Why are you selling your property?

You should be able to provide an answer to this question within 15 seconds of reading it, if not then you should not be selling your property.

On too many occasions I have seen property owners who have not had a specific reason to sell their property resulting in the sales process being a complete disaster. This is increasing apparent during times when property prices are on the rise and property owners decide to “test the waters” by placing their property on the market and setting an unrealistic listing price.
Below is a list outlining the reasons why a property will not sell if the owner does not have a clear reason to sell the property;

Unrealistic listing price – Owners will only accept a price which is well above the market value of the property and will not be prepared to move from this unrealistic listing price.

Unwilling to commit marketing resources – Inadequate money and time spent on the marketing strategy for a property will limit the audience who are informed that the property is on the market.

Lack of property preparation – As the owner is not committed to the sale they will not spend time and money to prepare the property for sale. If a property has not been prepared correctly then this could affect the first impression a potential buyer has when they inspect the property.

Stale listing – A listing which has been on the market for an extended period of time will convey a negative image to potential buyers. Buyers will be concerned that there is something wrong with the property or that it is overpriced.

Future Price Reductions – When the owner does decide they would like to sell the property for a more reasonable price they will need to drop the price more than what the initial market value of the property was. The only way to sell a stale listing is to offer a “bargain” and reduce the listing price below the market value of the property.

Listing your property on the market when you are not 100% committed to the sale can have a dramatic affect on the final price you sell your property for. Make sure you have a clear reason to sell your property and you are not just “testing the waters”. Also, you need to be prepared to spend time and money on marketing and property preparation.