#1 — Placing the Wrong Price on Your Property
Every seller wants to get the most money for their home. Believe it or not, the best way to do this is NOT to list an excessively high price! A high listing price will cause some buyers to decide to not even view your home. Over-priced listings tend to take a very long time to sell, and they end up being sold at a much lower price.
#2 — Mistaking Re-finance Appraisals for the Market Value
Unfortunately, a re-finance appraisal may have come in at an inflated price. Lenders want you to re-financing and will often puff up the value to achieve that end. The market value may well be less. Ask your REALTOR® to provide you with a list of recent sales in your area (CMA). This will give you an up-to-date and accurate estimate of your property value.
#3 — Failing to “Showcase”
I can’t say this enough times. Do not forget to make your home look and smell as pleasant as possible. Make necessary repairs. Clean. Make sure everything is in working condition and looks presentable. A home in need of repairs will lower the selling price.
#4 – Trying to “Hard Sell” While Showing
Buying a house is an emotional and difficult decision. You should try to allow prospective buyers to view your property without the added stress of you or your agents being pushy. The best idea is for you to disappear during showings and let your REALTOR® subtly point out the features of the home and answer any questions when asked.
#5 – Trying to Sell to Looky-loos
Most serious buyers will find your house through a REATOR®. Often buyers who do not come through a realtor are 3-9 months away from buying, and they are more interested in checking out what is available.
A REALTOR® will usually vet prospective buyers to make sure that they are not wasting anyone’s time.
#6 — Not knowing Your Rights & Responsibilities
It is very important that you read and understand 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.
#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 the 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.
#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, 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 will many potential buyers.
#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.