Selling your home can be an exhausting experience. Inconvenient phone calls, broker previews, endless showings, price adjustments and the possibilities of being stuck with two mortgages are real concerns. If you are not completely prepared you could end up losing hundreds, even thousands of dollars in profit.
The difference between a smooth, profitable transaction and a break even or losing and unhappy experience is often a fine line. In the majority of cases, it comes down to the subtle know-how of your agent. By utilizing the knowledge of a competent, qualified real estate professional you'll ensure the quick, profitable sale of your home. This report is designed to arm you with the knowledge to avoid the 11 most common mistakes that cost sellers serious money.
1. Refusing To Make Profit Inducing Repairs:
It always costs you more money to sell 'as is' than to make repairs that will increase the value of your home. Often even minor improvement will yield as much as three to five times the repair cost at the time of sale. Your agent will be able to point out what repairs will significantly increase the value of your home. Seemingly small fix up jobs can have quite an impact.
2. Not Considering Other Financing Terms:
Cash is not always the most advantageous transaction. Income level, tax benefits, and current legislation are all crucial factors when considering purchase terms. Professional real estate agents are experts in facilitating your home transaction. A good agent will lead you to the path that will give you the highest yield.
3. Provide Easy Access For Showings:
Accessibility is a major key to profitability. "Appointment only " showings are the most restrictive while a lock box is the least. However, there are certain considerations to take into account such as: your lifestyle, time frame for the desired sale and your relationship with your agent. The more accessible your home the better the odds of your finding a person willing to pay your asking price. You never know if the one that couldn't get a viewing was the one that got away. By developing a trusting relationship with your agent, he or she will show the home with your best interests in mind.
4. Priced Too Low / Priced Too High:
One critical reason to find the right professional is to make sure the property is priced appropriately for a timely and profitable sale. If the property is priced too high, it will sit and develop the identity of a problem property. If it's priced too low, it could cost you considerable profits. The real estate market has subtle nuances and market changes that should be re-evaluated by your agent every 30-45 days to help you maximize your return.
5. Relying Solely On Traditional Methods To Sell Your Home:
The agent who is innovative and willing to offer new strategies for attracting homebuyers will always outperform the agents who rely on traditional methods. Demand around the clock advertising exposure, innovative lead generation methods and lead accountability. These services exist and your agent should offer them to help sell your home.
6. Market Timing / Seasonal Selling:
Just as a broker who continually follows the trends of a stock, your professional real estate agent continually follows trends of your home market. He will know if the market cycle is poised to net you the most money. Disregard the myth that property sales are seasonal, "sells better in spring than winter." Property is always selling.
7. Refusing To Make Cosmetic Changes:
The prospective homebuyer's first impression is the most important. An extraordinary amount of home sales have been lost to unkempt lawns, cluttered rooms, bad stains, and unpleasant odors. These are all seemingly little things. Imagine you are the homebuyer and clean your place from top to bottom. Clean and fresh are the key things to remember.
8. Wasting Time With An Unqualified Prospect:
Your agent's responsibility is to screen a prospect's qualifications before valuable time is lost. Be sure to align yourself with the right professional and eliminate negotiating with unqualified prospects.
9. Don't Test The Market:
Never put your property up for sale unless you are serious. The right professional will find you buyers. If you are harboring indecision, you will blow the sale.
10. Believing You Are Powerless To Make A Difference:
Be part of the team! Take an active role with your agent to see what you can do to facilitate your sale. Networking with professional peers and personal friends often produced the sale of a home. It's surprising how many homes are sold this way.
11. Believing All Realtors Are The Same:
With all the intricate details and critical decisions to be made concerning your home sale, should you rely on anyone but a top producing professional? Many friends and family members have been estranged as a result of failing to meet expectations. Your home sale is a time consuming, effort related, complicated task. Maximize your profit by utilizing a seasoned professional.
I hope this report has been educational, that it will help you avoid the pitfalls many home sellers go through, and that you have gained valuable insight. I hope you found the ideas valuable and if there is ever any way I can be of service to you or anyone you care about, please contact me. Your initial consultation is always completely free of charge, and you're under no obligation of any kind. We'll sit down for 20-30 minutes. No high pressure, just plain honest talk about what it's going to take you to achieve your personal goals. I'd love to hear from you.