8 Deadly Mistakes Homesellers Make
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). The equivalent organization in Canada is the Canadian
Real Estate Association (CREA). Both are non-profit trade
organizations that promote real estate information, education and
professional standards. The National Association of Realtors also has
earned a strong reputation for actively championing private property
rights and working to make home ownership affordable and accessible.
The NAR and CREA 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. Also 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 about health and safety issues
Be upfront and disclose to your Realtor any problems with the
property. The problems are going to be discovered anyway. A decade
ago, health and safety issues were rarely a part of the typical real
estate transaction. Today, however, it's common for inspections
relating to health, safety, and even environmental concerns to be a
part of most sales contracts. Moreover, in many states, the seller
must disclosure to the buyer any knowledge of existing property
problems. In many cases, these issues have been or can be factored
into the home's listing price.
Mistake #5. 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. Try to do as many of the following items as possible to
improve the likelihood of your home sale in an expedient way.
On the outside
1) Sweep front walkway.
2) Remove newspapers, bikes and toys.
3) Park extra cars away from the property.
4) Trim back the shrubs.
5) Apply fresh, clean paint throughout.
6) Clean windows and window coverings throughout.
7) Keep plumbing and all appliances in working order.
8) Maintain all sealant (window, tub, shower, sink, etc.) in good
condition.
9) Make sure roof and gutters are clean and in good condition.
10) Mow the lawn frequently and plant flowers.
11) Keep pet areas clean.
On the inside
1) The kitchen and bathroom should shine.
2) Quick once-over with the vacuum; carpets should be clean.
3) Place fresh flowers in the main rooms.
4) Put dishes away, unless setting a formal display for decoration.
5) Make all beds and put all clothes away.
6) Open the drapes and turn on lights for a brighter feel.
7) Straighten closets.
8) Put toys away.
9) Turn off television.
10) Play soft music on the radio/stereo.
11) Keep pets out of the way and pet areas clean and odor-free.
12) Secure jewelry, cash, prescription medication and other valuables.
13) Enhance the spaciousness of each room.
Mistake #6. Thinking you need to be in the home to explain things to a
prospective buyer
You will be better served if you allow your Realtor to do their job
without you there. Most potential buyers usually feel more comfortable
if they can speak freely to the real estate professional without the
owners being present. If people unaccompanied by an agent request to
see your property, you should refer them to your real estate
professional for an appointment.
Mistake #7. 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. By the time the price is
corrected, you've already lost exposure to a large group of potential
buyers. 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. Again, an experienced, well-trained agent is
always in touch with market trends - often even to a greater extent
than appraisers, who typically focus on what a property is worth if
sold as-is, right now.
Mistake #8. Not planning your move earlier enough
Many sellers simply don't plan their move early enough and then feel
totally overwhelmed at the time of moving out of the house. If you are
able to move at any time of the year, don't wait until summer, the
peak-moving season. Consider also that the first and last few days of
the month are extra busy. If you plan to sell your house, get it on
the market as soon as possible. Keep a record of all expenses related
to the move, some of which may be tax deductible. Fill out the
Personal Household Inventory for each room. This is important for
establishing the amount of declared valuation for the shipment and as
a permanent inventory for insurance purposes. List, as nearly as
possible, the year of purchase and original cost of each item. Attach
any invoices or records of purchase to the completed inventory.
Prepare a separate high-value inventory if the shipment will contain
articles of "extraordinary" value. The following list includes items
that might fall into this category:
* Antiques
* Art Collections
* Cameras
* China Collections
* Computer Equipment
* Crystal
* Figurines
* Firearms
* Jewelry
* Manuscripts
* Oriental Rugs
* Silver
* Stones Or Gems
* Tapestries
* TVs Or Stereos
Also, unless you have been given a binding moving estimate where a
firm cost is established in advance, the exact cost of a move cannot
be determined until after the shipment has been loaded on the van and
weighed. The weight on which charges are based is calculated by
weighing the van before and after loading. The total cost of the move
will include transportation charges, any charges for declared
valuation, plus charges for any extra services performed at your
request. All of these charges are based on tariff rate schedules.
Comments(0)