4 home selling myths you shouldn't believe

If you are busy preparing your house for sale you will no doubt be given advice by well meaning friends, colleagues or family. 

And while some of this is informed and good intentioned, you'll be surprised how many common myths and misconceptions do the rounds about selling a property. 

Myth 1 - Go high on price

The advice that you should set a high asking price and then negotiate buyers down is actually flawed, as you risk alienating buyers from day one. You want interest from day one when your listing is fresh, and an unrealistic opening price risks your property getting overlooked. The trick is to set your price smart, taking into account what other properties sell for a market sentiment. 

The reality: Pricing your property realistically is essential if you want to drive interest from interested buyers

Myth 2 - Advertising online is enough

It is 2020 and everything is online - which is fine - but this has led to myth number 2, which is that you only need to advertise online. Nothing could be further from the truth! 

When it comes to selling your home, budgeting for a diverse marketing campaign is one of the best investments you can make. This means backing up your online listing with a 'For Sale' sign, as well as open inspection brochures and print property listings in local or national publications.

The reality: It's a highly competitive market and it pays to ensure your property not only stands out from the pack, but gets maximum exposure across a variety of channels 

Myth 3: Go with the cheapest agent

Myth number 3 is all about skimping and choosing an agent based on their commission - with the lowest winning out. 

Commission is the fee you pay to your real estate agent when they sell your property. As it tends to be the largest single cost in selling your home, it's important to understand how commissions work. There is no actual hard and fast rule to follow here - but we advise looking beyond just what an agent charges in fees and commision. 

When comparing agents, look at their past history of sales and experience to see if they are right for you. You might be willing to pay a slightly higher commission if they have a proven track record of selling above market rate. Newbie agents with not much experience selling can charge a slightly lower commission, in the hope of getting your business. 

The reality: Research your agent thoroughly, and be sure you look beyond their fees - experience, performance and local knowledge also count for a lot.

Myth 4: You don't need an agent

Like myth number 2 - only advertising your property online, the rise of the internet has also seen a rise in a DIY approach to selling your own home or investment property. This includes the advent of so-called 'hybrid' real estate agents, which offer a streamlined service that, beyond the initial appointment, has very little personal contact and often do not include open homes in the fee - as is common practice with a full-service real estate agent. 

Sure it can work out substantially cheaper, but do you know how to run an open house, negotiate with buyers and liaise with conveyancers? Most importantly, do you have the time for all this? 

The reality: There is a lot more to selling a home than just putting up an online listing and waiting for the offers to come flooding in.

Source - Open Agent