While you might think that selling property is a straightforward process, the reality is that there are many no-no’s that should be adhered to at all times.
Even with whispers circling about a potential interest rate rise in the not so distant future, the reality is that it’s still a great time to be selling property. With recent data released by Domain’s latest House Price Report indicating that Australia’s median house price has now soared past one million dollars, even regional and rural areas have benefited from the nation’s current housing boom.
However, that doesn’t mean that sellers can still afford to be lazy or ignore the fundamentals of selling property. As a seller, it can be all too easy to fall into the trap of taking the current property boom for granted. Even on a good day, selling property can be tricky business, with everyone seemingly having an opinion on the best way to do so. In the same breath, things that are less discussed often involve what not to do.
Four Things To Avoid When Selling Property
Ultimately, people sell property for all types of reasons. For some, they might want to capitalise on the current state of Victoria’s real estate market, while for others, it might be a simple case of upsizing or downsizing. Now more than ever, selling property in Australia can be both stressful and exciting. While the process of selling has remained relatively unchanged, according to Emergency Services Property Advisors founder and real estate industry veteran Luke Lawlor, it’s more important than ever for homeowners to understand what not to do when selling property.
“There’s a fine line between capitalising on current market conditions and simply getting greedy. Putting an unrealistic price tag on your property will most likely mean it will not sell, and having a property sitting on the market for a prolonged period of time never looks good. If you’re the current homeowner looking to sell, don’t be offended if your agent says to make some changes, and don’t skimp on repairs and styling if you truly want to sell your home quickly and for the best possible price.”
While your house is often your biggest financial asset, making the decision to sell is never easy, particularly if it’s your first property or the home holds sentimental value. Although the real estate market is currently running red hot right around the country, there’s still a number of key things to avoid if you want to secure a successful sale.
Sub Par Renovations – Many homeowners renovate their properties before selling in the hopes of commanding a higher sale price. However, overcapitalisation is public enemy number one with such a practice, which means spending more on the renovation than what the profit could hope to generate. Instead, experts indicate that you should allow 10% of your property value for your renovation budgets. An example of this is if your home is valued at $700,000, your renovation budget should be $70,000.
Choosing The Wrong Agent – When it comes to separating the good from the bad, choosing a real estate agent that’s right for you can be a gamechanger when it comes to a stress free sale. While a top agent should know the area like the back of their hand, general knowledge isn’t enough. They should know exactly what’s going on in the market, and all the inner workings of what buyers and sellers are up to in their pocket of the world. Don’t partner with the cheapest agent, and consider using a property advisor if you’re struggling to sort the good from the bad.
Avoiding Property Styling – When it comes to selling property, first impressions do matter. Also referred to as property staging, the end goal of property styling is to highlight your home’s unique features and potential, whilst diverting attention away from the flaws and shortcomings. It also allows for top notch property photography, which goes a long way in ensuring that your home stands out online to not only drive inspections – but formal offers to buy. Ultimately, the practice removes your personality from the home as a means to attract more buyers.
Being Underprepared – Selling property is not something that you should attempt at the last minute, when you have too many other things going on in your life, or not enough funds to cover the costs associated with selling a home. The way the real estate industry works is that sellers generally only pay agents one fee: a commission on the sale price. The commission doesn’t vary depending on the amount of advice you manage to squeeze from your agent, which means sellers should engage them as early in the process as possible.
Should you be looking to sell your home or purchase a new one, enlisting the services of a free property advisor like ESPA can often be a game changer. As an example, your advisor would likely research the property, local agents, check the zoning, evaluate market conditions, and communicate clearly with you regarding all of your options – but where do you find one?
Take The Stress Out Of Selling Property
As a completely free service, Emergency Services Property Advisors provide property advisor services to Police, Fire, Ambulance and S.E.S personnel and their families right across Victoria.
Luke and the team at ESPA are passionate about providing support to some of Australia’s most valued public servants. Along with key industry insights, ESPA also works with a broad range of service providers linked to the real estate industry such as conveyancers, trades, legal practitioners and mortgage brokers.
If you are an emergency services worker looking to potentially buy or sell property in the future, please get in touch with Emergency Services Property Advisors today to discuss how we can turn your real estate dreams into reality, or call Luke directly on 0414 757 705.
