9 Deadly Mistakes Home Sellers Make
Mistake #1
Using a real estate agent
instead of a Realtor
When you're looking for help buying or
selling property, it's important to remember that the terms
"real estate agent" and "Realtor" are not synonymous.
Realtors can provide an extra level of
service and to be a Realtor you must be a member of the
National Association of Realtors (NAR). (The equivalent
organization in Canada is the Canadian Real Estate
Association (CREA).) Both are non-profit trade
organizations that promote real estate information,
education and professional standards. The National
Association of Realtors also has earned a strong reputation
for actively championing private property rights and
working to make home ownership affordable and
accessible.
The NAR and CREA members adhere to a
strict code of ethics founded on the principle of providing
fair and honest service to all consumers. Realtor business
practices are monitored at local board levels. Arbitration
and disciplinary systems are in place to address complaints
from the public or board members. This local oversight
keeps Realtors directly accountable to the individual
consumers they serve and therefore the consumer is more
likely to find better service and accountability by using a
Realtor.
Mistake #2
Complacent marketing when
selling a home
When selling your home there are no
guarantees that the ultimate buyer of your home will have
simply walked through the front door. In many cases you may
have to bring your home to the buyer. Effective marketing
will help ensure that your property receives maximum
exposure to attract a ready, willing and able buyer in the
shortest period of time. Ask your Realtor to list for you
all of the ways he or she intends to market your home and
on what time-line. Also, be sure to ask about the home
being advertised on the Internet.
Mistake #3
Taking for granted the "curb
appeal" of your home
When you're preparing your house for
sale, remember the importance of first impressions. A
buyer's first impression can decide whether they even go
inside for a look. It is estimated that more than half of
all houses are sold before the buyers get out of their
cars. With that in mind, be sure to stand outside of your
home and take a realistic "fresh look", and then ask
yourself what can be done to improve the curb appeal. Also
ask your Realtor how to improve the curb appeal. It could
make a huge difference in your final sales price.
Mistake #4
Forgetting about health and
safety issues
Be upfront and disclose to your
Realtor any problems with the property. The problems are
going to be discovered anyway. A decade ago, health and
safety issues were rarely a part of the typical real estate
transaction. Today, however, it's common for inspections
relating to health, safety, and even environmental concerns
to be a part of most sales contracts. Moreover, in many
states, the seller must disclose to the buyer any knowledge
of existing property problems. In many cases, these issues
have been or can be factored into the home's listing
price.
Mistake #5
Forgetting what you would want
to see if you were the buyer of your home
Remember that although people can be
different in personality, they tend to be the same when it
comes to expectations at someone else's expense. In other
words, a prospective buyer would probably like to see a
perfect home from top to bottom, inside and out. Try to do
as many of the following items as possible to improve the
likelihood your home will sell quickly.
On the
Outside
1) Sweep the front walkway.
2) Remove newspapers, bikes and toys.
3) Park extra cars away from the property.
4) Trim the shrubs.
5) Apply fresh, clean paint throughout.
6) Make sure roof and gutters are clean and in good
condition.
7) Mow the lawn frequently and plant flowers.
8) Keep pet areas clean.
On the Inside
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Mistake #6
Thinking you need to be in the
home to explain things to a prospective buyer
You will be better served if you allow
your Realtor to do their job without you there. Most
potential buyers usually feel more comfortable if they can
speak freely to the real estate professional without the
owners being present. If people unaccompanied by an agent
request to see your property, you should refer them to your
real estate professional for an appointment.
Mistake #7
Not knowing how to price your
home to sell
Perhaps the most challenging aspect of
selling a home is listing it at the correct price. This is
one of several areas where the assistance of a skilled real
estate agent more than pays for itself. Listing the home
too high can be as bad as too low. If the listing price is
too high, you'll miss out on a percentage of buyers looking
in the price range where your home should be. This is the
flaw in thinking that you'll always have the opportunity to
accept a lower offer. Chances are the offers won't even
come in, because the buyers who would be most interested in
your home have been scared off by the price and aren't even
taking the time to look. By the time the price is
corrected, you've already lost exposure to a large group of
potential buyers. The listing price becomes even trickier
to set when prices are quickly rising or falling. It's
critical to be aware of where and how fast the market is
moving - both when setting the price and when negotiating
an offer. Again, an experienced, well-trained agent is
always in touch with market trends - often even to a
greater extent than appraisers, who typically focus on what
a property is worth if sold as-is, right now.
Mistake #8
Not planning your move early
enough
Many sellers simply don't plan their
move early enough and then feel totally overwhelmed on
moving day. If you are able to move at any time of the
year, don't wait until summer, the peak-moving season.
Consider also that the first and last few days of the month
are extra busy. If you plan to sell your house, get it on
the market as soon as possible. Keep a record of all
expenses related to the move, some of which may be tax
deductible. Fill out the Personal Household Inventory for
each room. This is important for establishing the amount of
declared valuation for the shipment and as a permanent
inventory for insurance purposes. List, as nearly as
possible, the year of purchase and original cost of each
item. Attach any invoices or records of purchase to the
completed inventory. Prepare a separate high-value
inventory if the shipment will contain articles of
"extraordinary" value. The following list includes items
that might fall into this category:
* Antiques
* Art Collections
* Cameras
* China Collections
* Computer Equipment
* Crystal
* Figurines
* Firearms
* Jewelry
* Manuscripts
* Oriental Rugs
* Silver
* Stones or Gems
* Tapestries
* TVs or Stereos
Also, unless you have been given a
binding estimate where a firm cost is established in
advance, the exact cost of a move cannot be determined
until after the shipment has been loaded on the van and
weighed. The weight on which charges are based is
calculated by weighing the van before and after loading.
The total cost of the move will include transportation
charges, any charges for declared valuation, plus charges
for any extra services performed at your request. All of
these charges are based on tariff rate schedules.
Mistake #9
Using a "convenient" Realtor
rather than using an experienced Realtor
When working with a real estate agent,
it is critical that you have full confidence in that
agent's experience and education. A skilled, knowledgeable
agent should be able to explain to you exactly why your
home needs to be priced at a certain level compared to
recent listings and sales of homes similar to yours.
Experienced agents also know exactly what current buyers
are looking for in relation to particular styles and price
ranges of properties. A skilled agent can recommend changes
that will enhance the salability of your home, thus
increasing the price and/or decreasing the length of time
before a sale.
