Sellers Most Costly Mistakes When Selling Their Home
Stan Direct: 604-202-1412
E-mail: ssteam3000@gmail.com
Stelli Direct: 604-202-4141
E-mail: stelli_s@icloud.com
1.Pricing Incorrectly
Every seller wants to realize as much money as possible when he sells his home. But a listing price that is too high usually gets the seller less than a price that is near market value. If your house is not priced competitively, people looking in your price range will reject your house in favor of other, larger homes for the same price. At the same time, the people who should be looking at your house will not see it because it is priced over their head. Overpricing usually increases time on the market and helps other competitive houses in the area to sell faster. This adds to the carrying costs and ultimately, many overpriced properties sell below market value.
Knowing the sellers most costly mistakes makes it easy to avoid them. We’ll be glad to answer some of the often asked questions how to avoid the sellers most costly mistakes :
1.Should you select an agent based on selling price?
2.We’ve invested a lot of money in our home… what’s the difference between cost and selling price?
3.What really is the market value?
4.How do we set the asking price?
5.Why couldn’t we just try it for a while at that price?
Once you learn these principles, you’ll know how to sell your house for the best price. Not only that, you’ll know how to avoid paying too much for any house you buy for the rest of your life.
2.Failing to “Show Case” the home.
Buyers look for homes; not for houses and they buy the home of their dreams in which they would like to live. Owners who fail to make necessary repairs, who don’t spruce up the house inside and out, touch up the paint and landscaping and keep it clean and neat, chase buyers away as rapidly as Realtors can bring them.
If you were selling a car, you would wash it or maybe even detail it to get the highest price. Houses are no different. We can tell you how to prepare your home for sale. You can avoid the sellers most costly mistakes and get the highest price for your property fast and with the least expenses.
3.Using the “Hard Sell” during showings.
Buying a house is an emotional decision. People like to “try on” a house and see if it is comfortable for them. It’s difficult for them to do that if you follow them around pointing out every improvement that you
made. It may even have the opposite effect you want, by making them feel they are intruding on your private space.
Resist the temptation of being home when a buyer is there… let them discover things on their own. Try a tasteful sign posted on a door or wall to point out some hidden amenity that they might miss.
4. Mistaking lookers for buyers.
For Sale By Owners always get more activity than houses listed with an agent. No question about it. Realtors will only bring qualified buyers and these will be less than if you open your front door to everybody who walks down the street.
A qualified buyer is one who is ready, willing and able to buy your house. We find that most people who go looking For Sale By Owners are just starting to think about moving. They may be good buyers, but they may be 6-9 months away from being ready. They don’t want to bother an agent yet, so they call the “By Owner” ads to get a feel for what’s available.
Many potential buyers may have a house to sell first, or may need to save some more, or may have credit that needs fixing. When everything is in place, that’s when they go out looking for a Realtor.
An agent will ask a buyer how much he can really spend for a house, how much he has to put down, how good his credit is, how much he can pay each month, how much he will realize when he sells his present home – and about a dozen other questions like that. But unless your Realtor finds all the facts first, you must ask all these questions before the buyer crosses your threshold. Otherwise, you may have a parade of Sunday afternoon shoppers with a dream of owning a home someday.
5. Not knowing your Rights and Obligations.
Real estate law is extensive and complex; the contract for sale and purchase is a legally binding document. An improperly written contract can cause the sale to fall through or cost you thousands of repairs, inspections and remedies for items included or excluded in the offer. You must be certain which repairs and closing costs you are responsible for. You must know whether the property can legally be sold “as is” and how title restrictions and local zoning will affect the transaction. If there are defects in your title, or if your property is in conflict with local restrictions, you or your Realtor must remedy them, or you might have to consider title insurance.
6. Signing a listing contract with no way out.
One of the sellers most costly mistakes is signing a listing contract with no way out. Many times an agent will have good intentions about marketing your house, but circumstances can change. There might be a death in the agent’s family or the agent may decide to quit the business or you may just change your plans and decide you don’t want to sell. Be sure you have the right to cancel your contract. If you ever want to take your property off the market for any reason, Stan guarantees that he will immediately do so.
7. Limiting the marketing and exposure of the property.
The two most obvious marketing tools (open houses and classified ads) are only moderately effective. Surprisingly, less than 2% of homes are sold at an open house. Advertising studies show that less than 3% of people purchased their home because they called on an ad. The right Realtor will employ a broad
spectrum of marketing activities, emphasizing the ones he believes will work best for you and your particular property. There are dozens of more effective ways to find the right buyer.
By the way, Stan or a trained member of his staff will be there every time the phone rings. Did you know that most calls come during business hours when sellers are away at work and many home showings are between 9:00 and 5:00 Monday through Friday?
8.Believing that a bank mortgage appraisal is the market value of your house.
An appraisal is an opinion of value for a certain purpose. If the lender wants to lend you the money, they are motivated to have the appraisal come in high. The appraiser may ignore foreclosure or distress sales in order to justify the higher value. But a real buyer in the real world will not ignore these properties. They are your competitors when you try to sell.
I can’t tell you how many ridiculous bank mortgage appraisals I’ve seen. Don’t make the mistake of thinking that the value you were told even 6 months ago when you re-financed is what a real buyer would pay. Ask your Realtor for ALL the solds in your area, then decide.
9.Choosing the wrong Realtor or choosing him for the wrong reason.
It’s likely that you don’t interview people very often. And yet in order to find the right Realtor, you may interview several. The quality of your home selling experience depends on your selecting skills.
It’ interesting that in the real estate business, someone with many successfully closed transactions usually costs less than someone who is inexperienced. Bringing that experience to bear on your transaction could mean a higher price at the negotiating table, selling in less time and with the minimum amount of hassles.
The world is populated with Realtors who are wrong for you. For example, the part-timer who sells an occasional house because he or she needs an extra pocket change or perhaps your cousin George, who really needs your business. Wrong Realtors for you are also very busy Top Producers who spend most of their time in advertising themselves to get more and more listings. They are “ Numbers Game” players. They don’t have the time to take a proper care of your home. It will be just another dollar sign added to their list of houses for sale.
You need an experienced and honest Realtor who cares for you. The sale of your home could well be the most important financial transaction you have ever been involved with. The person you select can make it a satisfying and profitable activity, or a terrible experience. It’s your home and your money. The choice of your Realtor is up to you. Make the selection carefully to avoid other sellers most costly mistakes.
To Find out more about how to avoid the sellers most costly mistakes by using Our Sellers Guaranteed Programs, fill and submit the form on this page. In the “Notes” box include a code “guaranteed programs”
1. If we can’t bring you an offer for our guaranteed price in 90 days, we’ll SELL your property for FREE. You will only pay the buyer’s agent portion of the commission* (Conditions apply)
2. If another Realtor® or Brokerage offers you a more comprehensive marketing program, we’ll SELL your property for FREE. You will only pay the buyer’s agent portion of the commission.*(Conditions apply)
3. ANY BUYERS in your area, will know that your property is for sale. Thanks to our Referral Fee incentive program, the rest of the public, will be encouraged to recommend your property to friends, relatives or colleagues.
4. At ANY TIME during the listing agreement, on your request, we will CANCEL it. No questions asked.
To Find out more about Our Unique 237 step-by-step Comprehensive Marketing Plan go to Our Marketing Plan
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