11 Common Seller Mistakes
Here Are the Top 11 Mistakes People Make When Trying to Sell Their Home:
1. Trying to sell their own home.
Some people are able to sell their own home, but many aren't. Statistics also show that those sellers who are successful in selling their home without a real estate agent net significantly less than sellers who use a professional.
2. Choosing the Wrong Agent
The vast majority of all homes are sold by real estate agents, but not all agents are the same. The agent's experience, knowledge, and marketing plan will have an enormous impact on your success. Choosing the right agent will make all the difference in the world.
Don't make selling a home more difficult by choosing the wrong agent. You want an agent who works for you and understands your needs and goals. It's important to choose an agent with a solid marketing plan and track record to sell your home. Your agent will also be in close contact to walk you through the process, so it's important to choose someone who is both competent and enjoyable to work with.
3. Improper Pricing
Improper pricing is by far the most common mistake that unsuccessful homesellers make. If you set the price too high, your home will sit unsold and become "shopworn". This will only help to sell homes competing with yours, as buyers who see your home will compare it to properly priced comparables and will obviously choose the better value. On the other hand, if you price it too low, you may give away thousands of dollars to a total stranger. You must keep in mind that the "market value" is set by the current market. It's not determined by Realtors, appraisers or sellers, but rather, by what buyers have paid for comparable properties.
The Benefits of Pricing Your Home Properly:
• Your property sells faster, because it is exposed to more qualified buyers
• Your home doesn't lose its "marketability"
• The closer to market value, the higher the offers
• A well-priced property can generate competing offers
• Real Estate Professionals will be enthusiastic about presenting your property to buyers
4. Relying on Traditional Methods
The days of putting a sign in the yard and placing your property on the multiple listing service to get your home sold are long gone. Today, agents need to design specific marketing plans that also include a full online web attack that will maximize the odds of your home being seen by that one special buyer.
5. Not Understanding the Market
There is only one thing that determines value and that is the current market. Basically it's what buyers are wiling to pay for comparable properties in your area. This figure fluctuates by supply and demand, just like any other commodity. Since buyers are out there shopping and comparing values, it is very difficult to find a buyer willing to pay more than current market value. No single person, firm, or agent has any control over the market!
6. Poor Showing Techniques
Of course, your home should be neat and clean, but that's just the beginning. There are many other little details that make a big difference. Knowing exactly what to say and do as buyers walk through your home is absolutely crucial.
First impressions are extremely important when you're trying to sell your property. A first impression is exactly that… a one-time opportunity… there's no such thing as a second "first" impression. You want your greeting to make a good impression and persist with your potential buyers as they see your home from the street and then walk through the entire property.
There are many quick, easy and inexpensive things you can do to assure that a buyer's perceived value will match or exceed actual market value and/or support your asking price, resulting in a timely sale. I can provide you with guidance and recommendations for things you can easily do (usually at little or no cost) to greatly enhance the all-important “first impression”, overall appeal and the ultimate salability of your home.
8. Not Providing Easy Access
Accessibility is a major key to a profitable sale. A lockbox allows buyers to see your home when accompanied by an agent at a moment's notice. The more accessible your home, the more showings and, therefore, the better the odds are of finding a person willing to pay top dollar. In today's competitive market, buyers who can't get a viewing will go on to other homes and purchase elsewhere.
9. Bad Housekeeping
First impressions are probably more important in real estate than in any other field. A staggering amount of home sales have been lost to cluttered rooms, un-mowed lawns, dirty kitchens and bathrooms, stained carpets and unpleasant odors. It is imperative that you clean every nook and cranny, so that everything sparkles as if was new (because it is "new" to your prospective buyer!).
10. Failure to Make Repairs
Many times, minor improvements will set the homeowner back thousands of dollars during negotiations. A leaky faucet, paint on trim, a cracked tile, etc. Any of these minor details can be used as leverage when dealing with offers and counter-offers. Another point to keep in mind is that since there are so many homes for sale, what may seem to be a small fix-up job can make all the difference between a closed sale at top dollar and a home that just sits on the market for months on end.
11. Making Decisions on Emotion
You must realize that selling your home is a business transaction, not an emotional one. This focus should stay clear throughout the entire home selling process. The buyer sees no benefit in the intrinsic value that you have created in your property. They are buying a property to make it their own.