Selling your property: The ‘do’s’ and ‘don'ts’ of achieving an optimal selling price
Updated: Sep 10, 2021
Cashing out via a great exit strategy makes all the difference when you are trying to sell off your current property. The profit margin directly influences the quantity of funds obtained, which in turn determines the pool of options you have for the purchase of your next home, along with the size of the nest egg that will oversee your golden years.
Bluntly put, if you make the right move at this juncture, you might just be able to land your dream home next, or lapse into a comfortable retirement, whichever is desired.
How do we ensure that we are able to maximise the value of our estate then? There is no single method to guarantee this; to achieve this, we have to factor in a number of ‘do’s’ and ‘don’ts’ which I will cover in this article, starting with the ‘do’s’.
The DO’s :
1. Declutter and Dress Up
Often, the true beauty of many homes are overshadowed by mess or household appliances. While this might make for pragmatic living, such an appearance is not aesthetically pleasing and would not appeal to buyers. Before putting your property up for sale, putting in some effort to neaten and decorate it tastefully goes a long way in capturing eyeballs!
2. Make The Best Impression
Does your home boast certain features that look exceptionally well at specific times of the day? Perhaps when night falls, the spectacular sight of the city against the dark backdrop has proven time and again to take away the breaths of those who bear witness. Or you’ve begun to personally enjoy the soft breeze that always visits the balcony at dusk.
If you know that your place shines the most during these periods, it would make the most sense to conduct viewings during then.
3. Understand Your Property’s Strengths
Remember what drew you to your home in the first place. Were you allured by its captivating architecture? Or perhaps you fell in love with its cosy interior, one that also presents a practical regular layout. Don’t forget about its convenient and well-connected locale!
Highlighting the focal points of your property during its sales campaign will draw the right buyer demographic, increasing the chances of a successful transaction.
4. Setting Price Based On Supply And Demand
Knowing how sought after your property currently is would allow you to price it appropriately. If it’s too low, you might be selling yourself short; yet if it’s more on the higher end, interest could be very minimal.
The aim is to locate the sweet spot that allows for your home to fetch the highest value possible, while still appearing attractive to prospective buyers.
5. Decide On The Asking And Closing Price
While a deal is underway, it’s commonplace for negotiations and haggling to occur. With this in mind, it would be wise to create some leeway in your initial asking price. Yet, you should also be very clear on the final closing price-- the range that will not accommodate any more bargaining.
6. Qualify Buyers Prior to Arranging Viewings
To save on time and resources, it’s best to sieve out only serious leads from the get-go. Don’t bother wasting effort on those who are not committed because it’s unfair for you to take time off your schedule only to be stood up. Rest assured that with the help of a professional agent with demonstrated marketing skills, you will have a good selection of sincere queries to choose from.
On the flipside, here is what you should avoid at all cost.
1. Set An Unrealistic Asking Price
This is a surefire way to keep your property up on the market for a long, long time without any enquiry. Of course, we all would like to sell our estates for the highest price it can fetch, however this hinges heavily on supply and demand, as mentioned earlier in the article. Thus, familiarising yourself with this would help you decide on a reasonable price for your home, one that isn’t off-putting.
2. Scrimp On Engaging An Agent
Certain agents might have heftier fees, however it’s worth checking out their track record. If it’s one that’s impressive, that might explain why they are charging higher remuneration for their services.
When time is of essence, cutting back on trace amounts and seeking the help of less proficient realtors might actually cost you much more in the long run. You might end up having to keep paying their fees for an increased span of time while your property remains untouched, and forgotten.
3. Engage Many Agents
This is a huge mistake. When many agents are commissioned to transact the same home, this creates a competitive effect where they all try to price it lower in an attempt to grab the attention of potential buyers. You might end up selling it, but at a value much lower than you intended, where the profit margin is paltry.
4. Getting Emotional
It’s difficult to manage tight deadlines, however the last thing you should do is let your personal sentiments cloud your better judgment. A cool, objective head makes way better decisions! Talk to your trusted realtor to find out what is the best strategy for you.
With all these taken into account, I hope you now have better clarity on how you can move forward with your sales endeavour. If you would like to find out more about how you can capitalise on your current situation and make the best out of what you have, get in touch with me for a free consultation where I can help you assess your standing.