Mistake #1 – Over Pricing 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.

·         Other realtors, the professional ones, representing a buyer may not even present an overpriced property to their buyer.

·         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.


Mistake #2 – Inadequate market evaluations

·         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 actually is in order to encourage re-financing. The market value of your home could actually be lower.

·         What the house down the street sold for, or is priced at, is no reflection on the true value of your house unless the pertinent information for that and other compatible houses has been adjusted to fit your house.

·         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.

·         A professional Realtor will present you with a written or computer generated “CMV” Current Market Value analysis.

·         Be careful of the realtor who walks through your property and immediately tells you what it will sell for.


Mistake #3 -- Forgetting to Showcase Your Home”

  • 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.
  • Most likely the buyer will hire a “Home Inspector” to check everything from basement / foundation to roof. It may be a good investment to hire an inspection before your put your house on the market. That helps to eliminate any surprises that may come later and even cause the sale to fall apart as it brings to the sellers attention items that require repair or replacement. 
  • 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.
  • “House Stagers” are available to advise and assist putting the right touches on your house to gain the greatest favor with buyers.


Mistake #4 -- 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 to questions.
  • Selling your property is your realtor’s job and what they are hired to do for you. Let them do their job. It is best the owner plan to be away when a showing is scheduled. If that is not possible the seller should make every effort to be on the porch when the buyers are inside and vice versa.
  • Realtors are trained to negotiate for our clients. Buyers often try to ply information from the owner that will help them achieve a lower price. Smile and talk about the weather … and leave the negotiations and question answering to the realtor.
  • If people should come to your door when they see the “for sale sign”, give them the realtors business card and kindly tell the visitors to call the realtor on the card.


Mistake #5 -- Trying to Sell to “Looky-Loos”

  • A prospective buyer who shows interest because of a ‘for sale’ sign he saw 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 actually making a purchase. They ay 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 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 towards the wrong people. If you have to do this work yourself, consider finding a new Realtor.
  • Give them the realtor’s business card and kindly tell the visitors to call the realtor on the card.


Mistake #6 -- Not Knowing 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 you are responsible for before signing the contract. Can the property be sold ‘as is”? How will deed restrictions and local zoning laws will affect your transaction? Not knowing the answers to these kind of questions could end up costing you a considerable amount of money.
  • Know that the listing agreement is a legally binding contract.


Mistake #7 -- Marketing and Advertising of the Property

  • Your Realtor should employ a wide variety of marketing techniques. Your Realtor should also be committed to selling your property; he or she should be available for every phone call, or have message recorder from a prospective buyer. Chances are that you have a job, too, so you may not be able to get in touch with many potential buyers.
  • Where to advertise; your realtor should be up to date on where the buyers are coming from.
  • Most buyers today are internet savvy and do their research online before every contacting a real estate office.
  • Real estate signs and the Internet presence / marketing top all advertising media means by a large percentage.
  • Real estate signs offer a great spot to display “free flyers” describing your property.
  • Magazines and other printed media are continually decreasing in their real estate marketing effectiveness.


Mistake # 8 – Failure to use the power of the Internet and use it effectively. Source; 2005 National Association of REALTORS – Profile for Home Buyers and Sellers.

  • 79% of homebuyers used the Internet to search for homes
  • 21% of Internet homebuyers found their agent online
  • 75% of buyers who searched online drove by or looked at a home they first saw online.


Do you have a property that you would like to sell? Let us handle the tasks of market research, marketing and procuring the best transaction for you.


David Wynn, Broker, RRS, RECS, ABR

WynnDcorp Realty