Avoid common sales mistakes

Mistakes cost Kiwi homeowners a small fortune when they sell. Real estate agents, mortgage brokers and others involved in the sale process see it every day of the week. Some homeowners are even in cloud cuckoo land when it comes to getting the best price for their homes.

The biggest property selling mistakes by vendors include:

Research
You have to know the market you're selling in, says Harcourts NZ CEO Chris Kennedy. Too many sellers have unrealistic expectations of price, or accept offers that are too low because they don't know who is likely to buy their home, and what similar houses in the area are selling for.

Research can overcome this. "Some buyers can be too focused on what they need or want to get for their property rather than what is realistic."

Waiting
Prices go up and up as far as vendors are concerned. "If I wait a couple of months I'll get more,", they think.

That is possibly true, but if it's a sellers' market and property is selling quickly you're in a better position than waiting until prices have risen, but buyers have their hands in their pockets. If you're selling and buying in the same market then why wait.

Know the market
Different properties will attract different buyers - and they may not be exactly like the seller, says Kennedy.

"A lot of sellers assume people very similar to them will buy their property, and keep the property too personalised to themselves." But that's not always the case.

"Sellers have to let go of the idea of the house being an extension of them and essentially hand it over to potential buyers to make their own," he adds.

Listing
There are a million things that sellers intend to get around to before they sell. Sometimes it just doesn't happen.

If the house isn't tidied up and dressed before the photos are taken or open homes conducted then it can cost big dollars. A few thousand dollars fixing a problem before listing could result in a much higher sale price.

Employ a gardener to slash and burn, employ commercial cleaners, get a handyman to touch the paint up, and have the house washed professionally. But don't over-capitalise.

First offer
Many a seller has rued the day they turned the first offer down. It can be better to work on the first offer than assume more will follow.

Kennedy says some vendors are perfectly capable of selling privately and do well out of it. Others don't and should have used an agent recommended by a friend.