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How to fix 3 common property selling mistakes

Tue February 27, 2018

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With the Sydney property market picking back up again as we leave the holiday season behind us, now is a fantastic time to take a closer look at a few common mistakes that sellers make, and why it's important to avoid them. Even in a competitive market like Sydney's, there are still certain properties that sit on the market for longer than they need to. This can be incredibly frustrating for sellers, particularly if a sale is necessary before purchasing a new home. 

Fortunately, many of the reasons why some homes sit on the market for longer than others can be easily resolved, and in this article we'll take a closer look at three of these issues, and how to fix them. 

It can be hard for sellers to objectively gauge fair market value for their property, particularly if they've lived in the house for a long time.

1. The price isn't right

One of the most obvious reasons why a property may not be selling is that the price tag is too high. It can be hard for sellers to objectively gauge fair market value for their property, particularly if they've lived in the house for a long time and have a strong attachment to it. The danger with this is that buyers don't have the same familiarity, and will likely be viewing dozens of homes in a similar price bracket. If yours is priced higher with no real justification for the extra expense, buyers will simply look elsewhere. 

Getting around this problem and finding an accurate, fair market value for a property doesn't have to be tricky. Simply talk with an experienced real estate agent - preferably one who understands your area - and ask for a market appraisal. Once you've done this, you can rest easy knowing the asking price won't have a negative impact on your ability to sell.

Sell your Sydney property more quickly by decorating it in a simple, plain way. It's important to keep your property's decor simple during open homes, creating a blank canvas for potential buyers.

2. The presentation is wrong

One of the most important elements of a successful sale is making sure your property doesn't stand out for the wrong reasons. Just as an inflated price can immediately turn potential buyers off, poor presentation is another reason why your home could stay on the market for longer than it needs to. 

There are all sorts of different ways that property presentation can let you down. Obviously, if your home is dirty and cluttered, it will be that much harder to entice buyers, but the same holds true at the other end of the spectrum. Too many sellers assume that their best chance of attracting buyers and a quick sale is to make their property look like an interior design catalogue, with bright colours and bold furniture. This makes it hard for open home attendees to picture themselves living in the house, so play it safe by keeping things simple and allowing buyers to imagine where they'd put their own furniture and decorations.

It's vital to select an agent who not only has a great track record, but knows your area.

3. You don't have the right team

A final reason why some properties fail to sell and sit on the market for long periods of time is that the homeowners picked the wrong real estate agent at the start of the process. It's vital to select an agent who not only has a great track record, but knows your area inside out. Not only will this help you avoid accidentally overpricing your property, a great agent will also provide you with information on recent sales in your suburb, which makes it far easier to formulate a selling strategy that works. 

To find out more about selling your Sydney property without any hassle, contact Laing+Simmons today.

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