The 10 Common Mistakes That Cost Homesellers Thousands of Dollars!

Selling your home can be a nerve racking, exhausting experience. Last minute calls, inconvenient showings, price adjustments, and the uncertainties of being stuck with a house that doesn’t sell for months on end can all take their toll. If you are not completely prepared you could end up losing thousands of dollars in profit! 

The difference between a profitable, smooth transaction and a miserable experience is often a fine line. The majority of home selling nightmares are caused by a lack of knowledge. This report is designed to make you aware of the 10 common mistakes that 

cost sellers serious money. 

1. IMPROPER PRICING - Set the price too high and it will sit unsold and develop the 

identity of a problem property, with the accompanying stigma of what real estate agents 

call a "stale listing."  On the other hand, price it too low and you may give away 

thousands in profit to a total stranger. Either way you lose. Setting the appropriate price 

involves the evaluation of numerous different factors...and it's critical! 

2. NOT PROVIDING EASY ACCESS - Accessibility is a major key to a profitable sale.  

A lock-box is best, while appointment-only showings are most restrictive.  The more 

accessible your home, the more showings, and the better the odds are of finding a 

person willing to pay top dollar. In today's competitive market, buyers who can't get a 

viewing will go on to other homes, and purchase elsewhere. 

3. BAD HOUSEKEEPING- The prospective homebuyer's first impression is the most 

important. An unbelievable amount of home sales have been lost to unmowed lawns, 

cluttered rooms, bad stains, dirty kitchens and bathrooms, unpleasant odors, etc. 

Imagine you are the buyer and clean your home from top to bottom...military style. 

4. FAILURE TO MAKE REPAIRS - Often even minor improvements will yield as 

much as three to five times the repair cost at the time of sale. There are literally 

thousands of homes for sale, and buyers buy what they see. Seemingly small fix-up 

jobs can make the difference between a closed sale at top dollar and a home that 

languishes on the market for months on end. 

5. POOR SHOWING TECHNIQUES - Your home should be neat and clean, but that's 

just the beginning. There are lots of little details that make a big difference. Knowing 

exactly what to say and do when buyers come through your home is crucial.  

6. RELYING ONLY ON TRADITIONAL SALES METHODS - Sellers who are 

innovative and willing to offer new strategies of attracting homebuyers will always 

outperform those who rely on traditional methods. Today’s market demands around the 

clock advertising exposure, and response-generating marketing techniques.  

7. MAKING SELLING DECISIONS BASED ON EMOTION- You must realize that 

selling your home is a dollars and cents business transaction. Don't let your emotional 

ties to your home affect your judgment. Remember, purchasers are not buying your 

home, they are buying a house to make into their home.   

8. FAILURE TO UNDERSTAND MARKET CONDITIONS - Just like the stock 

market, there are current market conditions for houses as determined by supply and 

demand. Many buyers shop dozens of homes comparing values, so it is very difficult to 

find a buyer willing to pay more than current market value. No single person, firm, or 

agent has any control over the market! 

9. WASTING TIME WITH UNQUALIFIED PROSPECTS - Countless hours of 

valuable time can be wasted showing and negotiating with "buyers" who can't buy no 

matter how much they love your house. Buyers should be pre-approved for a loan 

before you begin dealing with them. 

10. PICKING THE WRONG REAL ESTATE AGENT - The vast majority of all homes 

are sold by real estate agents, but all agents are not the same - not even close. The 

agent's experience, knowledge, and marketing plan can have a huge impact on your 

success. Signing up with the right agent can make all the difference in the world. 

Don’t fall victim to these costly errors! 

Being armed with the right knowledge can make all the difference in how your home 

sale turns out. Make the right decisions. A little time spent now can save many hours of 

frustration down the road! 

Market Comment - October 2010

We are now starting to feel like spring with the warmer weather. Despite this the sales market has been slow to shake off the winter chills. We are working harder than ever to get owners sold and on their way to new destinations. Many of them have adjusted their prices to attract buyers, some great buying at present.

