7 Selling Mistakes You Don’t Want to Make
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.
2. Mistaking Refinance Appraisals for the Market Value
Unfortunately, a refinance 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 refinancing. 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.
3. Not Showcasing 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, and 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.
4. Being Present During Property Viewings
Purchasing a home is often an emotional and challenging task. Therefore, it’s crucial to give potential buyers the space they need to explore your property at their own pace. Avoid being present during viewings, as this may come off as high-pressure selling.
5. Trying to Sell to “Looky-Loos”
A prospective buyer who shows interest because of a ‘For Sale’ sign they saw may not really be interested in your property. Often buyers who do not come through a real estate agent 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 not even be able to afford a house yet. Your real estate agent should be able to distinguish realistic potential buyers from mere lookers.
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 affect your transaction? Not knowing the answers to these kinds of questions could end up costing you a considerable amount of money.
7. Limiting the Marketing and Advertising of the Property
In today’s digital age, it’s not enough to just put a ‘For Sale’ sign in your front yard and wait for buyers to come to you. When it comes to selling your property, hiring a real estate agent that prioritizes various marketing channels can significantly enhance the visibility and appeal of your property. Expert agents are not only skilled negotiators but also proactive marketers with a variety of strategies in their toolboxes.
