Mistakes That Could Sink Your Home Sale, According to Experts

Undoubtedly, listing your house for sale can be quite a stressful ordeal; however, what happens if Your primary occupation involves selling properties. Surprisingly, even after that, everything isn’t completely smooth sailing.

Regardless of whether it involves attempting to sell during the inappropriate season or selecting an estate agent who inaccurately inflated their property value, we consulted three experienced real estate professionals, and they too encountered situations where this happened. standing on the opposite side of the barrier isn’t that easy.

As such, their individual experiences have imparted valuable lessons – ones you can also benefit from learning.

'I didn't realize how significant initial impressions can be.'

Although Bola Ranson’s role involves promoting properties through his commercial and residential agency, Ranson Estate Agents, located in London’s Canary Wharf, he has encountered challenges when trying to sell his own properties.

In 2023, he attempted to sell his two-bedroom, two-bathroom apartment located in a contemporary building near Westminster Bridge Road in London, but encountered minimal interest due to its interior design.

"One of my major blunders was not giving enough weight to staging and small refurbishments. I owned a place that looked somewhat worn out; even though structurally solid, it just required a fresh coat of paint," he explained.

The baseboards were somewhat worn, and the bathrooms required some caulking. I thought that the appeal and natural worth of my home would be self-evident, yet I failed to consider how crucial initial impressions are to prospective purchasers.

As a result, The property remained unsold on the market. , and he ultimately needed to remove it to proceed with the renovations. "Minor improvements such as a new layer of paint, contemporary fixtures, and organizing spaces could have greatly enhanced both the attractiveness and market value of my property."

Mr. Ranson has discovered that when marketing another apartment, it's crucial to time the sale of your property correctly if you aim to attract interest and secure a high price.

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Putting my house up for sale over the summertime proved to be yet another substantial error. Numerous prospective purchasers tend to go on vacation during July and August, only returning in September.

The property under discussion was a two-bedroom, single-bathroom apartment located close to City Airport in London’s Docklands area, which Ransom attempted to offload in 2022.

I previously put my property up for sale in June. I believed that the pleasant climate and longer daylight hours would draw more potential purchasers, imagining my home bustling with eager families. Nonetheless, I failed to consider an important factor: numerous likely buyers were away on vacation. Consequently, appointments to see the place were unexpectedly scarce, and the attention towards my listing remained quite limited.

'I chose the agent who provided the highest estimate.'

Prior to establishing her own independent estate agency in Yorkshire with Rutley Clark, Claire Roberts faced difficulties when she tried to sell her house by selecting the "incorrect" realtor.

"I was attempting to sell my initial property, a terraced two-bedroom house in Barnsley, back in 2007 — several years before I became a real estate agent myself," she explains.

“I erred by selecting a real estate agent solely based on the highest appraisal they offered, without asking about the basis for their assessment. Looking back, I think this estimate may have been intentionally inflated to attract my business—unfortunately, it succeeded.”

Although Ms. Roberts got three offers within the initial weeks of listing her property, these offers were considerably lower than the listed price.

I turned down the initial two offers because I believed I was missing out on significant funds—though in truth, those weren’t actual amounts I possessed, and my home wasn't really valued at such high figures," she explains. "I eventually agreed to the third proposal within the area when it became evident nobody would meet or come near the listed price.

The sales process was moving quite sluggishly (one takeaway being that you should either opt for an energetic real estate agent dedicated to closing the deal or handle it personally). Sadly, the purchaser pulled out roughly around six months into it, coinciding with the onset of the credit crisis, skyrocketing interest rates, and plunging property values.

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In yet another attempt to sell her house, Ms. Roberts significantly lowered the asking price – however, without success. Ultimately, she was forced to decide against selling the house entirely and instead lease it out , adjusting her moving plans accordingly.

If I had chosen the agent who provided me with the lowest, and quite possibly most accurate assessment, I would've likely sold during the peak of the market for a price that seemed unimaginable just a year afterward.

The lesson learned here is to thoughtfully select an estate agent, avoiding being influenced solely by the highest price estimate or the smallest commission.

Select a real estate agent who provides you with sound guidance (even when it might not be exactly what you wish to hear), supports their property valuation with factual evidence, and offers top-notch marketing strategies to attract significant attention. Additionally, ensure this professional delivers exceptional service from start to finish until the transaction concludes.

'We agreed with the agent's choice not to take professional photographs'

Liam Gretton operates Liam Gretton Estate Agents in the Wirral, yet in 2019, he believed he was making a prudent choice by having someone else list his property—a two-bedroom, semi-detached cottage offering vistas of Liverpool’s Anglican Cathedral—for sale.

"Even with my background as a custom estate agent, I decided to withdraw from directly managing inquiries, showings, feedback, and the emotional components involved in selling our personal residence," he explains.

The estate had an intriguing quality. Constructed back in 1810 and described as somewhat akin to a Tardis, it seemed unassuming externally yet offered unexpectedly generous interior space.

He admits that although he clearly understood his home’s market value, the agent recommended setting a slightly lower price to attract multiple bids. Relying on their expertise, they decided to follow this guidance.

Our initial mistake was agreeing to let them handle the photography themselves. While I strongly feel that professional photos are essential for properly presenting a property, we listened to their opinion, thinking we might gain some valuable insight.

Following two weeks with no showings and scant marketing response, Mr. Gretton got a call from the agent he had hired, proposing a decrease in the price.

As an agent, this seems like a typical default setting to me. But for the seller, it’s quite discouraging since they were instructed one way but asked to act differently.

Mr. Gretton opted to end the agent's employment. marketed the property himself We set the listing price for the property at £20,000 higher than what the agent suggested, trusting our evaluation of its worth and intended buyer group. In just the initial two weeks, we garnered nine inquiries along with three serious bids.

This approach demonstrated to Mr. Gretton the significant benefit of selecting an estate agent who possesses professional training, comprehensive market knowledge, and, in his instance, insight into what purchasers seek when considering distinctive properties.

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