Six mistakes to avoid when selling your property
Updated: Mar 18, 2022
As an estate agents in Birmingham that has been operating for over fifteen years, we have encountered many mistakes that have been made by customers who were trying to sell their property. But fear not. In this article, we will highlight some of those most common mistakes to help you avoid making them yourself, and by doing so, we hope you are able to get the best price for your property within a reasonable time frame.
1. Not hiring the correct estate agent Choosing the correct estate agent is crucial to getting your property off the market. At Matthews Estate Agents, we recommend that you pick a local estate agent that has a better knowledge of the market in that area in order to give you a realistic valuation.
Additionally, you should make sure that the estate agent you choose doesn’t have any upfront costs. An estate agent that doesn’t charge you unless they manage to sell your property is going to be far more motivated to book viewings, contact investors, and do all they possibly can to ensure your property is sold.
For more information on how to choose an estate agent read our article here.
2. Overvaluing your property Overvaluing your property could be as a result of choosing the wrong estate agent who has valued your property higher than the actual market value in order to win your instruction. It could also be as a result of the emotions and memories that the seller associates with the property.
Whatever the reason, it is pivotal that you don’t overvalue your property. Your property is in competition with every other property in your area that is on the market. Therefore, you’re not going to convince a buyer to make an offer for your property when they’ve found a very similar property to yours for a cheaper price.
To ensure that people are interested in your property, choose an estate agent that is able to provide you with comparable evidence of similar properties sold in your area within the last six months.
3. Not hiring a solicitor at the start of the sales process Another common mistake that sellers make is waiting until an offer for their property is accepted before hiring a solicitor or conveyancer. They are responsible for drawing up contracts, transferring cash, and completing all the necessary legal paperwork required in order for a property to change hands.
Doing so can be an extremely time-consuming process. Therefore, if you’re considering selling your property, you should make sure that you have a solicitor in place as soon as your property goes on the market so that you can be in a position to exchange contracts and complete the sale of your property much sooner.
4. Not letting the estate agent handle viewings As a buyer, it may be tempting to conduct the viewings yourself. However, there are so many benefits to allowing the estate agent to handle the viewings instead. After all, estate agents are salespeople and, therefore, are experienced at getting to know the potential buyer and highlighting the key features of your property that are going to be of interest to them.
Additionally, by permitting the estate agent to handle the viewings, they are able to show your property to potential buyers at times that would otherwise be inconvenient for you if, for example, you have a full-time job or other obligations.
Click here for a more detailed article on the advantages of accompanied viewings. And if you’re looking to sell or let out your property, Matthews is an estate agents in Birmingham that offer accompanied viewings at no extra charge to their sales and lettings services.
5. Picking a bad time to sell Winter months are usually difficult times to sell residential properties especially as we get closer to Christmas where people tend to be busy with social engagements. The lack of demand for properties during this time could mean fewer viewings, less competition to buy your property, and consequently not being able to achieve your asking price.
However, there are other factors at play too. For example, during the early stages of the COVID-19 pandemic, banks stopped offering mortgages with only a 5% deposit meaning buyers were required to have a lot more money saved in order to apply for one.
6. Not making your property attractive to potential buyers When you put your property on the market, you should aim to present it in the best possible way for when potential buyers come to view it. Creating a good impression begins with curb appeal, so it’s essential that your garden or driveway is well-kept and that any exterior repairs are taken care of.
With regards to the interior of your property, it is important that the decor has neutral colours and that any clutter is tidied so that your property appears spacious and the potential buyer has no distractions. Additionally, we highly recommend that before putting your property on the market you ensure that the most frequently used rooms are looking their best. For instance, in the kitchen, it might be worth replacing old units and worktops. Whereas, in the bathroom, renewing tile grout, eliminating limescale and mouldy sealant can go a long way to improving the presentation of your property.
For more tips on how to make your property more attractive to potential buyers, we highly recommend our article here.
For anyone that has got this far, we’d first like to thank you for taking the time to read our blog. Secondly, we’d like to ask if you’ve experienced any difficulties selling your property what advice would you give to our readers? Let us know in the comments.
And if you require an estate agents in Birmingham, contact Matthews Estate Agents using the contact details below or visit our website here to find out more about us and what we can offer you.
Tel: 0121 358 0008 (Lines open Mon - Fri 09:00 - 17:30)