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16.01.2019

Common Mistakes When Selling a Property

Selling your home can be a daunting task, especially when you’re doing it for the first time, or for the first time in a long time. There is very little room for error and mistakes big or small can easily be made without you being immediately aware of them. These mistakes can be detrimental to you achieving an accurate and fair price on your home and can cause you more issues in the future, or even the entire sale to fall through. So with that in mind, we cover the most common mistakes made when selling a property and how you can avoid making them yourself.

 

Entering the housing market without conducting any prior research

 

We all know that the housing market is very up and down as of late due to a huge range of factors, and so entering it blindly could cause you to make the mistake of putting your property on the market at a particularly bad time. Before it comes to selling your home, you should look into the state of the property market in your area and neighbouring areas to scope out the latest stats. Remember to look at the asking and sold prices of homes similar to your own (same type, number of bedrooms, bathrooms or of a similar layout) and how long they have been on the market, as this will give you an idea of supply and demand. It can also be a good idea to look for trends over longer periods of time to see if there have historically been any consistently good or bad periods in which to sell.

 

Choosing the wrong method to sell your home

 

When it comes to selling your home, many people only choose the most ‘traditional’ route - selling through an estate agent. However, it is important to consider all approaches when putting your house on the market, the pros and cons of each and then pick the route that suits your needs. Approaches and their pros and cons include:

 

Traditional estate agent

 

Pros:

Local knowledge

Formal approach

Take care of advertising the property

Some will handle viewings on your behalf

Can negotiate on your behalf

 

Cons:

Expensive

Home may still be on the market for some time

Viewings still need to take place

Not discreet - home advertised heavily and ‘for sale’ sign erected outside your home

 

Online estate agent

 

Pros:

Cheaper fees, often around £1,000

A greater amount of choice between online agents

Sellers have more control over the sale of the property

 

Cons:

Fees often need to be paid up front

Sellers must conduct their own viewings

Home may still be on the market for some time

Marketing may only be undertaken for a fixed period of time, with more costs incurred if your property hasn’t sold before then



Sell to a cash buyer, such as House Buyer Bureau

 

Pros:

No viewings

Discreet - no for sale signs erected

No fees

No survey costs

Quick and guaranteed method of sale (property is certain to sell and in as little as 7 days)

Cash buyers, so cash will be in your bank as soon as the sale completes

 

Cons:

You’ll receive a competitive price, but it won’t be the asking price for your property. To receive a free cash offer for your property, enter your postcode here.


It can be tempting to try to go it alone to avoid expensive estate agency fees, but it’s worth remembering that selling your property will then be mostly down to you, leaving you with a lot of work to do. That’s why it’s worth carefully considering the above pros and cons and getting a no obligation cash offer from a property buyer such as ourselves, as this is the only way to be armed with all of the information you need to make a decision about how to sell your home.

 

Making your asking price too high

 

Average house prices are becoming more and more accessible, so if your initial asking price is unrealistic, your potential buyers are likely to be aware of this and therefore not pursue your property. In fact in some cases, offering your property for less than its marketed value can see you achieve more, as it gives some competitive edge amongst buyers to make a higher offer.

 

Not taking care of maintenance issues

 

Most, if not all, homes require at least some form of repair or maintenance at the time of putting the property on the market and its worth remembering that buyers will be turned off by any problems you leave for them to fix. As the potential buyer will have a survey carried out, there will be no hiding these repairs and it could cause them to make you a lower offer. Save in the long-run by ensuring all repairs and maintenance are taken care of first.

 

Failing to prepare your property for photography and viewings

 

These days, most homebuyers begin their search online and so having photographs that showcase your home in its best light is crucial to immediately catching their attention. You must also ‘stage’ your home for viewings. This means positioning everything in the most flattering layout, getting rid of any clutter and ensuring all surfaces are clean and crisp. The staging element of your property is even more important if your house will be vacant at the time of viewing, as you want the potential buyers to see it as a home for themselves, not just an empty shell.



Lack of advertisement and marketing of your home

 

Gone are the days of a simple classified ad and an image in the newspaper or estate agent’s window. If you’re putting your property on the market using a traditional or online agent then it’s important to double check that your property is being marketed as widely and as well as possible. Ensure your property is listed online, in a variety of places such as Zoopla and Rightmove, as well as on your chosen estate agent’s site. The listing should include top quality imagery and as a bonus, you could even include a virtual tour of the home. This may come at a cost, but your estate agent may be able to help you with this.

