03 Jun The Top Myths of Selling Real Estate
It is amazing the things that I hear when I talk to people about real estate when I am out and about. Over the years some myths seem to have grown to giant-like proportions to the point that they have become truths in the minds of consumers. Today I am going to debunk these myths and hopefully help you see the light.
MYTH 1: Never take the first offer
This is a biggie! People always tell me that they should never take the first offer because a better one might be just around the corner. This is true you should never take the first offer if it is a bad one. If it is a good one you really need to think about it.
If you get a good offer on your first inspection or Open House and it is within the range that you were looking for and the conditions are favourable you seriously consider it. Sometimes the best offer comes first and you may be waiting a long time for another to come that is like it, which will cost you money and time on the market.
You have entrusted the sale of your home to what is hopefully an awesome Agent who you trust. Go with their feelings on what the market says your property is worth. Remember the Buyers are the ones that determine what a property is worth by what they are willing to pay for it.
MYTH 2: I don’t need a Real Estate Agent
An Agent’s job is to negotiate for you the best price and conditions that they can get for you without being emotionally involved with the sale. Their job is to know what properties like yours sell for and how they compare so that they can bring this to the table when talking to the Buyers who are considering your home.
The Agent’s expertise hopefully is marketing your property to bring as many Buyers to compete and drive the price to a point that you are getting the highest price possible for your home. They also have access to many more avenues that you won’t to get in front of as many Buyers as possible.
The great thing about an established Agent is the database of Buyers that they have and keep in contact with so that they can bring qualified Buyers through your home.
They also work as mediators between the Seller and the Buyer and keep tension at a low point. This point is my favourite one 🙂
Selling your home is fraught with danger in my opinion. It can be a lot of hard work for not many benefits. My understanding is that most For Sale By Owners get a lower price than an Agent would have gotten them for not much difference in the cost of commission.
MYTH 3: Never Buy in Winter
There will never be a better time to buy than today if you need to sell. Yes, Winter can be grey and cloudy and of course a little cold but if you lay the groundwork you can present your home in a way that will make it attractive no matter the weather.
Just to put it in layman’s terms, in the Centenary Suburbs in 2017, 25% of the properties sold through the year were sold from June to August. There is proof right there.
Yes, it is colder but if you need to buy a home you will buy whatever the weather. There is also an added advantage that you can play if you are looking to sell right now. A lot of Sellers are of the misconception that Spring is the best time to Sell which means there are generally a lot of more properties on the market at that time which in turn means there is a lot more competition.
MYTH 4: The best time to sell is in Spring
I thought I would follow on with Selling in Spring being the optimal time. As I have already mentioned there is no better time to sell than this minute if you get all of your ducks in a row.
In saying that Spring is a gorgeous time to sell because everything looks shiny and colorful. Everything has a fresh feel to it and there are lots of Buyers around.
My only caution is with Spring is lots of other Sellers have the same thoughts on selling which in turn sees plenty of other properties hit the market at the same time which creates competition and sometimes can bring a lower price.
MYTH 5: The best way to choose an Agent is the one with the cheapest commission
This sometimes can be the difference between getting a good price for your property, one that you are ecstatic with, or getting the only price for your property. When you hire an Agent you are looking for someone that is a keen negotiator. They are an expert at driving the price up and having the goods to back themselves. They will work until they have gotten you the price that is available at that time.
Choose the Agent that can show you a range of ways to market your property, also the process they go through and what they can do for you. This blog might help explain things a bit more http://www.krissyjenkinsproperty.com/5-questions-you-simply-must-ask-when-picking-an-agent/
At the end of the day, it is about hiring the best Agent for the job rather than the cheapest.
MYTH 6: All Agents are the same
Not all Agents are created equal. If you are interviewing multiple Agents give yourself a set of questions to ask all of them and then compare your results. Pick the Agent with as many ticks next to their name. If they are meeting your needs seriously consider them and as I said earlier definitely don’t pick your Agent based on what their commission is. Well, you can if they tick all the boxes as well haha.
MYTH 7: Free marketing is key
While free marketing is awesome it is probably not something you should consider if when you look at what you get you are selling yourself short. Look for the best marketing campaign that will get you the best price for your property. Quite often Agents that offer you free marketing do not have premium ads on the listing portals, don’t do social media and you might end up with a ratty old sign out the front of your home.
It is worthwhile that you ask the question of whether a payment plan is available or maybe if you can pay your marketing at settlement. Most Agents will not be offended by the question and are happy to work something out with you.
The best thing you can do if you are looking at selling your home is to have a good long and frank conversation with your Agent to determine what is the best course of action for you to take.
As always I am available to discuss your real estate questions by calling 0400686443 or contacting me at firstname.lastname@example.org.