Myth Busting – Vendors Edition – 7 Myths Blown Apart

You have made the decision to finally put your home on the market and are about to start the process, but before you do allow me to pull the rug from under your feet!Myths, when it comes to selling your home are “a widely held but false belief or idea” that are “usually of unknown origin” – such as ‘someone I know at work, whose uncles dog walker had a Pilates instructor, that may or may not have dated an Estate Agent, said we should do ‘XXXX’ when selling a house’, and before you know it, out of nowhere, it becomes a “true fact” that is passed on to generation after generation.

So, as someone who is not going to benefit from the sale of your home, lets get busting!

THE QUICK OFFER:

“The agent has under priced my home!” – Let me get this right, you have employed an agent to sell your home, even before you agree your property particulars are correct and the board has gone up, you get viewings and an offer – Forgive me, but this is actually what you instruct your agent to do. Once that buyer has moved on to another property it’s too late.

OVERPRICING FOR NEGOTIATION:

“If we bump the price up, it will leave more room for negotiation” – In todays market place, buyers are more clued up than ever before. If they see a property that they think is overpriced it is unlikely that they will view it until all other options have been exhausted or it may not even appear under their search criteria when looking at various portals, in which case be prepared for a long stay on the market.

ESTATE AGENTS DON’T OVERVALUE:

“I went with the agent who gave me the highest value” – It doesn’t matter where you are in the country, there is always one agent who will tell you what you want to hear and not what you need to hear. Do your research and know what to expect, otherwise you will get the agent calling you to tell you to reduce the price and that means you have just wasted 4 weeks of marketing time!

THE HOUSE DOES THE SELLING:

“I live in a beautiful home and viewers will want to buy it” – You do live in a wonderful house, after all that’s why you live there, but that is your emotional attachment talking (SELLING IS A MIND GAME.), all buyers have their own needs and emotional wants when buying and it is the agents job to match these – remember you are now selling a property rather than a home.

NO NEED TO HOME STAGE:

“They’ll either buy it or they won’t” – Like it or not most buyers are looking for something that is ‘move in ready’ and Home Staging gives multiple benefits, not only does it make your home look far more superior than your competition, it will increase the amount of buyers who want to view, which in turn will generate offers quicker. Make yours the stand out home and not one of many.

THE CHEAPEST AGENT WILL SAVE ME THE MOST:

“I am paying £850 and not 1.5%, that’s a huge saving” – I cant argue with maths, it is indeed a saving, but at what cost? Whilst you could save thousands on your fee, an estate agent that comes down on his commission may well do the same when negotiating the price on your home. I have often heard that a 5% reduction on your price is considered acceptable – its not and a really good estate agent will show you why they charge more – asking price offers – better marketing strategies – better customer service and after care. If you chose to go the Hybrid agent route then remember that you will pay the fee if you sell or not, pay extra for or do your own viewings and negotiate your own sale price (an estate agent does this every day of their lives) you might agree a price when an Estate Agent may have achieved thousands of pounds more.

SUMMER IS THE BEST TIME TO SELL:

“My house looks beautiful when the gardens in bloom” – Quite right too, all the flowers are out, the sun is shining and the leaves are on the trees. Unfortunately most homes look good during that time too, so more stock appears on the market and if you want to be the first sold you may find it is at a lower price. Of course the winter is a slower period but there are still plenty of buyers and less competition. Sell when you need to, don’t be guided by your horoscope or throwing a dart at the calendar, instead be guided by a great estate agent.

 

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Selling property for over 25 years, helping vendors achieve higher values, purchasers to get the home they want and helping Estate Agents achieve their goals.

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