Mistake #1 -- Pricing Your Property Too High
Every seller obviously wants to get the most money
for his or her product. Ironically, the best way to do this is
NOT to list your product 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.
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, 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.
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.
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. 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.
Mistake #6 -- Not Knowing Your Rights & 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 you are
responsible for before signing the contract. Can the property be
sold "as is"? How will deed restrictions and local zoning
laws will affect your transaction? Not knowing the answers to these
kind 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.
