What Are The Pitfalls Of Selling Your Home?

At Centrick, we notice a few common selling mistakes that vendors make when they first consider selling their home. From setting the incorrect value, to sweeping issues under the carpet – it’s safe to say we’ve seen every mistake imaginable! Thankfully, many common selling mistakes are easily avoidable and changing a few small things can turn you into an expert seller in no time! Here are the top four mistakes to keep an eye out for…

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Mistake One – Not Setting The Correct Value

Some agents will overvalue your property in order to impress you and win your custom – that’s why it’s important to choose a reputable, trusted selling agent to provide you with an accurate valuation, and tips on how to increase the value of your home prior to listing it on the market for sale.

The first four weeks of marketing are when your listing will gain the most views, so it’s vital to ensure that your property is on the market at the right price to optimise this boost. If it’s overvalued in the first month of listing, you’ll be wasting the opportunity to make the most significant possible impact. This will lead to a lack of viewings and therefore a lack of proceedable offers.

However, if you’re thinking of listing your property at a low price in order to guarantee interest, this is an equally bad idea. Most offers will come in below asking price, so it’s important to set your asking price at a number which encourages interest without underestimating its value. This is a fine line that only the most established and experienced selling agents can navigate.

Mistake Two – Weak Property Presentation

First impressions count! Ensure that your home is prepared for viewings by highlighting any good features, whilst being transparent about any problems with the property. This includes ensuring that your property is as tidy as possible, so that your viewers can see your home clearly and move around it with ease.

Presentation is so crucial that many sellers – most commonly new-build developers – will hire staging professionals to design the interior and exterior of their properties. This is a great way of demonstrating the way in which your property’s space can be optimised whilst adding a stylish flare which will make your home look more modern and put-together. More comprehensive styling services, which can include painting and decorating as well as the repair or replacement of outdated furnishings, can cost up to 2.5 per cent of your property’s sale price, but can add tens of thousands of pounds to your guide price, making property presentation a worthwhile investment!

Mistake Three – Hiding Your Property From The Market

Removing your property from portals for a potential purchaser that hasn’t been adequately qualified, or isn’t serious about moving, can seriously hinder your ability to make a successful sale. If these purchasers pull out of the sale, this can extend the selling process and leave you in limbo, which is immensely detrimental to those who are part of a chain. If the sale of your property is delayed, and you are using the funds from your sale to purchase another home, you could end up losing out on your future purchase.

In the same vein, it’s important to choose an agent that will qualify any leads properly – this means assessing whether the viewers are genuine and have the adequate funds to purchase your property. Agencies that are looking for a quick sale may skip over this very important qualifying phase in the sales process, which could lead to you marking your property as ‘Sold Subject To Contract’ for a buyer that isn’t proceedable. Choosing a trustworthy agency such as Centrick, which has a team of people with all of the relevant qualifications and background checking technologies, will guarantee that your purchaser is the perfect match for your home.

Mistake Four – Forgetting The Surveyor

Lastly, sellers need to ensure that they have been as honest and forthcoming as possible with regards to any issues their property has. It may seem convenient to hide the odd scuff or mark, but concealing larger issues which could indicate structural damage, damp or electrical issues could be seriously detrimental to your sale. One of the worst case scenarios is a property down-valuation which, if significant enough, could make it difficult for your purchaser to borrow the funds for the purchase of your home. Instead, it’s important to be forthcoming with your property’s flaws from the initial valuation with your selling agent: this will allow them to value your property accordingly and provide you with advice on how to make home-improvements.

What’s the solution?

Being aware of these common selling mistakes is a great first step towards a successful, stress-free sale. However, maintaining regular contact with your selling agent and solicitor, as well as absolute transparency between all parties, will ensure that you avoid any potential pitfalls.

Centrick’s team of award-winning experts have decades of experience in selling property and navigating any problems throughout the sales process to ensure that your home gets sold for the best price, in the best time, to the best buyer. For more information on how Centrick can guide you to a successful sale, contact us using the form below: