s the negotiation where you’ll make or break your sales price.
- Find someone who wants to maximise your sales price, not just earn a commission. This will show in their attitude to your needs – they’ll feel like they want to work with you, not against you.
3. Not accounting for home selling costs
The issue: Selling a house costs money. If you don’t factor in the many different fees and expenses involved in listing and selling a property, it could cut into your asking price and leave you with less than you hoped for.
The solution: Some common costs are:
- Agent commission, which is usually 1-3% of the sales price.
- Marketing fees, if charged separately to your agent’s commission.
- Conveyancing fees, which often amount to $1,000 – $2,000.
- Capital gains tax.
- Home staging fees, maintenance costs, building reports, remedial work.
- House moving fees to get you to your new place.
Learn more: 4 Easy Steps to Getting Your House Ready to Sell
4. Picking the wrong type of sale for your needs
The issue: There are three main ways to sell a house in Australia, and they won’t all be right for your needs and property. They are…
- Sale by auction
- Private treaty
- Sale by tender
Then there are variations therein, too, like listing a fixed price, or offering price by negotiation.
The solution: Sales method can have a direct impact on the price you get in a lot of subtle ways. Talk to your real estate agent to find out their recommendation for your property.
5. Setting an unrealistic price
The issue: Speaking of price, your house is worth what it’s worth. While you may have dreams of selling it for millions, if the market isn’t right or your house just isn’t worth that amount, you may never sell.
The solution: To set your expectations, do a little research before listing your property. Some things to consider are…
- What are similar houses to yours selling for in your area?
- Is there a lot of competition in your area right now?
- Are you in a growth area?
- Do you have a particularly large or unique property?
- What is the age and condition of your property compared to what’s selling in your area?
6. Selling at the wrong time of year
The issue: Believe it or not, when you sell is often as important as what you sell. In fact, selling during a popular sales season (despite the extra competition) could add thousands to your selling price.
The solution: Pleasant, dry weather, school holidays and a general feeling of new beginnings makes spring one of the best times of year to sell in Australia. In Sydney specifically, a 2023 PropTrack study also showed that March may be optimal too.
7. Not staging the house for sale
The issue: Not staging your home for sale is like opening a shop without tidying the mess from the day before. People tend not to like to shop in a messy store, and a home is no different.
When buyers walk through your property, they’re trying to spot issues while at the same time imagine living in that space. If you have clutter, personal items, mess and maintenance issues visible, it will distract from their experience and put off many of your high-value buyers.
The solution: Always stage your home properly before putting it on the market. You don’t necessarily have to replace every item of furniture in the space, but a few key tidying steps could make a huge difference.
Learn more: How to stage your home for sale
8. Getting emotional
The issue: This is a tough one, because we love our homes – especially if we’ve been there a while. But selling your house requires a logical, considered sales approach, and staying too attached to the way things are could prevent you from appropriately staging your house for a quicker sale, or lead you to setting the wrong asking price.
The solution: Try to detach yourself from the emotional side of your home. Selling it isn’t the end of something, just the beginning of something new.
If you need help detaching yourself, consider leaning on your real estate agent for additional assistance.
9. Not checking your insurance
The issue: This is a bit of a hidden home selling mistake, as many people don’t think about it. But consider this – you’re about to have strangers coming through your home. Is your house insured for their safety, and are your belongings insured from the (albeit very minimal) risk of theft during open homes?
The solution: Before any open days or private viewings, double check your home and contents insurance. In the highly unlikely event that there’s an accident or theft during the experience, you’ll want to know that you’re covered.
10. Neglecting repairs, or hiding issues
The issue: Every extra issue with your house could knock a few thousand off the offer. Plenty of buyers may be willing to purchase a home with problems, but they’ll be making their offer knowing there’s remedial work to pay for, driving the price down.
Some sellers try to prevent this by hiding issues, but you’re obligated to disclose them. Withholding information may cause legal issues down the road.
The solution: Thoroughly check your property for defects and problems prior to selling, and repair what you can before going to market. If you don’t want to repair everything, make sure to disclose all known defects so that buyers are fully aware when they make an offer.
Need an expert? Get MattBlak on your side
We’re a boutique real estate agency located in the Sutherland Shire, with intimate local experience in the area and a long history of negotiating success.Check out what we’ve recently sold in your area, or contact us today for a chat to see how we can help you.