This is something I’ve seen a lot over the last few years.
When would anyone choose to do that though? Well, it’s actually all the time. The 80/20 rule definitely applies to this. 80% leave money on the table, 20% don’t.
The scariest thing is that many people don’t ever know. Perhaps it’s a blessing. But those that do make the money know they did.
So how does it happen and why? What are the top 10 reasons?
- It’s actually really difficult to avoid.
- When it comes to property, huge sums of money lose value. People might even say “It’s only a cheap flat” when they’re selling something at £200,000. £200,000!!! “It’s only £10k below what we wanted” etc. etc. If I gave you £10k budget for planning a holiday… it becomes a huge amount of money for most.
- Very few people are boring and nerdy enough to really understand maximising a property sale price. So a lot of small mistakes are made. These all add up.
- Very few people do anywhere close to enough research to hire the right team so either bad or not amazing process is run.
- People assume somebody else is going to do the above for them. Or must know the above.
- Very, very often, the goals of client and suppliers in the moving process are not aligned. Eg. what’s best for you doesn’t happen because it’s not best for that supplier….
- Negotiating terribly.
- For a multitude of reasons, homes are very rarely prepared properly for selling.
- Presenting position correctly when buying or selling. There’s value in convenience and few transfer that giving of convenience to £’s.
- Bad/okay/good/not brilliant process. Any process below optimum chosen is a cost in £’s. Unfortunately.
- Being taken advantage of. I wish it weren’t true, but it happens a lot. From those that you might not even think are doing it.
There’s lots and lots you can do to maximise your results when buying and selling. People often say it comes down to luck. I do agree luck can play a big part, but you can get the results without luck and I’d personally rather rely on good decisions than luck… sometimes anyway. Who doesn’t like a good dose of good luck!