There remains almost 10 months supply of houses on the market within 5km of our office.Many of the 1100 homes listed for sale are well over priced, by over ambitious agents who are not only short of sales but listings as well ( we promise the truth based on current facts).


Although sales numbers have been reduced our team have gained significant market share this quarter. We are leaving no stone unturned to get our sellers 'sold' at the highest price possible. This has meant a review of marketing, skills and fine tuning of our negotiating skills. We are also very fortunate to have a large local client base who we keep informed very regularly.

It is hard for anyone to make a balanced decision when almost every agent claims to sell more, be No#1 or specialise in your home. Sellers are being bombarded with telemarketers, letters and newsletters chasing the 'listing' at any cost.

Now here is the truth about who is selling what locally, I hope it helps:

As you can see there are plenty of local agencies having a really tough time many with less than 1 sale per month.

Real estate today is complex balance of legal minefield, technology, information, high skills and strong negotiation skills fine tuned over many years experience. It is no place for anyone not 100% committed to client excellence.

Our rental team is also working well despite increased numbers available. We now have six full time certified property managers strongly led by co-director Belinda Johnston.


We are well and truly ready for our new show room at 2 Dixon st, right beside Westfield. Our craftsman are on the home straight finishing off inside. It will be the premier real estate facility on the northside of Brisbane.

SMART INVESTORS THINK IT THROUGH

Many inexperienced  residential property investors start talking about selling their investment property when the market slows down. After all, the market is bad, therefore it’s time to get out of the market – right?

Wrong!  Is the investor going to realise a good return on their investment by selling when the market is slow? Of course not!  Shrewd investors – whether they invest in the stock market, antiques, art or property – have a more fruitful strategy. When the market is low is the time to borrow more money and buy a second property. Selling now will be a poor return on their investment, but buying now means greater rewards when the market does improve. After all, experienced investors know that the market is cyclical They know that when the market is hot is the worst time to buy as buyers tend to outnumber sellers and they end up competing for stock that is snapped up at alarmingly  increasing prices.  In fact they may well profit from the faulty logic of the inexperienced property investor by buying the very investments being dropped onto the slow  market by the less experienced who think property is no longer the go.

When the market slows down, the smart investors speed up, so that they are expanding their property portfolios when the market is in their favour inorder to be sitting pretty when the next boom comes along. 

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TRUST YOUR LUCK

Many home buyers get all excited when they find a property they like, make an offer and get it accepted all in a short time frame. They think all their Christmases have come at once. Or do they?

After the initial exultation, many buyers spend sleepless nights wondering if they have made the right choice. After all, it was a bit too easy wasn’t it? Maybe they have paid too much? Surely they must have missed something. Something must be wrong with the property. 

Buyers’ remorse is not uncommon, and is based on self-doubt stemming from the stress involved in spending so much money on a transaction home owners undertake (usually) only a few times in a lifetime.

Buyers should always put in place the necessary checks (building and pest reports for example) but those who get their longed-for property purchase wrapped up quickly should think themselves lucky that they struck a motivated and realistic vendor when so many have an inflated sense of what their property is worth.

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THE ASPECT AFFECT

There are many variables that affect the sale price of a property. Not all homes that look the same sell for the same price. Even when they seem to be equal (size, condition, features), some homes just seem to sell for more. What is the difference?

A young recent arrival from France rented an apartment in Sydney. She complained that the property had no light and was dull all day and of course, never got any sun. She said she had made sure to choose a property that faced south so why was this happening? The look of consternation on her face when she realized that southern hemisphere rules regarding aspect are different from northern hemisphere ones was the best demonstration anyone could hope to see of the importance of that elusive variable that has a demonstrable impact on the sale price of homes – aspect.

Unfortunately, many people whose homes are not ideal in terms of aspect overlook this when setting the asking price of their homes. There aren’t many buyers who come from overseas bringing with them northern desirability criteria for aspect. Most buyers have northerly aspect on their wish list, and will only drop it from the list if the price is right.

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