Risks & Challenges of selling a property in Australia

 

For a vendor unfamiliar with the buying and selling process, selling a property may be a difficult and stressful experience. Through this document, I hope to assist you in navigating these circumstances by educating you on the buying and selling process, ensuring a more pleasurable and rewarding experience with your selling agent, whoever is representing you for your transaction.

1st Challenge:

What should I do if other agents approach me and say they have buyers for my house and offer a cheap commission rate?

It's good to know that ethical agents will not contact you after your property's signboard is up. However, once your signboard has been built, unethical agents may contact you with these remarks by direct mail, leaflets, and perhaps phone calls. The goal of this contact is to destroy your connection with your designated selling agent and raise concerns in your mind about whether you've picked the ideal agent to sell your home. If another agent contacts you while your home is still on the market with your existing selling agent, you should NEVER discuss your pricing expectations with them before speaking with your current selling agent.

2nd Challenge:

Will I accept an offer that is less than my asking price or refuse it?

This is primarily determined by how realistic the vendor's pricing expectations are in matching market prices. Remember that a property's market worth is determined by how much someone is willing to pay for it in a competitive market.

When there is competition, buyers are more inclined to make bids out of fear of missing out or being outplayed by another buyer. If they know, there are several possible purchasers for their home. However, many owners become overconfident or greedy on price. This is quite risky because offers must be properly controlled since some customers may grow irritated and lose interest in the vendor's property quickly.

It is not rocket science, but all vendors who get an offer from a buyer must compare that offer to other comparable property sales in their local region or similar sold properties that are close by. Examine the market research we supplied, which includes current market comparisons.

3rd Challenge:

The unexpected visit... People want to come for visit my house.

Make sure you're ready for house inspections. When it comes to house inspections, being on the market might be a challenge. It has the same effect on you as if you were a random visitor.

I recommend that you maintain your house' inspection ready' to alleviate this stress. When it comes to selling a property, first impressions made via good presentation may make all the difference. If you know the selling agent is coming, open all the blinds and curtains to make the house as bright and breezy as possible. You only get one chance to create a first impression, unfortunately.

4th Challenge:

It's not going to sell! Should I make any changes to the price?

Due to price, even the most beautiful houses in the world might go unsold! Remember that the goal of the selling agent is to get the greatest price for the vendor. The asking price might be considered the beginning point for negotiation in selling a property. However, if there are no offers or not enough inspections, the price approach should be reconsidered.

When deciding whether or not to change the asking price, compare your home to similar properties that have recently sold rather than those that are still available.