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Painful selling lessons most sellers learn the hard way

by ShelMarkblog | 05 October 2017

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According to real estate agents from all corners of Australia, there are a few common lessons sellers learn the hard way. We have listed them below.

Letting an early offer go in case a better offer comes along

This mistake was mentioned time and time again. Many sellers assume that if they receive a decent offer on their property within days of listing it, then it would be a mistake to accept it because a better offer must surely be just around the corner.

The truth is, the first decent offer is often your best offer. Many sellers make the mistake of assuming all buyers will come in low. That is not always the case. If the first offer is a good one, consider it carefully and don’t pass it by in the hope that the next buyer will offer more. The longer a property is on the market the less likely it is that this will happen.

We have encountered this many times over the years with sellers who have ended up selling for less than the first offer because they wanted to hold out for a better offer.

KEY LESSON – don’t be suspicious of and disregard the first offer just because it comes in early. Follow the advice of your agent. If he or she says it is a good offer, then you should consider it seriously.

Expecting the agent to list the property at a higher value than what the agent tells them it is worth

A professional real estate agent uses a proven formula to determine the market value of a property during the appraisal process. It is based on recent comparable sales in the area. As a seller, it is not up to you to determine how much your property is worth. It is not even up to the agent (he or she simply does the calculations and presents the figure). The MARKET determines the value of the property.

KEY LESSON – listen to your agent as he or she will price your home based on what the current market is prepared to pay.

Letting go of the home you love in case there is a better one

This painful lesson relates to sellers who are also buyers looking for a new place to call home. You may be able to relate from past experience – that house you loved because it was perfect in every way but you told yourself you had to see 12 more just to be sure, only to find that the house you loved was sold a week later!

KEY LESSON – if you love it and can afford it, buy it!

Failing to reduce the price if the property is not generating sufficient interest

The longer a property sits on the market the less buyers will be attracted to it – unless something changes, like the price. If, despite the best marketing and efforts of the agent, your property is not generating interest, the best thing you can do is consider a price reduction to generate renewed interest. Every property will sell for the right price.

KEY LESSON – listen to the advice of your agent – he or she is constantly assessing the marketplace and the feedback of buyers who view your home.

Going with the cheapest agent, not the best

This is another common mistake sellers make in the assumption that they will save money. However, as is the case with most things in life, you get what you pay for. A professional agent may charge a bit more for their services but will work hard to ensure their client achieves the best sales result in the shortest possible time-frame. Most low cost agents won’t work tirelessly to actively follow up every lead and negotiate fiercely to extract the highest offer from a buyer.

KEY LESSON – you get what you pay for.




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