The worst property selling mistake you can ever make

Com­mon sense may make you think that if a prop­erty does not sell, there must be some­thing terribly wrong with it, right?

Well that is a true state­ment to a point.

In a strong mar­ket that homes are selling, there must be some­thing ter­ribly wrong with a home that doesn’t sell.

But opposed to pop­u­lar belief, it’s not always loc­a­tion or con­di­tion of a sale seller owner sold property

The 1# one reason why a nor­mally attract­ive home does not sell is not that there is termite damage or pil­lar dam­age.

It is actu­ally the per­cep­tion that it has these prob­lems by hav­ing too many days on the mar­ket.

Enquir­ies dra­mat­ic­ally drop off if the home exceeds the aver­age days on mar­ket.

We see this every week in real estate.

This is a well known fact in our industry.

In fact if you’re tak­ing a list­ing from an agent that has done poor mar­ket­ing or a bad pri­cing strategy.

The old trick is to take it off the mar­ket for let’s say two weeks we call this “giv­ing the prop­erty a rest” and then put­ting it back on the mar­ket with new pho­tos and a new price.

Buy­ers will start to think it is a new prop­erty, and you’ll start get­ting new hot enquiry on it once again.

We call this Days On Mar­ket or D.O.M.

Too many days on mar­ket ulti­mately come down to 2 things;

  1. Not being mar­keted cor­rectly and lis­ted on all the prop­erty portals. This includes really bad pho­tos which I see all the time by cheap agents or by own­ers want­ing to do it them­selves and don’t think it’s important.
  2. Lack of price being dis­played on advert­ising can turn off buy­ers  (when you do this people think you want to much for the prop­erty) or for a price dis­played let’s say “Offers Over” too high to appoint where the major­ity of buy­ers say to them­selves “I’m not going to bother to enquire as there is bet­ter value on the mar­ket right now for that price”

I can under­stand that you want the best pos­sible price for your home and list­ing it at a higher price will get you a bet­ter price but just think of your­self in the buy­ers men­tal­ity.

This is the key to get a higher price for your prop­erty.

The worst thing you can do is list at a higher price and start com­ing down in price as the weeks and months go by.

If you look at any prop­erty investor magazine they have huge amounts of data and one of the key indic­at­ors is vendor discounting.

One of the other key indic­at­ors of a des­per­ate vendor, which is another data set in these invest­ment prop­erty magazines.

This is how smart prop­erty investors look for good deals to find des­per­ate vendors that have been on the mar­ket way too long and major discounting.

This screams des­per­ate vendor/sellers and investors get excited when they find one.

In fact, they have spe­cial soft­ware that col­lects data from all over Aus­tralia and you can set it up for a par­tic­u­lar area and find the per­cent­age of dis­count prop­er­ties and set how many days on mar­ket you want.

Then they’ll pin­point you and start using strategies to get your prop­erty at a base­ment bar­gain price.

Sellers may have the per­cep­tion that keep­ing their prop­erty on the mar­ket for longer will get a bet­ter sale price.panic buy or sell share stock gamble risk market price consumer

This may be true in some mar­kets but def­in­itely not true in and around seven Hills.

You may be think­ing “I don’t need to sell right now I can wait around for a bet­ter price” this actu­ally dam­ages your chance of get­ting a bet­ter price and can ulti­mately pres­sure you to take a lower price as it gets closer to your mov­ing date.

You see investors start watch­ing, wait­ing and circ­ling their kill like vul­tures until the pressure/motivation is on you to sell in a hurry.

You may be think­ing “I wouldn’t let that hap­pen” but I have seen many times where emo­tion over­takes logic.

Per­haps a sick grand­mother is involved, or a divorced couple is really get­ting sick of each other, and that’s where mis­takes are made.

How to avoid this too many days on mar­ket and selling too low.

First you need a bet­ter than good agent that is for sure.

This kind of agent is a seasoned vet­eran and has seen this a mil­lion times over and has a strategy to com­bat this to get the best pos­sible price.buy_sell_business

They will help you sell quickly and make buy­ers climb over them­selves try­ing to out­bid each other for your prop­erty.

We use the “Offers Over strategy” for most prop­er­ties which has at this time of the mar­ket buy­ers queuing from around the corner (not kidding).

Going back to what causes too many days on the mar­ket once you are con­fid­ent that your prop­erty is going to be mar­keted cor­rectly, and the agent can show you data of all the hits and reviews on your prop­erty  there is only one thing that would be stop­ping buy­ers not enquir­ing, and it is usu­ally the advert­ised price of the prop­erty.

Notice how I said “advert­ised” that’s right, it is just the advert­ised price, not the selling price that you want.

“The Price Is Right” it’s not just a game show it is an advert­ising tool to get you the best price!

Want more of this type of information?

Jhai Mitchell


Jhai is the Internet Marketing Business Development Manager for Elders Toongabbie and Kings Langley. He has been consistently quoted in the Sydney Morning Herald and Real Estate Business online. Visit his blog at

'The worst property selling mistake you can ever make' have 1 comment

  1. May 30, 2014 @ 10:39 am Link Roundup: Selling a Property -

    […] this article Jhai Mitchell of Elders Toongabbie discusses the worst mistake you can make as an owner selling […]


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