3 Key Emotions Around Selling Property And How It Can Cost You!

It is import­ant to real­ise that list­ing your prop­erty for sale will prob­ably be one of the largest mon­et­ary trans­ac­tions you will ever be part of. When selling your prop­erty you should take it ser­i­ously and choos­ing an agent should be done care­fully, so do your research.
One of the biggest things to keep in mind is to not let your emo­tions over­take you while you are in the pro­cess of selling your home, as you might allow your­self to make an unne­ces­sary hasty decision, which could cost you money. It is essen­tial to sep­ar­ate your love/emotion for your home and start look­ing at it as Real Estate. This one tip could save a lot of heartache, stress and most of all THOUSANDS of good old aus­sie dollars.

Here are sev­eral guidelines to help you, the home seller, avoid mak­ing decisions based on your emotions:

1. Avoid pri­cing your home — based on where YOU find value

Sad house for sale

It is every seller’s dream to get top dol­lar for his or her prop­erty, and sure it is pos­sible with Eld­ers Real Estate, how­ever find­ing a buyer who is will­ing to pay above mar­ket value for fea­tures that you value is not feas­ible if they don’t value those same things. Home sellers tend to put a high price on their home due to their emo­tional attach­ments which is com­pletely under­stand­able. Buy­ers on the other hand do not yet have this emo­tional con­nec­tion to the home and will base their value of the home in com­par­ison to oth­ers they have seen and what it offers them.
It is cru­cial to com­pre­hend as early as pos­sible that your home is placed on the mar­ket in COMPETITION and not ISOLATION. If your prop­erty is priced above mar­ket value it becomes a ping pong table as it will attract buy­ers due to its stun­ning fea­tures and then bounce them off to sim­ilar prop­er­ties that are priced in line with mar­ket value. It can be a chal­len­ging situ­ation to be in, and if you decide to hold out for the highest price, you will likely face one of two res­ults – you could find it dif­fi­cult to move on, or the poten­tial buy­ers may think there is some­thing wrong with your prop­erty. Then buy­ers may then end up offer­ing at lower levels as time passes by.
Think about it, if you were a buyer and you had seen a home that has come on the mar­ket for a high price which has then had to lower that price every 2 weeks for 2 months, what would your opin­ion of that home be….? We see this all the time in selling real estate and it is more com­mon than you think. I’m sure you can already think of sev­eral examples of prop­er­ties like this that you have seen..

The longer the prop­erty sits on the mar­ket, the lower the offers tend to get. Typ­ic­ally, when a prop­erty is released to the mar­ket, it will receive the most expos­ure and interest in the first two weeks. Buy­ers who have been search­ing for a home will pos­sibly view any new homes that appear on the mar­ket. If the price is right, you will get bucket loads of people to your open home, which is the per­fect storm for a well-informed buyer cre­at­ing an emo­tional attach­ment with your home. It is at this point the fear of loss kicks in, with all the buy­ers at your open home this quickly breeds com­pet­i­tion which we then use in your favour in order to secure the best price for your home.

2. Sellers attend­ing at the open house – This will make it dif­fi­cult for buy­ers to be open and honest

There are many reas­ons why you would prob­ably want to make an appear­ance at the open house. How­ever, being there could make it dif­fi­cult for the poten­tial buy­ers to be hon­est about their opin­ions on your house which is what you want!
Whenever we start work­ing on a new prop­erty going on the mar­ket, we explain to our sellers why it is not a good idea that you are present dur­ing an open house. It is a lot easier to obtain hon­est opin­ions from poten­tial buy­ers when the owner is not around. It also cre­ates a pos­sib­il­ity that a buyer may approach you in order to nego­ti­ate you down on the price. Leave it up to your Eld­ers real estate agent to do their job, and trust them when they give you advice, it is out of many years of experience.

3. Tak­ing poten­tial buy­ers’ com­ments per­son­ally – bear in mind that neg­at­ive feed­back is good feedback.

As the homeowner, you are likely to take it per­son­ally when buy­ers point out every pos­sible flaw con­cern­ing your home. You may think that each view or com­ment is a com­plaint against how you have main­tained your home over time, which is just nat­ural. The truth is that each obser­va­tion from the buy­ers, while it can be harsh at times, has noth­ing to do with you, as the home seller. There­fore, you need not take any­thing they say per­son­ally. There have been cases where sellers declined some offers, because they took things too per­son­ally after receiv­ing neg­at­ive com­ments about their home.

While it is some­times easy to take things per­son­ally when selling some­thing that you own, doing so should be avoided as far as pos­sible. As soon as you decide to put your home on the mar­ket, it is essen­tial to start detach­ing your­self from it on an emo­tional level. Real estate trans­ac­tions are often aggress­ive and chal­len­ging given that sellers want the highest price, while the buy­ers want the low­est price possible.

For all the above men­tioned reas­ons, home sellers should use exper­i­enced and reput­able real estate agents to pro­tect them from the entire pro­cess (this is how good agents earn their money). Real estate agents are able to fil­ter rel­ev­ant inform­a­tion, dis­tin­guish the genu­ine buy­ers form the tyre kick­ers and meet with the buy­ers only when they have received a ser­i­ous offer. This helps take the stress and emo­tional drain that hap­pens dur­ing this pro­cess (believe me this can become an emo­tional roller coaster all in one day, just ask any agent).

 

————————Warn­ing!——————-

Emo­tional things to be aware of as a seller:

• Early bids can often spook you and make you think that you under-priced your property.

• The prop­erty is cor­rectly priced when an early offer is close to the ask­ing price, as long as the ask­ing price is sim­ilar to the mar­ket price. It is coun­ter­pro­duct­ive to wait for a bet­ter offer, as it can lead to a prop­erty lan­guish­ing on the market.

• Nego­ti­ations will nor­mally include buy­ers point­ing out each flaw of your prop­erty. While it is cer­tainly dis­heart­en­ing to hear the com­ments, it is a very a good sign. It typ­ic­ally means that the buy­ers are ser­i­ous about the property.

It is essen­tial that you accept that there will some­times be cri­ti­cism and recog­nises it as a valu­able nego­ti­at­ing tool. At the same time, you should avoid tak­ing it too per­son­ally and pre­vent your­self from walk­ing away from a pro­spect­ive sale due to any type of emo­tional reac­tions that you may have.
As real estate agents it is our job to medi­ate the entire selling pro­cess so that it is as smooth and com­fort­able for you as pos­sible, how­ever as an owner we under­stand that you are selling what may be your greatest asset and there­fore there will be emo­tions and chal­lenges you will have to face. That’s why we insist on work­ing as a team with our vendors to achieve a com­mon goal and share the load for the jour­ney to come.

About 

Jhai is an award win­ning Inter­net Mar­ket­ing Real Estate Agent for Eld­ers Toongab­bie and Kings Langley. After run­ning his own inter­net mar­ket­ing busi­ness he has now set his own sites for the real estate industry. He observed that 90% of real estate agents did not know how to mar­ket them­selves online. Jhai is now fixed on one goal. To teach real estate agents that they can mar­ket online so much bet­ter than they cur­rently are.

Since then he has been con­sist­ently quoted in the Sydney Morn­ing Her­ald and Real Estate Busi­ness online. He is a reg­u­lar guest blog­ger on TheHomePage.com.au, shar­ing his expert­ise of mar­ket­ing aspects for the Real Estate Industry. His biggest pas­sions are his wife, mar­tial arts, dogs and most of all property.

seven hills real estate agent NSW
Cnr Federal Road Prospect Highway Seven Hills NSW 2147 Australia