5 red flags to watch out for when selling your home

Selling a property is a complex process, and even small mistakes can have a big impact on the outcome. 

There are plenty of pitfalls that sellers need to try and avoid on the path to a successful sale, and each slip-up could end up costing you thousands. 

Here are five of the biggest red flags to watch out for on your home selling journey.

1. Overpricing your property

Setting the right asking price when preparing to sell is one of the trickiest and most important balancing acts to get right. 

Every seller wants to achieve the best possible outcome, but overshooting with your price guide can turn buyers off before they've even had a chance to walk through the door of your property. 

In most markets, it's also critical to spark interest as soon as your listing is live, and attracting the right pool of buyers is an essential part of creating that instant momentum. 

"Once you've exhausted that marketing campaign and you haven't got a sale, it gets harder every week that goes by after that," John Costanzo of Woodards Carlton in Melbourne explained. 

"Six weeks from now you could be staring down the barrel of a lower price because people think there's something wrong with the property, it's overpriced, whatever the case may be."

Pay close attention to recent sales in your area and how other current listings are priced, then consult with your agent to make sure you're setting a price that's fair and enticing to buyers. 

Regularly reviewing your pricing strategy with your agent along the way can also ensure your property remains competitive in what may be a rapidly moving marketplace. 

2. Skimping on presentation and marketing

Selling can come with a number of upfront costs and it can be tempting to keep investment to a minimum and expect the property to sell itself. 

The reality is that real estate is a highly competitive field and it takes some extra time, effort and money to stand out from the crowd. 

Max Klimenko of Sydney's Ray White Touma Group noted that "The biggest thing I find with properties that don't present well and aren't well looked after is that buyers walk in and buyers walk out. There's no engagement."

Home staging and cosmetic improvements like repainting are hugely effective when it comes to elevating your home and will ensure you're prepped for some incredible photos to draw buyers in. 

"We always say you get 10 times return on your investment [with home staging]," Mr Klimenko said, adding that "If it's costing you $4,000 on styling, you should be getting $40,000 in return, because that creates competition."

3. Ignoring necessary repairs

While the decision to undertake renovations before selling is one that needs careful consideration, fixing things that are genuinely broken or in need of repair is a must. 

Failing to do so can be a dealbreaker for buyers, and even if it's not something that's immediately visible, it's likely to turn up in a building inspection. 

Issues like leaking roofs, broken appliances, outdated electrical systems, or even minor blemishes like chipped paint and dripping taps can all give the impression that the property hasn't been taken care of and may lower its value. 

Before you list, do a thorough walk-through of the property with your agent to pinpoint anything that could deter buyers and come up with a solution. 

Larger issues like structural defects will need to be considered and, if avoided, should be factored into your sale price expectations.

4. Being inflexible with open homes and private viewings

There's no two ways about it: if you're currently living in the property you're selling, inspections can be a real chore. 

Having to keep the home beyond spotless for weeks on end can be especially challenging if you have pets or children, but it's so important to bite the bullet and ensure you're saying yes to any opportunity for buyers to come through. 

Ben Major, an OpenAgent staffer who sold his Sydney house over the autumn, highlighted how vital it was to embrace flexibility in order to achieve a stand-out result. 

"We opened the house two to three times per week over the course of the campaign to give us the maximum chance of getting repeat visits and attracting attention," he said. 

"It's a pain in the neck when you've got two people working, a kid in school and a dog. Keeping a house this size and age show-ready for a whole campaign is really tough."

As it turns out, the winning bidder was one of the people who requested a private inspection.

"But we did it, and I think that was the right call. So don't leave anything to chance for the sake of convenience. It's a grind, but it's important to make it easy for people to see."

5. Choosing the wrong agent

Selling your home is one of the most significant financial decisions you’ll make in your life, and having the wrong agent on your side can make or break your sale.

As with many things, the cheapest option is rarely the best. Chasing the lowest commission could end up costing you thousands at the end of the process. 

Instead, it's key to look for an agent who understands your local market inside and out, has a proven track record of strong sales, and knows how to get the most out of your particular property. 

This means researching and interviewing multiple agents to get a well-rounded picture of who is going to be the perfect partner in your home selling journey. Commission can certainly factor into the equation but it shouldn't be your primary focus. 

It's also important to ensure you gel with your agent on a personal level. As Mr Major reflected, "You speak so frequently and it's stressful at times, so it was nice to have someone who we were confident was completely on top of what was happening in our property transaction all the way through."