When you search online for information about selling your property, you’ll quickly run into a lot of myths that can make the process even more complicated. With all the time, money and energy you put into selling up, the last thing you need is unhelpful misinformation. To give you a little more clarity, here are 5 common myths about selling a property.
1. My property will sell itself
There is a lot of demand for houses, although this alone is rarely enough to ensure that you will receive quality enquiries or the sort of price you are hoping for. Simply placing a ‘For Sale’ sign in-front of your home is not enough to grab the attention of buyers, who will also be looking online, whilst actively being engaged with local estate agents.
Even the most attractive and desirable of houses need a helping hand to sell, whether it’s through additional marketing, connecting with the right buyers or ensuring the property is prepared and ready for sale. In most cases, all of these are needed to give the property the edge it needs to garner a fast, secure sale at a high price.
2. Selling a property without an estate agent is cheaper
There is a long-standing myth that using an estate agent can be a waste of money, and instead of paying the associated fees you will be far better off saving your cash and using it elsewhere.
This type of advice is intended to help, although it could lead you towards losing far more money down the line. Having lived in your home you know it better than anyone else. However, selling it in a highly competitive market is a different matter entirely. Given its value and the amount of financial and emotional investment you have put into it, using the skills and experience of an experienced professional to ensure you get the best price possible can make more sense.
Sellers who enter the market by themselves can be left open to fraud, under-pricing and uninformed decisions that are costly to rectify. Of course, estate agents do charge fees for their services, but if you work with a reputable company who are transparent and offer value for their service, then using them will be well worth it in the long run.
3. Estate agents set the price
There are a lot of mistruths spoken about the role of an estate agent in a property sale, with one of the biggest being that they are the ones responsible for setting the sale price.
When you find the right estate agent that has your best interests at heart, it should work like a partnership. They are there to pass on their knowledge and expertise to your advantage so you can sell your property quickly and at the highest value.
However, the important thing to remember is that as the seller – and owner – of the property, you are always in control and make the final decision. The estate agent will offer recommendations based on the local market and an educated estimate of the property’s value, but this is advice you can take on board fully, partially, or not at all.
4. Always turn down the first offer
Whilst in some circumstances it is true that you may need to turn down the first offer, this is not always the case. There is every chance that dismissing it out of hand could mean you miss out on an ideal buyer.
Serious buyers are constantly on the lookout for new properties, and when it comes to first-time buyers, they usually have no reference point at all. There is always a chance they are low-balling, but in most cases, it is a shot in the dark due to experience (especially if they are not using an agent). Most will be open to negotiating, so it is worth engaging and seeing if there is a middle ground that works for you both.
5. Selling your property in a specific season
The spring months are generally busier than other periods of the year and is often referred to as the best tome of the year to sell up.
However, this is only a 3-month period and is a very small window to focus on. The best time to sell is when it works best for you, as everyone’s circumstances and needs are different. Buyers are actively searching all-year round, so if you are not ready for spring it is far from the end of the world.
One of the biggest mistakes you can make when selling your home is to rush and bring it to market before you are ready. There are a lot of things to set-up and organise before a sale can be successfully completed, so whether it’s in the spring, summer, autumn, or winter there will always be buyers interested in making an offer.
Sell Your Property with Squires Estates
To find out more information about selling a property, get in touch with our team here at Squires Estates and we can discuss your options.