The Power of 2

Avoid Costly Mistakes: The Top 10 Pitfalls When Selling Your High-Value Property

August 14, 2023
Avoid the common pitfalls when selling your property

There is a lot involved in getting the best sale price when selling a high-value property in Rotorua. It is not just about putting a 'For Sale' sign on your lawn and waiting for the offers to roll in. There are numerous pitfalls that can lead to costly mistakes.

Here are the top 10 pitfalls to avoid when selling your property and some actionable advice to help you navigate the process smoothly.

  1. Overpricing:
    The most common mistake is overpricing your property. While it is natural to want the highest possible return on your investment, setting an unrealistic price can deter potential buyers. To avoid this, get a Property Appraisal from an experienced, reputable real estate agent. It should give you more clarity about where your property sits in the current market, together with recommendations for you to consider around marketing methods and pricing strategies. You can also consider getting a valuation from a registered valuer.

  2. Inadequate Marketing:
    High-value properties require a sophisticated marketing strategy. Simply listing your property on a real estate website is not enough. To reach the right audience, you will want your real estate agent to be able to offer a high-profile marketing campaign – inclusive of professional photography, video, drone video and visuals, floor plan and listing on all major websites – preferably at no cost to you.

  3. Poor Negotiation:
    Negotiation is a critical part of the selling process. If you are not comfortable with this, consider hiring a real estate agent who can negotiate on your behalf. They have the experience and skills to secure the best possible price for your property.

  4. Ignoring Repairs:
    Overlooking necessary repairs can significantly reduce your property's value. Before listing, ensure all maintenance issues are addressed. This not only increases your property's appeal but also prevents prospective buyers from negotiating the price down.

  5. Not Staging Your Home:
    Staging can significantly enhance your property's appeal. It helps potential buyers visualise themselves living in the space. Consider hiring a professional stager if your property is going to be vacant. If not then declutter, clean, and arrange furniture to showcase your property in the best light.

  6. Choosing the Wrong Agent:
    Not all real estate agents are created equal. Choose an agent who has extensive experience and understands the local market, has a proven track record, and is offering a competitive fee together with a comprehensive marketing campaign that ideally is free to you.

  7. Lack of Transparency:
    Being upfront about any issues with your property is important. Concealing problems can lead to legal issues down the line. Be sure to fully disclose any potential issues to your real estate agent.

  8. Not Considering the Best Time to Sell:
    The real estate market fluctuates throughout the year. Best timing is also about the balance between supply and demand. That being the balance between the number of buyers looking to buy versus the supply of properties for sale.

  9. Failing to Understand the Costs Involved:
    Selling a property involves various costs, including agent fees, marketing costs, and legal fees. Understanding these costs upfront can help you budget appropriately and avoid any unpleasant surprises. There are substantial differences across real estate agents with respect to the fees they charge for selling your property as well as the fees (if any) for the marketing of your property.

  10. Not Preparing for Inspections:
    A home inspection can make or break a sale. Prepare for this by addressing any issues beforehand. A pre-sale inspection can help identify any potential problems and give you a chance to fix them before your property goes to market.

Selling a high-value property in Rotorua does not have to be a daunting process. By avoiding these common pitfalls, you can ensure a smooth and successful sale. Remember, the key to a successful sale is preparation, transparency, and working with the right professionals. Happy selling!

If you would like to get support selling your property, please feel free to contact us. We would be happy to provide you with a free home appraisal including advice on selling your property for the best price.

You can call us on 027 672 7263 or fill out our Free Property Appraisal Request Form.

For a more comprehensive understanding of the selling process, consider downloading our popular '2023 Complete Guide to Selling your Property'. You can access it for free here

linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram