8 Common Mistakes to Avoid When Selling Your Home

With new technologies, expanding use of digital platforms, and revolutionary ways to put your property on the market, selling a home has never been easier. However, it’s certainly not foolproof. There are many common mistakes that Australian sellers can easily make, and we’re here to help you avoid them.

Here are 8 of the biggest mistakes made when selling property:

1. Failing to ‘Style to Sell’

Everyone’s personal tastes and interior design preferences are different. Some like retro, some like modern… and there’s nothing wrong with that! However, if your own tastes are relatively niche, it’s important to think about how your interior styling could prevent prospective buyers from picturing themselves in the property. This is one of the biggest mistakes sellers make; they don’t style to sell. Try to create a neutral space before viewings. If necessary, pop some items into a local secure storage unit.

2. Overpricing the Property

overpricing your house value

Selling your own house is simple with No Agent Property

Enquire now to speak with our Private Property Specialists and learn more.

Sydney is reported to be one of the most overpriced cities in the world when it comes to real estate, and Australia as a whole is up there near the top of the leaderboard. This can make it very tempting to add 10% or so to the asking price of a property, especially in desirable areas, but this can be a big mistake. Overpricing a property may result in a property being on the market for longer than average as buyers often filter their searches by price. If yours is out of the range for the property type, it may not be seen.

3. Listing, Not Marketing

When selling a home, one big mistake that many people make is that they list their home, then sit back and relax. They often forget about one very important aspect: marketing. According to the Consumer Affairs Victoria Guide for Buyers and Sellers, ‘one of the most important factors to consider is how… to market your property’. With an ever-increasing number of buyers searching for properties online, making sure your home is marketed through popular digital channels can massively boost your online visibility.

4. Wearing Rose-Tinted Glasses

Wearing Rose-Tinted Glasses

There’s a reason – and possibly many reasons – why you first fell in love with your home. But viewing your property through rose-tinted glasses can be a big mistake when trying to sell. It can be tempting to try to look on the positive side of everything and sugarcoat any potential issues, but this can set you back. The Australian Competition and Consumer Commission says that sellers cannot ‘make false claims about the location, characteristics’ of the property so it’s best to be honest with yourself and acknowledge issues.

5. Being Inflexible

As a seller, it’s natural to want to get the best price for your property, and it’s natural that buyers want to get the best price, too. Both buyers and sellers are pulling in opposite directions, so there must be compromise somewhere along the way if you’re going to make a sale. Of course, sellers shouldn’t give into every demand from a potential buyer, but there should be some degree of flexibility that lets both parties negotiate and work together to agree to terms and conditions that satisfy both buyer and seller.

6. Making a Sale on Price Alone

Sellers may naturally want to accept the highest offer that they receive. Sometimes, this can work out well. However, it can be a mistake to choose an offer based on price alone. There are other factors that should be taken into consideration, such as the financial status and property status of the buyer. The highest bidder, for example, may not yet have mortgage approval, or they may be struggling to sell their own property. It can sometimes be worth accepting a slightly lower offer for a smoother sales process.

7. Staying in a Bubble

home in bubble

The Australian property market is shifting rapidly, and this is something that many sellers fail to realise. A very common mistake that’s made is that sellers value and list their property, then stay in this isolated bubble, failing to track trends and changes across the industry which could affect local demand. Using real estate websites, such as No Agent Property, for example, can help sellers to remain up-to-date with changes across the market, ensuring they’re ready to adapt in line with recent industry developments.

8. Using an Agent

While using a real estate agent is still considered the norm across Australia, it can prove to be a costly mistake for many. With reports showing that real estate commission is between 2 and 2.5%, the cost to sell the average $550,000 Melbourne home is a whopping $13,750. Selling your house online without real estate agents can be a much more simple, straightforward, and cost-effective method, putting sellers in the driver’s seat and giving them complete control over how they list, market, and sell their home.

While using a real estate agent is still considered the norm across Australia, it can prove to be a costly mistake for many. With reports showing that real estate commission is between 2 and 2.5%, the cost to sell the average $550,000 Melbourne home is a whopping $13,750. Selling your house online without real estate agents can be a much more simple, straightforward, and cost-effective method, putting sellers in the driver’s seat and giving them complete control over how they list, market, and sell their home.

By learning what traps you can easily fall into when selling your home, you’re giving yourself the knowledge and power to take the best approach, secure the best price, and enjoy a successful move.