Home Seller Tips
The following points briefly outline the most important factors to be taken into consideration when preparing your property for sale. By utilising these essential tips you will avoid the most common pitfalls associated with selling a property and will be ensured that the home selling experience will be a rewarding, stress free process!
CHECK YOUR AGENCY AGREEMENT BEFORE SIGNING
Many sellers sign an agreement with an agency without firstly reading the agreement and without clarifying their rights as a seller under the signed agreement. Once you have signed the agency agreement, you are legally bound to the agency and the terms outlined in the agreement. An agency agreement is a legal contract – it needs to be treated seriously! To ensure your rights as a seller are protected, insist that the appointed agent signs a service guarantee as part of your agreement.
ENSURE YOUR REAL ESTATE AGENT IS TRUSTWORTHY
Trust is an essential ingredient in any relationship – business or personal. Ensure that the agent you choose is trustworthy – if you don’t trust the agent, don’t appoint them to sell your property. When choosing an agent to sell your property, ensure that you ask plenty of questions, check any references and insist on a service guarantee.
Remember, selling your investment property or family home is often the largest transaction you will be involved in. You want the peace of mind that the real estate agent you have appointed to sell your property is working in your best interest.
When your agent makes verbal promises, ask for that promise to be guaranteed in writing. If the agent is hesitant about guaranteeing any verbal statements in writing, you then have cause to question their intentions.
AVOID THE PRICE TRAP
Many real estate agents quote a higher price to a property seller in the hope of securing the business. This is known in real estate terms as “buying the listing”.
The danger of falling into this “price trap” is that once the agent has secured your property under their agency agreement they will do everything in their power to get you to reduce your price.
The end result is that your property will remain on the market for an extended period of time due to a price tag that’s in excess of the market value. When a property is on the market for an extended period of time, buyers perceive the property to be “stale” and will pay less for the property the longer it is on the market.
To avoid being caught up in the “price trap” it is recommended that you conduct your own research to ascertain a price range that you feel your property could sell for in the current real estate market. A FREE Property In Focus property appraisal will provide you with the relevant property data such as recent property sales in your area as well as other property statistics to assist you with this process.
AVOID CHOOSING AN AGENT BASED ON DISCOUNTED COMMISSION OR OTHER “FREEBIES”
Ever heard of the old saying “the only free cheese is in the mouse trap”. This old saying is applicable when dealing with real estate agents who offer discounted commission rates or other associated “freebies”. This can often be a reflection on the agents’ skill level and often results in discounted service.
Agents who negotiate their commission can be poor negotiators. If an agent can’t even negotiate their own commission, how are they going to negotiate the best possible price for your property! You could be missing out on thousands of dollars on the final sale price of your property!
AVOID SIGING AN AGENCY AGREEMENT FOR EXTENDED PERIODS OF TIME
Check the legislation in your State to ascertain the maximum amount of time that you can be bound to an agency agreement. Ensure that your agreement does not exceed this time frame. If the agency agreement does exceed the maximum time frame in your State, it is no longer a legally binding contract.
You have every right to negotiate a reduced amount of time that you are bound by an agency agreement. Also, insist on the agent signing a service agreement, which allows you to terminate the agreement should you find their service unsatisfactory.
AVOID AGENTS WHO DON’T TREAT PROPERTY BUYERS IN A RESPECTFUL MANNER
The biggest complaint buyers have with regards to real estate agents is that they are not kept informed and their phone calls are not returned.
Buyers want to deal with agents who listen to their needs and wants and who are efficient and reliable. If an agent does not conduct business in this manner, buyers will not want to deal with that person. The agent could in fact be responsible for diminished buyer activity on your property due to the manner in which they are treating potential buyers.
THE FIRST OFFER IS OFTEN THE BEST OFFER
Many sellers reject early offers in the hope of achieving a higher price at a later date. To the disappointment of many sellers, early buyers are usually prepared to pay a higher price than those at a later date. The longer the property is on the market the less buyers will be willing to pay.
ENSURE YOUR PROPERTY PRESENTS WELL
You can achieve thousands of dollars more on the sale of your property by ensuring the property is presented well throughout the marketing campaign.
This doesn’t mean you need to spend up big! Pay particular attention to the little things such as cleaning up the gardens, ensure that the property isn’t too cluttered, clean the property inside and out and deodorise any unpleasant smells. Take care of any small maintenance issues, therefore avoiding any issues when a building and pest inspection is conducted.
By ensuring the property is looking its finest, you will be creating an atmosphere, which will evoke a positive emotional response with buyers. When a buyer becomes emotionally attached to a property, statistics show that they will always pay a premium price to secure the property.
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