-- Placing the Wrong Price on Your Property
Every seller obviously wants to get the most money for his or
her product. Ironically, the best way to do this is NOT to list
your product at an excessively high price! A high listing price
will cause some prospective buyers to lose interest before even
seeing your property. Also, it may lead other buyers to expect
more than what you have to offer. As a result, overpriced
properties tend to take an unusually long time to sell, and they
end up being sold at a lower price.
-- Mistaking Re-finance Appraisals for the Market Value
Unfortunately, a re-finance appraisal may have been stated at an
untruthfully high price. Often, lenders estimate the value of
your property to be higher than it is in order to encourage
re-financing. The market value of your home could be 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
-- Failing to "Showcase"
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. A poorly kept home in need of repairs will
surely lower the selling price of your property and will even
turn away some buyers.
- Trying to "Hard Sell" While Showing
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. Don't try haggling or
forcefully selling. Instead, be friendly and hospitable. A good
idea would be to point out any subtle amenities and be receptive
- Trying to Sell to Lookers
A prospective buyer who shows interest because of a "for sale"
sign may not really be interested in your property. Often buyers
who do not come through a realtor are a good 6-9 months away
from buying, and they are more interested in seeing what is out
there than in 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 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 savings, credit rating, and purchasing power
in general. If your realtor fails to find out this pertinent
information, you should do some investigating and questioning on
your own. This will help you avoid wasting valuable time
marketing to the wrong people. If you have to do this work
yourself, consider finding a new realtor.
-- Being Ignorant of Your Rights & Responsibilities
It is extremely important that you are well-informed of the
details in 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 your
are responsible for before signing the contract. Can the
property be sold "as is"? How will deed restrictions and local
zoning laws affect your transaction? Not knowing the answers to
these kinds of questions could end up costing you a considerable
amount of money.
- Signing a Contract with No Escape
Hopefully you will have taken the time to choose the best
realtor for you. But sometimes, as we all know, circumstances
change. Perhaps you misjudged your realtor, or perhaps the
realtor has other priorities on his or her mind. In any case,
you should have the right to fire your agent. Also, you should
have the right to select another agent of your choosing. Many
real estate companies will simply replace an agent with another
one, without consulting you. Be sure to have control over your
situation before signing a real estate contract.
- Limiting the Marketing and Advertising of the Property
There are two obvious marketing tools that nearly every seller
uses: open houses and classified ads. Unfortunately, these two
tools are rather ineffective. Less than 1% of homes are sold at
open houses, and classified ads really don't work any longer. In
fact, realtors often use open houses to attract future
prospects, not to sell the house.
Your realtor should employ a wide variety of marketing
techniques such as virtual open houses, advertise on the
Internet using social media and other methods. Your realtor
should also 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. Chances are that you
have a job, too, so you may not be able to get in touch will
many potential buyers.
- 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 the realtor that is best for you.
Experienced real estate agents often cost as much 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 agents; 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 agent for you.