Seven Selling Mistakes You
Don't Want to Make!
Mistake #1 -- Pricing Your Property Too High
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 -- Forgetting to "Showcase Your
Home"
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 "Looky-Loos"
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 -- Not Knowing 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 you are responsible
for before signing the contract. Can the property be
sold "as is"? How will deed restrictions and
local zoning laws will affect your transaction? Not
knowing the answers to these kind of questions could end
up costing you a considerable amount of money.
Mistake #7 -- Limiting the Marketing and
Advertising of the Property
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 with many potential buyers.
|
