Mistake #1
Incorrect Pricing
Every seller naturally wants to get the most money for his or her product. The most common mistake that causes sellers to get less than they hope for, however, is listing too high. Listings reach the greatest proportion of potential buyers shortly after they reach the market. If a property is dismissed as being overpriced early on, it can result in later price reductions. Overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price than they likely would have had they been priced properly in the first place.
Mistake #2
Mistaking Re-finance Appraisals for Market Value
Re-finance appraisals can be very encouraging for homeowners, leading them to assume that the appraisal is the amount that they should expect to receive for their property. Lenders often estimate the value of your property higher than it actually is, however, in order to encourage re-financing. The market value of your home could actually be (and often is) lower. Your best bet is to ask your Realtor® for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.
Mistake #3
Failing to "Showcase" or "Stage"
In spite of how frequently this mistake is addressed and how simple it is to avoid, its prevalence is still widespread. When attempting to sell your home to prospective buyers, do not forget to make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable, and remove as many possessions as you can prior to showing. A poorly kept home, or one with too much clutter, will make it dramatically more difficult for buyers to become emotionally interested in your property.
Mistake #4
Trying to "Hard Sell" during Showings
Buying a house is always an emotional and difficult decision. As a result, you should try to allow prospective buyers to comfortably examine your property without you, the owner, being present. Don't try haggling or forcefully selling. Instead, be friendly and hospitable, or better yet, leave and let your Realtor® do the showings. Pointing out any unnoticed amenities and being receptive to questions is advisable, but this is not the time for negotiation and salesmanship.
Mistake #5
Trying to Sell to Every Looker
A prospective buyer who shows interest because of a For Sale sign or an open house ad may not really be interested in your property. Often, buyers who are not accompanied by a Realtor® are 6-9 months away from buying, and are more interested in seeing what is out there than in actually making a purchase. They may still have to sell their house, or may not be able to afford a house yet. They may still even be unsure as to whether or not they want to relocate.
Your Realtor® should be able to distinguish realistic potential buyers from mere lookers. Realtors® should usually find out a prospective buyer's qualifications and purchasing power in general. Let your Realtor® find out this pertinent information. This will help you avoid wasting valuable time marketing to the wrong people.
Mistake #6
Don't Understand Your Listing Contract
It is extremely important that you are well-informed of the details of your real estate contract. Real estate contracts are legally binding documents, and they can often be complex and confusing. Not being aware of the terms in your contract could cost you thousands for repairs and inspections. Know what you are responsible for before signing any contract. Can the property be sold "as is"? Your Realtor® will want to know deed restrictions and local zoning laws that will affect your property. Find out if there is an existing survey. Not knowing the answers to these kinds of questions could end up costing you a considerable amount of money and will help make the transaction easier by providing information to your prospective buyer.
Mistake #7
Limited Marketing
There are two obvious marketing tools that nearly every Realtor® uses: open houses and classified ads. Unfortunately, these two tools are rather ineffective. Less than 1% of homes are sold at open houses, and less than 3% are sold because of classified ads. Does your Realtor® have a website or multiple website links? There are very few successful real estate professionals who don’t, and for good reason.
Your Realtor® should employ a wide variety of marketing techniques such as Twitter, Facebook, You Tube, the MLS (REALTOR.ca) and should be committed to selling your property; he or she should be available for every phone call from a prospective buyer. Most calls are received, and open houses are scheduled, during business hours, so make sure that your Realtor® is working on selling your home during these hours.
Mistake #8
Choosing the Wrong Realtor®
Selling your home could be the most important financial transaction in your lifetime. As a result, it is extremely important that you select a Realtor® who is a good match for you. Experienced real estate agents often cost the same as brand new agents. Chances are that the experienced agent will be able to bring you a higher price in less time and with fewer hassles.
Take your time when selecting a real estate agent. Interview several; ask them key questions. If you want to make your selling experience the best it can be, it is crucial that you select the best Realtor® for you.
EMAIL ASTRID HOOD WITH QUESTIONS to LIST YOUR HOME!
astridhood@remax.net
Not intended to solicit those currently under contract. All information displayed is believed to be accurate but is not guaranteed.
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