Seller's
Information
/information makes the difference/
9 Common Selling
Mistakes:
Mistake #1 -- Placing the Wrong Price on Your
Property
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.
Mistake #2 -- Mistaking Re-finance Appraisals for
the Market Value
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 -- Failing to "Showcase"
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 Lookers
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 -- Being Ignorant of 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 your are responsible for before signing the contract.
Can the property be sold "as is"? How will deed restrictions
and local zoning laws affect your transaction? Not knowing
the answers to these kind of questions could end up costing
you a considerable amount of money.
Mistake #7 - Signing a Contract with No Escape
Hopefully you will have taken the time to choose the best
realtor for you. But sometimes, as we all know,
circumstances change. Perhaps you misjudged your realtor, or
perhaps the realtor has other priorities on his or her mind.
In any case, you should have the right to fire your agent.
Also, you should have the right to select another agent of
your choosing. Many real estate companies will simply
replace an agent with another one, without consulting you.
Be sure to have control over your situation before signing a
real estate contract.
Mistake #8 - Limiting the Marketing and
Advertising of the Property
There are two obvious marketing tools that nearly every
seller uses: open houses and classified ads. Unfortunately,
these two tools are rather ineffective. Less than 1% of
homes are sold at open houses, and less than 3% are sold
because of classified ads. In fact, realtors often use open
houses to attract future prospects, not to sell the house.
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 will many potential
buyers.
Mistake #9 - Choosing the Wrong Realtor
Selling your home could be the most important financial
transaction in your lifetime. As a result, it is extremely
important that you select the realtor that is best for you.
Experienced real estate agents often cost as much as brand
new agents. Chances are that the experienced agent will be
able to bring you a higher price in less time and with fewer
hassles.
Take your time when selecting a real estate agent.
Interview several agents; ask them key questions. If you
want to make your selling experience the best it can be, it
is crucial that you select the best agent for you.
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