SELLING MISTAKES YOU DON’T
WANT TO MAKE!
Mistake #1 – Over
Pricing Your Property
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.
listing price will cause some prospective buyers to lose interest before even
seeing your property.
realtors, the professional ones, representing a buyer may not even present an
overpriced property to their buyer.
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
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.
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.
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.
professional Realtor will present you with a written or computer generated
“CMV” Current Market Value analysis.
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.
- 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
- 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
- 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
- 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,