Having too much confidence
Some sellers become overconfident about the worth of their property and expect to receive a huge
profit out of it. That is not possible. Your property will be worth what it deserves to be paid for. If you
have a decades old property in top condition, it won’t matter. Time has changed. People are looking to
adjust according to the new fashions and new facilities, your 1980’s renovations won’t do you any good.
So what to do? Get a trustworthy agent and ask him questions about your property. Make full use of
him/her and find out what your house is worth and how can you further improve its worth, if it’s
Ignoring what the market says.
The real estate markets, whether it’s in the Inner West or even outside of Australia, are
dictated by the laws of supply and demand. This is exactly why a lot of emphasis is placed on
market research before stepping inside an auction or putting a ‘for sale’ sign on your property.
If your property has recently failed to sell, listen to what the market is saying. That does not
mean that the market was actually speaking and you failed to hear its words but rather it’s a
metaphorical way of suggesting that look again at the market trends. Have you overpriced your
property? Did you bring it to the market through the wrong means? Are you even advertising at
the right market?
All of these factors are dictated by the market trends and until and unless you are aware of
what’s going on in the market, you will not be able to find out how to properly display your
property when selling it.
Auctions are not everything
Auctions have started to become a literal culture in Australia, especially in the Inner West. People forget
to check the market conditions before starting an auction campaign. What if there is already a high level
of similar property stock available to the buyers? Do you think they will come to your auction?
Absolutely not! It is very important to know that auctions are only effective when the stock is low and
the buyer activity is high, not the other way around.
We personally believe that off-market properties tend to have better chances of getting sold than
through any other method. However, this is not to discourage you. If you think auction is the right
choice for your property, go ahead. But make sure it really is the right choice.