7 Biggest Mistakes When Selling Your Home
1. Failing to properly expose their property to the marketplace In order
1. Failing to properly expose their property to the marketplace In order to achieve maximum sale price it is essential to attract as many buyers as possible. This requires a multi-pronged marketing strategy. So many properties have been under-sold from a figure they could have achieved by the property not being presented to all areas of buyer enquiry. Look at options outside of the online portals to attract different buyer types for example: local newspaper, Local foreign language paper, large color signboard or even Facebook.
2. Overcapitalizing on improvement / renovations
The reason why it’s important to talk to your real estate agent before you upgrade your home is that if you go overboard with repairs you could eventually lose money. Spending too much on renovations could backfire, and you may never recoup this investment. This may depend on the standards within your neighbourhood, which is why it’s a good idea to choose a local real estate agent to work with. If your upgrades go above and beyond comparable properties in your area, buyers may not be able to afford your higher price which means you may in fact end up losing money instead of making it.
3. Not preparing the house for sale or making it readily accessible
It’s normal to have some preconceived notion of how your sales process will go. Yet because you are trying to reach out to a wide range of potential buyers, you will need to employ some form of flexibility to make the sale. This could include showing your house at odd times of day or night by arranging easy access for your real estate agent. It could also include being flexible when you are examining offers. Instead of flat-out refusing them, you could try making counter-offers to negotiate a win-win situation.
Sellers who do not clean and stage their homes could be throwing money down the drain. You want your home to look great before anyone steps inside, and for it to have good street appeal so people actually come in rather than just driving off.
Less is more when selling a home, so ensure you declutter. Not only can this help your property look cleaner and tidier, but it can make rooms appear bigger and more spacious. It’s also vital that your house is clean and smells good before its open for inspection.
Not fixing your home’s problems could be a big mistake
. Most buyers are not looking for a property that they will need to renovate, they are looking for one that is ready to move into immediately. If the house doesn’t look well-maintained, they’ll worry that they need to spend a lot of time or money on it.
4. Asking an unrealistic price not doing their research
Selling your home takes time and it’s unrealistic to go into the market expecting a full-price offer on the first weekend it’s for sale.When people are in the market to buy a house they become experts and they will know immediately if you’ve over-priced your house.For the two or three months that buyers may be in the marketplace they become the best valuers there are for that period of time.
Generally speaking they know every property that is on the market for sale, they inspect a great number of properties, they know what every property has sold for and know when a property is overpriced or fairly priced. Asking beyond a reasonable price will cause many potential buyers to not even call to inspect a property and so potential buyers are lost because the asking price is a turn off.
5. Hiring the wrong agent
There can be big differences between the agents out there, and choosing the wrong agent can be one of the worst decisions you’ll ever make. Not only can it lead to a lower selling price and delays, but also lots of unnecessary frustration. Yet, amazingly, almost half of sellers appoint the first agent they meet.
An inexperienced or unprofessional agent can cause all kinds of stresses and lose you money. The wrong agent might give you bad pricing advice, not market your home effectively, and waste time with buyers who aren’t serious. Worse still, he or she may chase a quick sale and may not fight for the best price for you.You also need to feel comfortable with and trust an agent, and be able to work with him or her through what could be a stressful sales process.
6. Not listening to the market
When selling a home, it’s important to do so with an open mind. There are going to be challenges along the way and things that you will have to overcome. One of the most common home selling mistakes that needs to be avoided is reviewing market feedback and purchase offers with a closed mind.
This is often occurs when feedback from the marketplace is received. It’s important if you’re selling your home that you know how to handle low ball offers
, since it’s possible you may receive one. The worst thing that you can do if you receive a low ball offer is do nothing. This kills any chance that you will be selling your home to this prospective buyer. It’s important to understand that some home buyers feel the need to submit low ball offers regardless if a home is priced well or not. By not responding to a low ball offer, you never will know if they are willing to be realistic or not.
You may not need to take action with all the information that you receive straight away, but it is important to store it away, comprehend what the marketplace is saying about your property and to use it later to make better informed decisions about a potential price alteration when a respectable offer is received, whether to take it and run.
7. Working against your agent (they are on your side)
Your agent is someone that you chose to work with on the basis that you trust that they will act in your best interest, have good knowledge of the marketplace and understand the sales process.They are a conduit between you and the eventual buyer of your property, so keep in mind that you have employed them to do a job and sometimes that means relaying information that might not agree with your own expectations.Be mindful not to lay blame with them unnecessarily at their feet or make threats or even become closed minded about what information they pass to you the seller from the buyer.
You may also be asked to show your home earlier in the morning than some would consider respectable or at times in the evening that are just inconvenient.As agents they understand this and would only ask for that to happen if they were working with a genuine buyer who they feel is in a position to make a buying decision so as annoying as it might be, consider the benefit of allowing the agent to do the job that you have employed them for instead of the negative impact that you feel by being displaced add an inconvenient time.
Your agent wants what you want after all, so work together.