Selling a property is a complex process that requires careful planning and execution. While some minor mistakes may not significantly impact a sale in a strong seller’s market, serious errors can derail a transaction entirely. In a tougher market, even small missteps can prove costly.
Our homes are not just financial investments; they are places where we build our lives, celebrate milestones, and create cherished memories. It is natural for sellers to have an emotional connection, but sentiment should not cloud sound business judgment. The goal is to maximise returns and ensure a smooth sale.
To help sellers avoid unnecessary pitfalls, we highlight some of the most common—and preventable—mistakes that can hinder a successful home sale.
1. Not hiring a professional real estate agent
In an attempt to save money, some sellers opt to sell their homes without an agent. While this may seem like a cost-saving measure, it can be counterproductive. Selling a home involves far more than taking a few photos and listing it online. Properties without professional representation often remain on the market much longer and may sell for less than their full potential.
An experienced agent brings invaluable expertise in pricing, marketing, negotiation, and navigating the legal intricacies of a property sale. They also have access to a broad network of potential buyers, increasing your chances of a swift and successful transaction.
2. Choosing the wrong agent
Not all agents are created equal, and hiring the wrong one can be just as detrimental as selling without one. To ensure you find the right fit, research which agencies are most active in your area and interview multiple agents.
Key questions to ask potential agents include:
- How many properties have you sold in this area?
- What is your marketing strategy for my home?
- How did you determine your valuation of my property?
- Can you provide client testimonials or references?
3. Failing to research market conditions
A well-informed seller is a successful seller. Before listing your home, research recent sales in your neighborhood to understand current market conditions. Knowing the average selling price of comparable homes will help set realistic expectations.
If you are planning renovations before listing, ensure they add real value. Overcapitalization—spending more on upgrades than what you can recoup in the sale—is a common mistake that can lead to financial loss. Consult with an agent before undertaking major improvements.
4. Overpricing the property
Pricing a home too high can deter potential buyers and lead to a prolonged listing. Many sellers assume they can start with a high asking price and negotiate downward, but this often backfires. Buyers today are well-informed and compare multiple listings before making an offer. If your home is priced significantly above comparable properties, it will likely be overlooked.
A property that sits on the market for too long raises red flags for buyers, who may assume there is something wrong with it. A competitively priced home, on the other hand, attracts interest and increases the likelihood of multiple offers.
5. Neglecting to prepare the home for sale
First impressions matter. A cluttered, poorly maintained home can turn buyers away, even if the underlying structure is solid. To make your property more appealing:
- Declutter and depersonalize by removing excess furniture and personal items.
- Address minor repairs, such as dripping taps, chipped paint, and broken fixtures.
- Enhance curb appeal by tidying the garden, mowing the lawn, and cleaning the entrance.
- Consider staging your home to help buyers visualize its full potential.
6. Delaying compliance certificates
By law, sellers must ensure their property meets regulatory standards before transfer. This includes obtaining compliance certificates for electrical wiring, plumbing, and gas installations.
These certificates can be obtained relatively quickly if everything is in order. However, if issues are found, necessary repairs can be costly and time-consuming. Delaying this process can postpone the transfer or even jeopardize the sale altogether. Sellers should initiate these checks as early as possible.
7. Underestimating the costs of selling
Beyond the selling price, there are several costs involved in the sale of a property. Sellers should budget for:
- Compliance certificates and potential repairs.
- Agent commissions (typically 5-7% of the sale price).
- Conveyancing fees and municipal clearance certificates.
- Moving expenses and possible storage costs.
Being financially prepared for these expenses ensures a smoother transition.
8. Being inflexible about viewings
While it can be inconvenient to have potential buyers viewing your home at odd hours, limiting access can lead to missed opportunities. Most buyers have busy schedules and may only be available after work or on weekends. Being as accommodating as possible increases your chances of securing a buyer quickly.
9. Refusing to negotiate
Flexibility can make or break a deal. If a buyer loves your home but requests small changes—such as including appliances or minor fixtures—consider whether the request is reasonable. If a particular feature holds sentimental value, replace it before listing the property to avoid conflict.
A rigid approach to negotiations can turn buyers away. Instead, work with your agent to find compromises that keep both parties satisfied.
10. Moving out before selling
A vacant home can be harder to sell. Empty rooms often feel smaller and less inviting, making it difficult for buyers to envision themselves living there. Additionally, buyers may assume the seller is desperate to close the deal, leading to lower offers.
If you need to move before selling, consider staging the home with furniture or leaving some key pieces behind to maintain a lived-in feel.
Every seller wants to secure the best price in the shortest time possible. However, common mistakes can delay the process and even result in financial loss.
If you’re planning to sell your home, reach out to a trusted real estate professional to guide you through the process and maximise your chances of a successful sale.
Article Source: https://www.myproperty.co.za/news/market-and-opinion/avoid-these-costly-home-selling-mistakes-25-02-25
