Mistake #1. Using a real estate agent instead of a Realtor
When you're looking for help buying or selling property, it's important to remember that the terms "real estate agent" and "Realtor" are not synonymous. Realtors can provide an extra level of service and to be a Realtor you must be a member of the National Association of Realtors (NAR). It is a non-profit trade organizations that promote real estate information, education and professional standards.
The NAR members adhere to a strict code of ethics founded on the principle of providing fair and honest service to all consumers. Realtor business practices are monitored at local board levels. Arbitration and disciplinary systems are in place to address complaints from the public or board members. This local oversight keeps Realtors directly accountable to the individual consumers they serve and therefore the consumer is more likely to find better service and accountability by using a Realtor.
Mistake #2. Complacent marketing when selling a home
When selling your home there are no guarantees that the ultimate buyer of your home will have simply walked through the front door. In many cases you may have to bring your home to the buyer. Effective marketing will help ensure that your property receives maximum exposure to attract a ready, willing and able buyer in the shortest period of time.
Ask your Realtor to list for you all of the ways he/she intends to market your home and on what time-line. Also, be sure to ask about the home being advertised on the Internet.
Mistake #3. Taking for granted the "curb appeal" of your home
When you're preparing your house for sale, remember the importance of first impressions. A buyer's first impression can make or break whether they even want to go inside for a look. It is estimated that more than half of all houses are sold before the buyers even get out of their cars. With that in mind, be sure to stand outside of your home and take a realistic "fresh look" and then ask yourself what can be done to make the "curb appeal" improve.
Ask your Realtor's opinion as to how to improve the curb appeal. It could make a huge difference in your final sales price.
Mistake #4. Forgetting what you would want to see if you were the buyer of your home
Remember that although people can be different in personality, they tend to be the same when it comes to expectations at someone else's expense. In other words, a prospective buyer would probably like to see a perfect home from top to bottom, inside and out, when it comes to your home. Ask me for a list of items that will improve the likelihood of your home sale in an expedient way.
Mistake #5. Not knowing how to price your home to sell
Perhaps the most challenging aspect of selling a home is listing it at the correct price. It's one of several areas where the assistance of a skilled real estate agent can more than pay for itself. Listing the home too high can be as bad as too low. If the listing price is too high, you'll miss out on a percentage of buyers looking in the price range where your home should be. This is the flaw in thinking that you'll always have the opportunity to accept a lower offer. Chances are the offers won't even come in, because the buyers who would be most interested in your home have been scared off by the price and aren't even taking the time to look.
The listing price becomes even trickier to set when prices are quickly rising or falling. It's critical to be aware of where and how fast the market is moving - both when setting the price and when negotiating an offer.
Mistake #6. Using a "convenient" Realtor rather than using an experienced Realtor
When working with a real estate agent, it's critical that you have full confidence in that agent's experience and education. A skilled, knowledgeable agent should be able to explain to you exactly why your home needs to be priced at a certain level - compared to recent listings and sales of homes similar to yours. Experienced agents also know exactly what the current pool of buyers are looking for in relation to particular styles and price ranges of properties. A skilled agent can recommend changes that will enhance the salability of your home, thus increasing the price - and/or decreasing the length of time before a sale.
Realty International LLC