I have a confession … I was once a member of the National Association of Realtors.
Huh! I’m glad I removed it from my chest.
now, I invest in real estate, guide new investors, have a technology company … somehow, somehow, somehow. But I used to be a pretty good listing agent.
But you are here to learn about home sales mistakes. Man, do people make a lot of them! Let’s dive.
Don’t make these home sales mistakes
Mistake # 1: The price is too high
Some of the sweetest people on the planet who will pay the last money to help homeless people have great ego problems with respect to the value of their homes. It’s always the same, old story: “But my house is special!”
Please take a break.
Although there are subtle differences in the value of every home, homeowners usually struggle to remain emotionally neutral on this issue. in fact, I’ve seen homes on the market for years (even in hot markets!) Just because the sellers had overly bloated opinions about the value of their assets. ..
Buyers are willing to pay only what they consider the home to be worthwhile. The end of the story. If you want to save yourself the headache and hassle of being on the list without an offer for months, listen to your agent. They are usually your best friend in this situation.
Your National Association of Realtors member is not a bad guy (or a girl). If they say your home is worth X, it’s worth very close to X. The market is the market. If you want to blame someone, don’t blame the realtor. Blame the market. There is no lie.
There are countless pricing strategies. Proper fit depends on the type of current market, price, etc. Here are some considerations.
Needle in a haystack
If you price your home on a tippy top, you are looking for a needle in a haystack.three Might be so There will be one buyer. And you want them to be cash. Because when your lender wants to value a property, tears or transaction cancellations can occur when everyone finds it not worth what you think.
This is a fair price that the appraiser will probably guarantee. This is fine, but there are better strategies in the seller’s market.
On the market
If you set a price just below the market value, the buyer feels like you are trading to them. If it applies to one buyer, does it apply to many?In this scenario it is possible to get multiple offers and push up the price over it market price. Make a “cent”?
Mistake # 2: Hire the wrong agent
Not all agents are created the same. Some are great buyer agents, but poor list agents. Some may be great listed agents, but they are stingy and don’t spend marketing costs (or time) to properly position your home. Be sure to get a real estate agent that combines excellent track record with marketing chops.
Related: How to Sell a “Unsellable” Home
Mistake # 3: FSBO (Pronounced FIZBO) or sold by the owner
When I sell my property myself, I see people make a lot of mistakes. Usually they are overpriced. And they are clearly not on the market. You may have one or two photos (which is poor) and a phone number. Buyers want more than that person!
Sellers who try to sell this way are also at risk in other ways. Transactions are at risk if you do not know what disclosure is required or how the process works.
Mistake # 4: Do not allow access
This is especially true for investment real estate tenant.. If the buyer wants to see the property, they need to be able to access it in a reasonable amount of time (usually 24-48 hours). Tenants can be problematic in this regard.
Tenants do not have a say in the sales process and they do not have many interests. So why do they want to cooperate with the screening?you landlordThe lease agreement clarifies the tenant’s responsibility for the sale or screening of the property.
Access can be an issue even in traditional resale situations. I met a seller who wanted to allow only the show on Saturdays from 10am to 2pm. How is it supposed to help someone? Buyers are usually frustrated and move to a home that can be seen in a reasonable time frame.
Mistake # 5: Stink
I’m not a scientist. But Did you know that memory is most closely associated with the sense of smell? The first thing people unknowingly (or consciously if it’s bad enough) notice is the smell. Sometimes it’s more obvious.
If you are listing your property, make sure you clean the place thoroughly and emit a pleasant scent —no Unpleasant things.
Mistake # 6: Offer low fees
When listing your home in MLS, don’t forget to ask your agent what the typical buyer’s agent fee is. Agents can see what commissions are offered in MLS. If you are below average, how enthusiastic are they to show your home? On the contrary, if you are offering higher commissions (or bonuses), how enthusiastic are they to sell your home?
Mistake # 7: Do not give in
Most buyers will do a home inspection (they should). And unless your property is perfect (no one is perfect), you need to concede some items, whether you offer credit or fix some problems.
Some sellers receive it personally when the buyer requests a correction. What they ask is an insult! Instead, understand that there is no perfect home and you need to be aware of a few things. Not worth risking a transaction!
Mistake # 8: Staging disaster
Some homes are hmm … hard to sell. Hoarding house, messy tenants, 9 children in 3 bedrooms. It is important to stage the house and shed the best possible light. Pack everything that distracts you. It’s working anyway, right? People want to see the stack of boxes rather than your collection of stuffed animals.
Mistake # 9: Professional photography
And last but not least, make sure you have a professional photo of your property. Make sure it’s a good first impression, as most consumers will be online at a glance at your property. Staging, lighting, professional equipment and editing can greatly help your property to be displayed in the best light.
Can you think of any additional things that will help you sell your home?
I would love to hear your feedback in the comments!