SEVEN SELLING MISTAKES
YOU DON'T WANT TO MAKE!
Mistake #1. Pricing Your Property Too
High
Every seller wants to get the most money for his or her
house. Ironically, the best way to do this is NOT to list
your house 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 end up being sold at a lower
price.
Mistake #2. 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. 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.
Mistake #3. Forgetting to "Showcase
Your Home"
In spite of how frequently this mistake is addressed and
how simple it is to avoid, it 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.
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 forceful selling. Instead, be friendly and
hospitable. Try to point out any subtle amenities and be
receptive to questions.
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 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. REALTOR®s should usually find out a
prospective buyer's savings, credit rating, and overall
purchasing power. If your REALTOR® fails to learn this
pertinent information, you should do some investigating and
questioning on your own. This will help you avoid wasting
valuable time marketing toward the wrong people. If you have to
do this work yourself, consider finding a new REALTOR®.
Mistake #6. Not Knowing Your Rights &
Responsibilities
It is extremely important that you are well informed regarding
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 affect your transaction? Not knowing the answers to
these kinds of questions could end up costing you a
considerable amount of money.
Mistake #7. Limiting the 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 from a prospective buyer. Most calls are received, and
open houses are scheduled, 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 with many potential buyers.
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