Property is the number one hot topic in Sydney and has been for many years, so much so that it is easy to feel like an expert when it comes to this subject.
Some Mosman property sellers make decisions based on their own emotions or what they have read online, without gaining the advice of a professional who is connected to the local market. As a result, they can end up selling for less than true market value, or not selling at all.
These are some of the common mistakes made by Mosman property sellers, which can lead them to lose out during the sale of their home:
Fearing the auction process
Hosting an auction gives a timeline to your property sale. It lets buyers know there is a deadline to make an offer and increases their feeling of urgency, making them more likely to bid high.
However, sellers can often find the auction process as stressful as buyers do, particularly if they don’t have the guidance of a dedicated and reliable real estate agent and auctioneer. For this reason, many sellers back out of holding an auction and instead choose a private treaty sale.
Before you make a decision on whether to sell via auction or private treaty, have an in-depth and open discussion with your agent. Explain your doubts and your agent should be able to show you how to overcome these so you can earn more from your property sale.
Selling privately is a popular tactic for Mosman property owners, particularly amongst those who have a public profile.
The risk involved with selling privately is that you will miss buyers who have not made contact with an agent and who are looking for a home by searching online and print listings.
An excellent sales agent will always go above and beyond to unearth that ideal buyer, the one who has finance ready and has been searching for their dream home for some time.
Even a simple marketing campaign can draw in competition from buyers so again, it is important to discuss the pros and cons of this strategy with your real estate agent before making your decision.
Having unrealistic expectations
While many parts of Australia have nosedived in value, Mosman held strong throughout 2018 in terms of property prices so the feeling around this area is one of confidence.
There is no denying Mosman property is highly sought after and valuable. What some sellers fail to realise is a neighbouring home selling for a record price does not guarantee the value of their own property.
The amount your house is worth can depend on a complicated network of factors, including orientation, number of bedrooms, parking, structural quality and convenience. It also relies on current market demand.
Your real estate agent will pull out every stop to make your home appealing to a cross-section of buyers and to explain based on their feedback what they believe a valid sale price is. The evidence they present to you will be based in detailed research and current data. In some cases, having a price in your mind that is too high and refusing to budge may result in no sale.
Not targeting overseas buyers
Australia is a hot-spot for international investors and many are laser-focused on Mosman. The area presents an ideal lifestyle, with its village vibe, beautiful homes and proximity to both the beach and CBD.
When selling your Mosman property, it makes sense to include listing it internationally as part of your strategy. This includes on popular Chinese property websites like Juwai.com.
A well placed and well worded listing can attract attention from overseas buyers, many of whom have the cash ready to invest. This is a strategy to discuss with your agent as part of your overall marketing plan.
The biggest mistake made by Mosman property sellers is not seeking advice from a highly experienced local professional. This type of real estate expert will fill in the gaps and create an effective strategy for a positive outcome.