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Selling your home should be a pleasant and rewarding experience. You should receive the highest possible price at the lowest possible cost.

The following information will help you avoid fifthteen costly mistakes made by home sellers. It will help you achieve the highest price at the lowest cost. It will make selling your home a pleasant and rewarding experience. 95% of homes that our office have sold in the past 12 months can be directly attributed to internet inquiry, the chance of a random person seeing your home advertised in the print media is pretty remote, and most agents will not know because they don't ask. TPC still do opens but we only invite genuine buyers not neighbours seeking decorating tips from your hard work. I am sure you would rather 2 genuine buyers going through your home instead of 15 tyre kickers.

Mistake 1

NOT TRUSTING THE AGENT

If you don't trust the agent, don't hire the agent!

A major ingredient in any relationship, business or personal, is trust. Before you choose your agent, ask many questions, check references, test their negotiating skills and ask yourself a BIG question: Do I feel comfortable with this person handling the sale of my family home? If your answer is 'no', do not hire the agent. Once you decide on an agent, give the agent your trust and confidence. Do not interfere. Allow the agent to make decisions and get on with the job of finding the right buyer for your home. If, later, you lose your trust, you can dismiss the agent. In the meantime, show your trust. The best agents are worthy of your trust. They won't let you down.

Mistake 2

ADVERTISING COSTS

Most Real Estate advertising is a waste of money

Make sure it is not your money. Many agents advertise to promote themselves, not your home. In the past 20 years, real estate advertising has increased as much as twenty times. In most areas, the number of sales being made today is the same as twenty years ago. Home sellers are often pressured to pay thousands of dollars for advertising. This is a needless expense because very few homes are ever sold because of advertising. The industry is addicted to advertising. There are dozens of advertising awards, yet client satisfaction awards are almost unknown.

Advertising Myths & Clients 

Many people are told that the more advertisements you have the higher your profile and the more clients and the more successful you will be.  Agents and Franchise groups use vendor paid advertising to increase their profile and brand awareness, they use your money to advertise themselves not your property, if your agent is doing their job why would you need advertising in the weekend paper.  Serious buyers look on the internet 7 days a week, they don’t wait for the weekend paper.  If we thought that the only way to sell a home was through advertising in the weekend paper, we would do it, we don’t need to advertise in print because we sell to serious buyers from the net and still do inspections 7 days a week.

The most successful agents and salespeople have the most clients and their success comes from personal referrals not mass media advertisements. More advertisements are the benefit of actually you having more clients. Some franchise groups would have you believe that the more newspaper advertisements you have is directly responsible for your clients and therefore success. The reality is it is your professionalism and service that is directly responsible for your success with your clients.

At Townsville Property Centre our clients are our principals and their teams. We are client focused because we know that if you are successful then our brand will grow, not the other way round. Also with the dramatic way the consumers are shifting the way they locate property, the newspapers are becoming less and less relevant. In 2008 The Los Angeles Times ceased producing their property section after 100 years of production because it was becoming less relevant for consumers in America who prefer the internet.  This is rapidly happening in Australia and the newspapers owners know this fact. That is why the two largest real estate websites in Australia have newspaper owners as major shareholders.

There are many successful principals and agents who have little or no major paper profile. They understand their clients, where they are, what they want and how to communicate with them using a combination of media. See the graph below that shows where buyer enquiry is coming from in Australia today.

Here at the Townsville Property Centre we have an Australian wide network of agencies on board to assist in your needs away from Townsville.

Mistake 3

DEMANDING ADVERTISING

Advertising will rarely sell your home

Too often home sellers make the mistake of demanding advertising for their homes. Buyers who want to buy in your area always visit your area before they buy. The area attracts them more than the advertising. It is a waste of time, money and energy to place advertisements in publications which reach thousands of people who will not buy in your area. Provided your agent's office is open seven days, buyers for your area will be attracted to your agent. The best agents will then qualify the buyers and bring them to your home. That's how most homes are sold.

Mistake 4

CHOOSING A HIGH QUOTING AGENT

Be very careful that you do not choose the agent who tells you the biggest lie about the sale price of your property. This is called "buying your business". Also, be wary of agents who try to talk you into auction by telling you stories of incredible prices. This is a common trick. If you choose an agent based on the selling price they quote you, you may be badly disappointed. If you suspect that an agent is attempting to "buy" your business with a high price estimate.

Mistake 5

SELECTING A CHEAP AGENT

Cheap agents get cheap prices.

Be careful choosing an agent based purely on their fees. If agents give their own money away what do you think they will do with your money?! Better to pay an extra one percent for a selling fee than to receive ten percent less on your selling price. Good negotiators rarely give big discounts on their fees. If they get you the best price, they are worth a fair fee. If you are not happy, you pay nothing.

 

Mistake 6

NO BUYER RECORDS

The best agents keep detailed records of buyers.

Most agents get dozens of enquiries from buyers each month. Some get hundreds. Why don't they keep records of these people - names, details and phone numbers? Why don't they keep in contact with the genuine buyers? If they do keep records, why do they want you to pay for advertising? The answer is simple - self promotion. They call it "profile". Be careful. Most agents advertise different properties to attract the same buyers. Let them waste their money, not yours. When agents keep records of genuine buyers, there is less need for advertising. Ask the agent to explain how advertising can often lower the price of your home.

