1) Being Oblivious of Your Rights & Responsibilities
It is extremely important that you understand the details of your real estate contract. As well as being legally binding, they can often be very complex and confusing. Make sure you know your responsibilities and rights BEFORE signing on the dotted line. A simple misunderstanding could potentially cost you thousands of dollars for repairs and/or inspections.
2) Asking The Wrong Price For Your Property
Pricing the property correctly is critical. It’s understandable to want to get the most money possible for your property, but placing an excessively high price is often counterproductive. Before you set your price, make sure to review your neighborhood’s recent sales and listing prices. To do this, your agent will need to do a “CMA” (competitive market analysis). Make sure to get a copy to look over at your leisure. A high listing price will often cause prospective buyers to anticipate more than what you have to offer (leaving them disappointed), or even cause them to lose interest before they even view your property. As such, overpriced properties take longer to sell, AND they end up being sold at a lower price.
3) Only Using One Method Of Marketing/Advertising
Your Realtor® should employ a wide variety of marketing techniques to advertise your property: Open Houses, Classified Ads, Home Magazines, Real Estate Websites, Flyers, etc. Your Realtor® should also be committed to selling your property. Most contacts are made during regular business hours and on the weekend, so ensure that your Realtor® is readily available for every phone call from perspective buyers.
4) Trying To Sell To Window Shoppers
Distinguishing between realistic potential buyers from mere window shoppers is vital. Often, people not using a Realtor® are more interested in browsing than buying. They may several months, or even several years, away from actually purchasing a home. They might not have sold their house. They may not qualify. They may not be sure if they even want to relocate. Typically, a Realtor® should have already investigated a potential buyer’s credit rating and purchasing power. Doing so will keep you from wasting your time on “lookie-loos.”
5) Not Preparing Your Home For Sale
Your house needs to be made as presentable and pleasant as possible when attempting to sell to prospective buyers. Remember that you aren’t selling your HOME (i.e., your decorating style), you’re selling your HOUSE. Remember to keep things neutral – not everyone likes olive green or pink walls! You want the “scheme” of the house to appeal to the widest possible range of people. Be sure to make all necessary repairs, remove clutter and clean, clean, clean. Take a tour of your home through “buyers eyes” (or better yet, grab a friend you trust) and make notes of every little “ick” you see – then FIX IT! A “dirty” home needing repairs will lower the value of your home and even turn away some buyers. Don’t forget, too, that buyers tend to deduct 2-3 times what something might cost to replace. For example, “the carpet needs to be replaced so I’ll offer $5,000 less than the asking price” – yet, new carpet may only cost $2,500.
6) “Pressuring” while showing
Buying a home can be an emotional and difficult decision. As such, it’s not a good idea to try to pressure or negotiate with prospective buyers while they are viewing your property. Be helpful and receptive to any questions they may have. Be hospitable and warm – remember you want to make them feel AT HOME.
7) Choosing The Wrong Real Estate Agent
It is important to take your time when selecting a real estate agent. Be sure to interview several agents. Selling your home often times is the most important financial transaction you will ever make. You need to make sure that your agent is able to make your home buying/home selling experience enjoyable and as carefree as possible. You have more important things to do than worry about whether your agent is doing their job or not. Regardless of your agent’s experience, communication is key! If you are uncomfortable and unable to be honest and open with them, find someone that you are comfortable with. You need to be able to discuss (and confront if need be) all issues (good AND bad).
8) Locking Yourself in
Take your time selecting a real estate agent. Sometimes it is possible to misjudge and select the wrong agent. Perhaps their first impression was good but they have not followed through and are not meeting your expectations. Regardless, you should have the right to fire your agent. You should also have the right to choose another agent instead of the broker “appointing another” without your input. Make sure you are in the “driver’s seat” before signing a real estate contract.
9) Taking Life Too Seriously
Life is too short to stress over things you can’t control. Once you’ve selected the right agent, place your trust in them and go enjoy the little things in life!
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