Selling your property can be a daunting, overwhelming and scary process. If you are feeling the pressure and stress at the thought of selling, rest assured that you are not alone. Let’s face it, selling a home is one of the biggest financial transactions you will make in life so there is a lot at stake. But by avoiding costly errors and potential pitfalls, you can maximise your profit and ultimately, your financial security.
Here are some top mistakes to avoid when selling property in Adelaide.
Setting an Unrealistic Asking Price
Unbeknown to some, setting an unrealistic asking price for property is one of the most common mistakes that sellers face. Your home is important to you, and you want to maximise the amount of profit that you get from the sale, but overpricing can deter potential buyers and as a result, lengthen the amount of time that your property will spend on the market.
First impressions matter and overpricing your property could put off potential buyers from the off, leading them to disregard your property even if you drop the price at a later date. Doing your research into the Adelaide property market, speaking with local estate agents and using a comparative market analysis will help you to understand the right asking price for your property.
Consider recent sales in your suburb, whether you’re in Unley, Prospect, Glenelg or the CBD, as market conditions can vary significantly across different areas of Adelaide.
Overcapitalising on Renovations
When looking to sell your property, it’s important to find a balance between carrying out necessary repairs and improvements, and overcapitalising on renovations. You should look at the cost against the return of renovations. Minor repairs and improvements that positively impact buyer interest and are relatively low to carry out are beneficial.
You can gauge whether to perform renovations by looking at similar properties in the area and their selling price. If you want to achieve a similar price, you should compare the condition of your property. If most have an upgraded kitchen for example, you could make savvy upgrades to yours such as painting the cabinets. This could increase your asking price without costing you a fortune on renovations.
Neglecting Home Staging
Staging your home is an essential step in the selling process, but one that is often overlooked by sellers. It can be complex to understand, but when done right, it can have a significant impact on your sale. Remember when staging that you are looking to create an inviting atmosphere that enables potential buyers to imagine living in the property.
Some staging elements are more obvious such as cleaning the property, ensuring that beds are made and placing dirty washing out of sight. Less obvious elements include lighting candles, plumping cushions and ensuring that the lighting is optimal. Studies even suggest that the smell of freshly baked cookies can help buyers to feel relaxed and welcome when viewing a property if you want to go the extra mile.
Skipping Professional Photography
The advert for your property is a buyer’s first opportunity to see it. Poor quality, dark and blurry photos are unlikely to do your property justice and could result in it being disregarded even if it’s actually a perfect fit. This can easily be avoided by ensuring that any photographs are professional and high in quality.
Good lighting, wide angles and well-composed photos are simple corrections but could have a significant impact on the response rate to any marketing efforts. Remember, the photographs of your property are your first opportunity to entice potential buyers so it’s essential to get them right.
Lacking Proper Marketing
The marketing of your property can be the difference between a quick and profitable sale, and it laying dormant with a lack of interest. After all, if potential buyers don’t see your property for sale, they can’t buy it. In today’s technology focused society, online presence is a must.
In order for your property to be visible to potential buyers, you need a top marketing strategy. It should be present on all major real estate platforms including realestate.com.au and Domain to maximise reach across the Adelaide market. You should work with local estate agents to understand their approach to marketing to ensure that your property is seen by the widest audience possible, both locally and from interstate buyers looking to relocate to Adelaide.
Overlooking the Kerb Appeal of Your Home
When looking to sell your property, the exterior matters just as much as the interior. Your driveway, lawn and entranceway will be the first things that any viewers come across and are usually relatively simple to upkeep. Minor improvements such as mowing the lawn, removing any weeds and cleaning your windows could have a huge impact in how potential buyers perceive your property.
Adelaide’s climate means gardens can look their best year-round with minimal effort, ensure yours makes the right first impression.
Choosing the Wrong Agent
Navigating the real estate market can be challenging. It’s ever changing, continuously fluctuating between a buyer’s market and a seller’s market. In order to minimise the time that your property spends on the market and maximise profit, it’s essential to work with a local estate agent who understands the Adelaide market. But this doesn’t mean that you should settle for the first agent that you come across. It’s important to do your research and find the right agent for the job.
Look for agents with strong knowledge of your specific area, whether that’s the inner suburbs, beachside locations, or Adelaide’s growing outer suburbs. Local expertise makes a significant difference in pricing strategy and marketing approach.
Choosing the Wrong Conveyancer
Just as you need a reliable real estate agent on side, you also need a quality conveyancer who understands South Australian property law and procedures. A conveyancer will deal with the legal and administrative elements of your sale including:
- Ensuring the Contract and Form 1 are correctly prepared (typically by the vendor’s agent or conveyancer (vendor’s statement)
- Ensuring that property searches are conducted
- Drafting and reviewing contracts in compliance with SA legislation
- Managing the electronic settlement through PEXA or Sympli (mandatory in SA since August 2020)
- Calculating and managing adjustments for council rates, water rates, and emergency services levy
- Liaising with Land Services SA to ensure proper title transfer
- Coordinating with your bank to discharge any existing mortgage
- Providing advice related to your sale throughout the process
Since all settlements in South Australia are now conducted electronically, you need a conveyancer who is experienced with PEXA or Sympli and can navigate the digital settlement process smoothly. As soon as a sale has been agreed, it’s your conveyancer’s responsibility to move the sale forward efficiently and ensure all legal requirements are met.
The right conveyancer will also help you understand your obligations as a seller, including:
- Disclosure requirements: Ensuring your Form 1 is complete and accurate
- Stamp duty considerations: Buyers: Stamp duty and Sellers: Land tax clearance certificate
- Understanding land tax clearance if applicable
- Settlement timing: Coordinating the settlement date, typically 30-90 days after contract signing. With most SA contracts settling in 42–60 days
- Final preparations: Ensuring the property is vacant and in the agreed condition on settlement day
For Support With Your Sale, Contact the Experts at Adelaide Conveyancing
Selling your property is much more than a financial transaction. It’s about closing one chapter and starting another. Ensure that the process is as stress-free as possible by enlisting the help of the experts at Adelaide Conveyancing.
With over three decades of experience in South Australian property law since 1987, we work to achieve a fast and stress-free settlement on your behalf. We’re fully experienced with electronic settlement through PEXA and Sympli, and we understand the unique aspects of Adelaide’s property market across all suburbs.
Get your free quote by completing our online enquiry form or, for more information, call our team on 08 8358 5111.