Many agents keep no buyer records. And then they ask you to pay for advertising to find buyers! Do not pay for the incompetence of any agent. Insist on an agent who keeps detailed and accurate records of genuine buyers. One of these buyers may be perfect for your home

Mistake 7

OPEN LISTING

The more agents you employ the lower your price becomes

Do not list your home with several agents. You may think this will increase your chance of finding a buyer. But it decreases your chance of getting the highest price. The agents will be in a hurry to sell your home before another agent sells it. The sale will be most important. The price will be forgotten. Buyers shop around. They will use the agent who can obtain your home at the lowest price. Test this yourself. When you see one home with several agents, call them all. Ask this question: "What is the lowest price I can pay for that home?" You will be told different prices. The agent who suggests the lowest price is the agent who will be most likely to sell the home. The same situation happens with 'multi-list'. Choose one agent, one you like and trust.

Mistake 8

AUCTION

Auctions give you a lower price

Auctions are also riddled with deceit. One of the worst deceptions is the "reserve" price. Agents will tell you how your home can sell for thousands above reserve. But the reserve is your lowest price! It is the minimum you will accept, under pressure. Auctions are needless pressure. Many buyers who buy at auctions openly admit they would have paid more. Don't focus on the lowest you will accept. Focus on the highest you want. Insist on an agent who focuses on a buyer's maximum price not your minimum price. Agents will also tell you that auction prices go up. Do not be tempted. The reason auctions go up in price is simple: they start low! Don't start low. Start high. You always get a much higher price by starting high. If agents were forced by law to guarantee that no homesellers could lose at auctions, the auction system would cease to exist. Auctions might be best for agents. Be warned: They are not best for you.

Mistake 9

OPEN INSPECTIONS

They are very dangerous

They are an invitation to thieves who will return later. Do not allow anyone into your home unless you have two assurances: 1) they have been identified; 2) they are interested in buying. It is amazing: a person needs more identification to rent a video than to stroll through a family home! Do you really want dozens of strangers opening your wardrobes and inspecting your private possessions? Insist on your security. Protect yourself, your home and your family. 'Sticky beaks' and thieves will not buy your home. Only buyers will buy. Therefore, only buyers should inspect. And do not restrict genuine buyers to one or two hours a week. Allow these people to inspect anytime. Do not allow others to inspect at any time! Be aware that your home may not be insured when you hold an open inspection. The Police Service will offer you similar advice. Please, never open your home for public inspection.

Mistake 10

FOR SALE SIGN

No sign can mean no sale

A sign attracts these buyers. It is your 24 hour salesperson. It is often your best salesperson. Be careful. Some people will knock on your door. Insist they call your agent. Trying to negotiate yourself could cost you thousands of dollars. For Sale Signs also attract other agents, those who are too lazy to find their own homes for sale and those who lack ethics. If other agents approach you, send them packing no matter how many times they tell you they have a great buyer. These agents are the worst in the industry. If they will 'steal' other agents' clients they will almost certainly deceive you. Do not speak to the unethical agents who approach you from a For Sale Sign.

Mistake 11

CLOSED AGENT

Closed agents lose buyers

Make sure the agency you choose is open seven days. Many agents work 'nine to five' and close on Sunday. You need an agent who is available to buyers. Weekends are especially important. You never know when the perfect buyer will come along. A buyer will buy from the agent who is open. The best agents offer a 7 day service. They are always prepared to work on your behalf.

Mistake 12

NO NEGOTIATION SKILLS

Poor negotiators will cost you a lot of money.

Negotiation skills are vital to ensuring you get the highest possible price. There are several Principles of Real Estate Negotiation. Ask an agent to quote some to you. You will soon discover who is the best negotiator. A good negotiator can mean an extra ten percent on your selling price. Work it out, it can mean thousands of dollars. If you have an attractive home you don't need a salesperson as much as you need a negotiator. Be very careful: most agents are poor negotiators. Insist on an agent who is a skilled negotiator.

Mistake 13

REVEALING YOUR REASON

Your reason for selling is confidential.

No one, other than the agent you trust, should know your reason for selling. If your reason is revealed it can severely hurt your chance of obtaining the highest price. This is especially true if you need to sell by a certain date. If buyers know the reason you are selling it can weaken your negotiating position. Too often, too many agents say, "Must sell because/bought elsewhere/financial problems/job transfer." If asked the reason for selling, simply say that you are "re-locating". Don't let the reason you are selling your home be the reason you receive a lower price. Your reason is confidential.

Mistake 14

SPARKLE PRESENTATION

Do not confuse improvements with presentation. Make your home sparkle and your price will shine. Pay attention to little things which create a big impression - the front garden and the first appearance of your home. Stand back and look at what buyers will see when they arrive. Cleanliness is vital. One of the most important and most overlooked aspects of selling a home is its smell. Pleasant scents create pleasant moods. A home which sparkles always sells for a higher price.

Mistake 15

IGNORING EARLY BUYERS

High prices often come early,
Low prices often come late,
Be Carful.

The buyers you reject when your home is first placed for sale may be the buyers prepared to pay the best price. The number of buyers for your home usually gets lower, not higher, as time goes on. And your price will often get lower too. Agents who say it may take many weeks to find a buyer are admitting that they are inefficient - or they are failing to tell you the truth about the value of your home. They know your home is priced too high and they have to talk you down in price. The purpose of advertisements and massive numbers of inspections is seldom to "search for buyers" - the buyers are already in the area - it's to "condition" you with lots of visible activity. This activity damages the value of your home. It tells buyers that your home is not sold. And homes which are not sold often require a big price reduction to make them sell.

Consider carefully the early offers you receive. If the early price enables you to achieve your goals, you should consider selling sooner rather than later. How many times do you hear of sellers having their homes for sale for a long time and getting a higher price? Almost never. The highest price comes when your home is fresh, not when it's stale.

The best agents are those who can find the best buyer willing to pay the best price in the shortest time and with the least cost to you.