Top 5 Mistakes to Avoid When Selling a Property

For most of us, our home is our most valuable asset so selling a property will be one of the biggest financial transactions that we are involved in. As a seller, making avoidable mistakes could end up costing you thousands of pounds, not to mention lots of additional time and stress.

Here are the top five mistakes to avoid when selling a property in Edinburgh and the Lothians.

 Overvaluing Your Property

By far the most common mistake that we hear sellers making is that they choose the agent who offers them the highest assessment of their property’s value. There are agents who will inflate the valuation figure than they offer just to secure a listing and then, when the property inevitably doesn’t attract interest due to the inflated figure, they will try convince the seller to reduce their price.

Ultimately this can lead to the sale taking much longer and the seller achieving a lower price than if they had simply gone onto the market with a realistic valuation.

Make sure that the agent you choose is able to back up the valuation they offer you with plenty of evidence of recent sales to avoid costing you time and money.

Getting the Pricing Strategy Wrong

A lot of sellers make the mistake of wanting to go onto the market with the highest possible asking price, but the best way to get the best result from your sale is to generate as much interest as possible to create competition so that potential buyers are motivated to come forward with their best offer.

For most sellers, the best approach is to set your asking price below the valuation figure, taking into account the pricing bands on major websites like ESPC and Rightmove, and invite ‘offers over’ that level so that your property is seen by as many buyers as possible.

It’s vital to get your pricing strategy right from the outset because interest in a property will always be highest when you first go live on the market. If you kill the market for your property by setting the asking price too high then it can make it much more difficult to achieve a good result from your sale.

Failing to Accommodate Viewers

If you want to have a positive sale, it’s important to make it as easy as possible for people to view your property. This means doing what you can to accommodate viewings at times that may not be ideal for you as buyers can have limited availability and will often be looking to view a large number of viewings.

Try to find a friend or family member that you trust who can help to cover viewings at times when you might be busy, or speak to your agent to see if they are able to provide a professional accompanied viewing service so that buyers can view your property even at times that you might not be available.

Making the Wrong First Impression

In most cases it doesn’t make sense to undertake significant renovations prior to selling your home, but if there are simple things that can be done cheaply to improve your home’s appearance then this will help to create a much better first impression with buyers.

Little things like freshening up paintwork, making sure lawns are mowed, or fixing broken handles on kitchen cupboards will all help to make your home more appealing to buyers. When you have agents come out to value your property, ask them for advice on what you can do to make your home more appealing to potential buyers.

Choosing the Wrong Agent

Some sellers make the mistake of simply choosing the cheapest estate agent. This can prove to be a case of being penny wise but pound foolish because the standard of service that agents offer varies significantly.

Make sure that the agent you choose will advertise your home on major websites like ESPC, Rightmove and Zoopla, that they have a good track record of selling properties like yours, and that they can give substantial, informative answers to questions about how they will get the best price for your home.

If you’re thinking of selling your home, Warners’ expert team is here to help you every step of the way. The first step is to book a free, no obligation valuation. You can do this online here, or call us today on 0131 662 4747.