A lot of pre- planning is needed in selling homes and if you want to avail yourself to the best deal possible. It will take time, effort and a lot of patience. Some homeowners are under the misconception that they can ‘flip’ their properties frequently to make sizeable gains on their disposals.
However, whether you’re marketing your property alone or with an agent (we recommend hiring an agent), there are some things that you, as the homeowner, must avoid doing if you want to successfully market your property.
Here are five important things to take note of when you’re ready to sell;
- Pictures: If you intend to market your property on newspapers or portals, you need to provide a lot of pictures to entice potential buyers to visit to gauge if they like your property.
Amenities are important but a picture is worth a thousand words. Beautify your house before you start marketing and snap lots of pictures.
Get your agent to take photos if you don’t have a camera and provide these freely on the website and flyers. Refusing to provide pictures is one of the biggest mistake homeowners make.
- DIY seller: Unless you’re an expert at selling homes or used to be an agent, it’s recommended to hire an agent. An agent will be able to take advantage of tools that you, as an owner, can’t.
The agent will be able to upload your listing on property portals, create brochures, organize open houses and filter out the interested parties from the window shoppers.
An experienced agent will also be able to help with setting up your home and taking good pictures with proper lighting so as to present your house in the best light possible.
- Presence: There’s nothing more awkward for a buyer then to go to an open house and find the owner and his entire family hanging around. This poses as a hindrance to the prospective buyer.
It is difficult for the potential buyer to imagine himself living there when he is acutely aware of the seller and his family members existing in the space.
When you have an open house, you should take your family out for the day.
If you’re the direct seller, you can stay but the other members need to be out of the house until everything is over for the day’s proceedings.
You want the buyer to feel comfortable and relaxed. Having your family hang around will only make the opposite happen.
Remove all personal paraphernalia in order to make the dwelling as neutral as possible.
- Emotional attachment: When you’re selling home, it is no longer ‘your home’ but a commodity. Detach yourself from the nostalgia and hard work you’ve made to it over the years.
You have to be cognisant that if the buyer wants to demolish the walls and that living room you love so much, you cannot influence his decision or take it personally.
Similarly, don’t get offended if the buyer quotes you a low price. It’s what we all would do even if we love something. We want to try to pay the least amount possible. Counter with your offer and take it from there.
- Pricing too high: You should never price your home based on what you want but on market price and valuations. If you insist on selling homes based on what you think your house is worth and not it’s actual worth, you’re likely to drive away potentially interested buyers.
And when you are forced to drop the price in the future, people are going to wonder what was wrong with the property that forced you to drop the price significantly.
Selling homes is not going to be easy but if you follow these five steps, you’re more likely to have an easier time.
About the writer Ranjit Singh:
Ranjit qualified as a Chartered Accountant with the Malaysian Institute of Accountants (MIA) in 1999 in one of the Big 4 Accounting firms. He has had working experience as an Auditor, Investment Analyst (sell side and buy side) and Business Editor. Currently, he writes for one of Malaysia most popular online portals.
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