Sales

It is my first time selling, what should I do?

For many, first time selling can be a daunting thought. There’s so much at stake and every decision you make will determine the overall outcome. This is also the time when so many people learn valuable and expensive lessons for the future.

When it comes to first time selling, the first rule is losing the ego. Unless you have spent actual years listing and selling real estate, then you really don’t know anything about the process and outcomes to expect. The biggest problem is an ego can deafen you to a good agent, based on your beliefs versus actuals. Lead into every interview as a blank canvas and really listen to the agents. This will help you find the right one for you.

Market research should be done. Once again, this is to get an understanding of where your property might sit in the market place. The problem is that you may be emotionally attached to your property, which will always mean yours is more than everyone else’s. How you price your property will determine how your overall selling campaign will go. Have an idea of comparable sales, but let agents guide you in the way of getting the best price.

Choosing your agent when first time selling is one of the hardest tasks. You may tend to lean toward the agent who tells you the biggest price and charge the cheapest commission. This is natural first time around. We all want the dream price and we have also learnt that being good negotiators is something to stick your chest out about. But, would you want to be to person saying we sold and only paid a low commission, while your friend is saying they sold and received a record price. The few thousand dollars you saved in commission may cost you the skill of an agent who can get you tens or hundreds of thousands of dollars more than your reserve.

An essential tool when first time selling are your friends. Speak around and find out who has recently sold. Firstly, gather as much information about their experience, good and bad. This will help you get a better grasp on what you should look and look out for. If they are in the area and had a great overall experience, speak with the same agent, but don’t just give it to them because they sold your friends property. They need to work for it and present properly.

Don’t be blinded by numbers, be interested in the process. Many agents will come in and bombard you with statistics and numbers. Chest puffed out while they beat it and tell you how good they are. Unfortunately, all this is doing is stroking their ego and not giving you any information about how to get the best price. The process of how to get the best price is the most important factor. What needs to happen to attract people to your property and get the most out of them is what you need to take note.

Invest into your property. Whether it be time or money, declutter your property, invest into repairs, give it a very good clean and make sure you put aside a good budget for staging and marketing. The more you do to help your property present at its best and the more people you put it in front of, the greater the chance of an amazing sale price. Speak to professional stagers and take advice from agents on the steps to invest your money well.

The final thing to remember when first time selling is, it is not about your price, it is about getting the best price. As touched on earlier, the process to get the best price is a lot different to telling you what you want to hear. Deploy a large portion of your research on how to work a market a property and create competition. Try not to think about how much you’re going to get or how much you need to sell. If you must sell, then focus all your energy on how to get the best price. Whether it is below, at or above what you want, all you need to know is that you’ve taken the right steps to ensure it’s the best price and you’re not leaving any money on the table.

 

DISCLAIMER

The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.

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