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Avoid the 9 Most Common Selling Mistakes

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Mistake #1—Placing the Wrong
Price on Your Property.

Every seller obviously wants to get the most
money for his or her property. Ironically, the best
wayto do this is NOT to list your property 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 most often end up being sold at a lower price.

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Mistake #2—Mistaking Refinance
Appraisals for the Market Value.

Unfortunately, a refinance 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 refinancing. The
market value of your home could actually 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 value.

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Mistake #3—Failing 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. 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.[spacer height=”10″ mobile_hide=”true”]

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.[spacer height=”10″ mobile_hide=”true”]

Mistake #5—Trying to Sell to Lookers.

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 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 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.[spacer height=”10″ mobile_hide=”true”]

Mistake #6—Being Ignorant of Your Rights and 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 kind of questions could end up costing you a considerable amount of money.[spacer height=”10″ mobile_hide=”true”]

Mistake #7—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 their 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.[spacer height=”10″ mobile_hide=”true”]

Mistake #8—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 less than 3% are sold because of classified ads. 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. 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 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.[spacer height=”10″ mobile_hide=”true”]

Mistake #9—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.

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By | 2017-10-09T17:08:42+00:00 March 23, 2013|Uncategorized|1 Comment

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  1. The Mark Fisher Home Team » Tips to Enhance Your Home’s Curb Appeal and Landscaping April 6, 2013 at 4:40 PM

    […] Mistake #1 – Placing the Wrong List Price on Your Property. Every seller obviously wants to get the most money for his or her property. Ironically, the best way to do this is NOT to list your property at…  Read More […]

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