Selling your home can be a nerve racking, exhausting experience. Last minute calls, inconvenient showings, price adjustments, and the uncertainties of being stuck with a house that doesn't sell for months on end can all take their toll. If you are not completely prepared you could end up losing thousands of dollars in profit!
The difference between a profitable, smooth transaction verses a miserable experience is often a fine line. The majority of home selling nightmares are caused by a lack of knowledge. This post is designed to make you aware of the 10 most common mistakes that cost home sellers serious money.
- IMPROPER PRICING - Set the price too high and it will sit unsold and develop the identity of a problem property, with the accompanying stigma of what real estate agents call a "stale listing." On the other hand, price it too low and you may give away thousands in profit to a total stranger. Either way you lose. Setting the appropriate price involves the evaluation of numerous different factors...and it's critical!
- NOT PROVIDING EASY ACCESS - Accessibility is a major key to a profitable sale. A lock-box is best, while appointment-only showings are most restrictive. The more accessible your home, the more showings, and the better the odds are of finding a person willing to pay top dollar. In today's competitive market, buyers who can't get a viewing will go on to other homes, and purchase elsewhere.
- BAD HOUSEKEEPING- The prospective homebuyer's first impression is the most important. An unbelievable amount of home sales have been lost to unmowed lawns, cluttered rooms, bad stains, dirty kitchens and bathrooms, unpleasant odors, etc. Imagine you are the buyer and clean your home from top to bottom...military style.
- FAILURE TO MAKE REPAIRS - Often even minor improvements will yield as much as three to five times the repair cost at the time of sale. There are literally thousands of homes for sale, and buyers buy what they see. Seemingly small fix-up jobs can make the difference between a closed sale at top dollar and a home that languishes on the market for months on end.
- POOR SHOWING TECHNIQUES - Your home should be neat and clean, but that's just the beginning. There are lots of little details that make a big difference. Knowing exactly what to say and do when buyers come through your home is crucial.
- RELYING ONLY ON TRADITIONAL SALES METHODS - Sellers who are innovative and willing to offer new strategies of attracting homebuyers will always outperform those who rely on traditional methods. Today's market demands around the clock advertising exposure, and response-generating marketing techniques.
- MAKING SELLING DECISIONS BASED ON EMOTION- You must realize that selling your home is a dollars and cents business transaction. Don't let your emotional ties to your home affect your judgment. Remember, purchasers are not buying your home, they are buying a house to make into their home.
- FAILURE TO UNDERSTAND MARKET CONDITIONS - Just like the stock market, there are current market conditions for houses as determined by supply and demand. Many buyers shop dozens of homes comparing values, so it is very difficult to find a buyer willing to pay more than current market value. No single person, firm, or agent has any control over the market!
- WASTING TIME WITH UNQUALIFIED PROSPECTS - Countless hours of valuable time can be wasted showing and negotiating with "buyers" who can't buy no matter how much they love your house. Buyers should be pre-approved for a loan before you begin dealing with them.
- PICKING THE WRONG REAL ESTATE AGENT - The vast majority of all homes are sold by real estate agents, but all agents are not the same - not even close. The agent's experience, knowledge, and marketing plan can have a huge impact on your success. Signing up with the right agent can make all the difference in the world.
Don't fall victim to these costly errors! Being armed with the right knowledge can make all the difference in how your home sale turns out. Make the right decisions. A little time spent now can save many hours of frustration down the road!
If you want to make sure you're making the right decisions in the sale of your home send us an Email or call us at (813) 968-1414.
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