 

You should ensure you have visible for-sale signage outside of your home and generate word of mouth too.

 

Working with a poor estate agent

 

Don’t stick with an estate agent that is performing poorly and doesn’t seem to be getting anywhere with shifting your property. An underperforming estate agent could cause a host of issues, from inaccurate pricing and time-wasting buyers to bad marketing and unprofessional viewings. If your estate agent isn’t working for you, then move on. Don’t bide your time and lose out as a result, especially as the longer your property is on the market, the less it is likely to sell for as buyers pay attention to ‘time on market’.

 

Underestimating the costs involved

 

It can be a costly feat to sell a home and there are many expenses to consider before you put your property on the market. Firstly, you must bear in mind the fees and commission charges of your chosen estate agent (whether considering an online or traditional estate agent). The average fee charged by traditional estate agents in the UK is currently 1.42% of the final selling price, inclusive of VAT. Online estate agent fees typically end up costing ~£1,000 for the UK’s average home.

 

Then, on top of this there are any necessary repair costs, expenses of moving your belongings to your new property, taxes, insurance, closing costs and also any costs included in buying if you are purchasing a new property. Having an accurate estimation of how much the overall cost to selling your home will be is imperative to ensure the process goes smoothly and doesn’t leave you in a difficult financial situation.

 

If you’re wondering how much some of these costs soon add up, then below we’ve created a table that shows the costs of using a traditional estate agency vs. with us at House Buyer Bureau.

 

Selling to us means the price achieved isn’t as low as you think!

£120,000 Example

Cash Sale

Traditional Estate Agency

Asking price example

£120,000

£120,000

Average agreed purchase price

£95,000

£110,000

Final agreed price after survey

£95,000

£108,000

Estate Agent fees

£0.00

£1,980

Estimated cosmetic repairs to prepare your house for sale

£0.00

£1,500

Solicitor fees

£0.00

£1,000

Estimated bills (During the sale process)

£0.00

£1,200

Estimated mortgage payments (During the sale process)

£0.00

£2,700*

Time taken off to see Estate Agents and Lawyers

£0.00

£300**

Net price achieved

£95,000

£99,320

*£450 per month based on 6 months to sell.

** Based on £75 a day and 4 days off work.

Ignoring kerb-appeal 

 

If you’re selling through an agent and putting your home on the open market then kerb appeal needs to be addressed. It’s possible that potential buyers could be passing by your home frequently throughout its period on the market and so you want to catch their eye. The exterior should entice buyers to be curious about the inside and walk-in during open-house showings. You don’t need to make big changes, just simply spruce it up a little with a quick coat of paint, getting rid of weeds and cleaning the pavements, keeping any grass neat and tidy and placing some flowers or greenery around the entrance.

 

Remaining emotionally attached to the property

 

This one is the most commonly made mistake, and it is only natural having made a home out of your property over the years that you have spent there. It may hold a lot of memories and you may have put your heart and soul into making it your own. Once you decide to sell however, you must learn to let go of this and become objective about your reasons for selling. You must try to look at your home the way potential buyers will to ensure you’re covering all bases for viewings.

 

It’s important to detach from the property also as if buyers catch a hint that you’re emotionally invested in the property, it could put them off making an offer for fear of you backing out at the last moment. You should also avoid letting your emotions rule your negotiations and pricing and view your property as a commodity that will soon be owned by someone else.

 

Luckily, when you sell to House Buyer Bureau, you don’t need to worry about any of the above. We buy your property regardless of how it looks, its condition or its location. We can even do it in a timescale that suits you, or in as little as seven days.

 

We remove all the hassle of maintenance, repairs, viewings, marketing and advertising, expensive estate agent fees and property market uncertainty. We can offer you a fair and competitive price for your property and we won’t lower this once the formal offer has been made.

 

We are a genuine cash buyer with the funds readily available to buy your home. So if you want a fast and easy way to sell your home without the worry of making mistakes, get in touch with us today, or simply enter your postcode on our homepage to receive an instant cash offer for your property.

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