16 Mistakes Sellers Make When Listing Their Home
Pricing Your Home Too High
Solution: A real estate professional can research comparable sales in your area and advise you of the appropriate price range of your property.
Taking an Inflexible Position on Financing
Solution: Have your agent explain what financing options are available. Being flexible on financing terms may secure a better selling price with other advantages as well.
Errors in Market Timing
Solution: Ask a real estate professional to determine whether the market cycle is poised to net you the most money.
Not providing Easy Access for Showings
Solution: There are many ways to show a home. ’Appointment Only’ is the most restrictive; lock boxes are the most accessible. If your home is easy for agents to show, more prospective buyers will see it, improving your odds of getting the deal you want. However, your specific lifestyle may not be compatible with frequent showings. Your agent will help you determine a solution that will best fit your situation.
Not Utilizing Current Marketing Technology
Solution: Make sure your agent is up on the latest technology, such as web sites that cater to home buyers. Check around to see what technology is being utilized in your specific area. In some areas, cable access advertising is popular. Others use 800 number interactive voice response systems. A good agent will know where you can get the best exposure.
Not “Staging” Your Property Correctly
olution: Put some items in storage, create more light, play music or otherwise improve the ambience. Your agent can offer helpful advice to create the right first impression.
Believing That Selling Property is Seasonal
Solution: Don’t base selling decisions on the seasons. Property sells year round.
Pricing Your Property Too Low
Solution: One reason to hire a real estate professional is to make sure that no money is left on the table.
Not Reevaluating the Marketing Plan
Solution: Reevaluate your agent’s marketing plan every 10 days. You and your Realtor may need to make intuitive changes based on the current market and buyers.
Believing Your Agent Is Not Doing the Job When There Aren’t Any Offers
Solution: Most sellers are unaware that 80% of all buyer activity comes from the sign and the MLS—Any agent can provide that. So, if you don’t have a problem showing the home, but it hasn’t generated any interested buyers, it may be time to reevaluate price.
Ignoring the Importance of First Impressions
Solution: Sales have been blown by unkempt lawns, cluttered closets, unpainted front doors, hard to work locks, blown light bulbs, bad colors, stains, unlit areas, and bad smells. Spend time on the little things. Double up on your gardening; keep things cleaner than usual. Take serious control of your pets during this period.
Not Making the Right Kind of Repairs
Solution: Ask a real estate professional to suggest low cost solutions to minor repairs that will yield the best profits. Don’t be tempted to make improvements prior to listing without consulting a real estate professional. Some upgrades will not yield any real increase in value, while others may increase property value substantially.
Not Giving the Sales Effort Enough Time
Solution: You should never give too little time to what is inherently a long process. Homes may take 3-6 months to sell, in any market. Estimate how much time you have before you need to sell and then plan ahead to allow extra time. You don’t want to be forced to accept a disappointing offer.
Not Screening Prospects Adequately
Solution: One of the best reasons for hiring a Realtor is their ability to pre-qualify a prospect financially before valuable negotiating time is lost. More importantly, your agent may discover when a prospect has an ulterior motive to shopping homes, other than purchasing.
Not “Staging” Your Property Correctly
Solution: Put some items in storage, create more light, play music or otherwise improve the ambience. Your agent can offer helpful advice to create the right first impression.
Believing You Can’t Make a Difference
Solution: The top agents in the industry report that sellers themselves are responsible for at least one out of ten sales! You can network your business and personal friends; you can hand out flyers at your place of business and else where, and you can keep the house in move-in condition. Your professional Realtor should be ready to hand you all sorts of assignments to make the “team effort” successful.
Testing the Market
Solution: Never put your property on the market unless you really want to sell. Get ready for a professional sales push when you list with a great agent. If your plan harbors some indecision, resolve it, before you list, because success is every great Realtor’s objective!