The Worst Property Selling Mistake You Can Ever Make

You must have made a ter­rible mis­take if your prop­erty has not sold, right?

Com­mon sense may make you think that if a prop­erty does not sell, there must be some­thing ter­ribly wrong with it, right? Well that is true state­ment to a point. In a strong mar­ket that homes are selling, there must be some­thing ter­ribly wrong with a home that doesn’t sell. But opposed to pop­u­lar belief, it’s not always loc­a­tion or con­di­tion of a property.

The 1# one reason why a nor­mally attract­ive home does not sell is not that there is termite dam­age or pil­lar dam­age. It is actu­ally the per­cep­tion that it has these prob­lems by hav­ing too many days on the mar­ket. Enquir­ies dra­mat­ic­ally drop off if the home exceeds the aver­age days on mar­ket. We see this every week in real estate. This is a well known fact in our industry.

In fact if you’re tak­ing a list­ing from an agent that has done poor mar­ket­ing or a bad pri­cing strategy. The old trick is to take it off the mar­ket for let’s say two weeks we call this “giv­ing the prop­erty a rest” and then put­ting it back on the mar­ket with new pho­tos and a new price. Buy­ers will start to think it is a new prop­erty, and you’ll start get­ting new hot enquiry on it once again.

We call this Days On Mar­ket or D.O.M.

too many days on mar­ket ulti­mately come down to 2 things;

  1. not being mar­keted cor­rectly and lis­ted on all the prop­erty portals. This includes really bad pho­tos which I see all the time by cheap agents or by own­ers want­ing to do it them­selves and don’t think it’s important.
  2. Lack of price being dis­played on advert­ising can turn off buy­ers  (when you do this people think you want to much for the prop­erty) or for a price dis­played let’s say “Offers Over” too high to appoint where the major­ity of buy­ers say to them­selves “I’m not going to bother to enquire as there is bet­ter value on the mar­ket right now for that price”

I can under­stand that you want the best pos­sible price for your home and list­ing it at a higher price will get you a bet­ter price but just think of your­self in the buy­ers men­tal­ity. This is the key to get a higher price for your prop­erty.

The worst thing you can do is list at a higher price and start com­ing down in price as the weeks and months go by. If you look at any prop­erty investor magazine they have huge amounts of data and one of the key indic­at­ors is vendor discounting.he did the worst thing you can do when selling a property

One of the other key indic­at­ors of a des­per­ate vendor, which is another data set in these invest­ment prop­erty magazines. This is how smart prop­erty investors look for good deals to find des­per­ate vendors that have been on the mar­ket way too long and major discounting.

This screams des­per­ate vendor/sellers and investors get excited when they find one. In fact, they have spe­cial soft­ware that col­lects data from all over Aus­tralia and you can set it up for a par­tic­u­lar area and find the per­cent­age of dis­count prop­er­ties and set how many days on mar­ket you want. Then they’ll pin­point you and start using strategies to get your prop­erty at a base­ment bar­gain price.

Sellers may have the per­cep­tion that keep­ing their prop­erty on the mar­ket for longer will get a bet­ter sale price. This may be true in some mar­kets but def­in­itely not true in and around seven Hills. You may be think­ing “I don’t need to sell right now I can wait around for a bet­ter price” this actu­ally dam­ages your chance of get­ting a bet­ter price and can ulti­mately pres­sure you to take a lower price as it gets closer to your mov­ing date.

You see investors start watch­ing, wait­ing and circ­ling their kill like vul­tures until the pressure/motivation is on you to sell in a hurry. You may be think­ing “I would’nt let that hap­pen” but I have seen many times where emo­tion over­takes logic. Per­haps a sick grand­mother is involved, or a divorced couple is really get­ting sick of each other, and that’s where mis­takes are made.

How to avoid this too many days on mar­ket and selling to low.

First you need a bet­ter than good agent that is for sure. This kind of agent is a seasoned vet­eran and has seen this a mil­lion times over and has a strategy to com­bat this to get the best pos­sible price. They will help you sell quickly and make buy­ers climb over them­selves try­ing to out­bid each other for your prop­erty. We use the “Offers Over strategy” for most prop­er­ties which has at this time of the mar­ket buy­ers queuing from around the corner (not kidding).

Going back to what causes too many days on the mar­ket once you are con­fid­ent that your prop­erty is going to be mar­keted cor­rectly, and the agent can show you data of all the hits and reviews on your prop­erty  there is only one thing that would be stop­ping buy­ers not enquir­ing, and it is usu­ally the advert­ised price of the prop­erty. Notice how I said “advert­ised” that’s right, it is just the advert­ised price, not the selling price that you want. He is a case study of how we do this every weekend.

The Price Is Right” it’s not just a game show it is an advert­ising tool to get you the best price!

You see if you advert­ise 5% or even 10% lower than the mar­ket aver­age for a com­par­able prop­erty like yours you will attract buy­ers in droves and they will see all their com­pet­i­tion at the open home. It’s quite inter­est­ing to see espe­cially in this mar­ket a line of people try­ing to get into a small three bed­room home and still queuing at the end of the open home. Some of them give up and will give you an offer and not even bother walk­ing in. We have other agents in our area that don’t use our strategy and get half the amount of people at their open home.

If you want a traffic jam of buy­ers try­ing to get into your home or you are sick of your cur­rent real estate agent they just aren’t doing it for you give us a call as soon as pos­sible to set you on the right track. This is no oblig­a­tion, and we are happy to give away free inform­a­tion to make sure you get the best pos­sible price of your prop­erty 02 9869 2333.

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