Are you ready to sell your home?
Last minute walk-throughs, inconvenient calls, price adjustments and the possibility 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 profitable, smooth transaction and a break even, miserable experience is often a fine line.
In the majority of cases it comes down to the subtle know-how of your professional agent. By utilizing the knowledge of a qualified real estate professional, you’ll ensure the quick, profitable sale of your home. This blog is designed to arm you with the knowledge to avoid 11 common mistakes that cost sellers serious money.
1) Refusal 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. Even minor improvements will often yield as much as three to five times the repair cost at the time of sale. Your broker 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) Refusal to Consider Other Financing Terms
Cash is not always the most advantageous transaction. Income level, tax benefits and current legislation are all critical factors when considering purchase terms. Professional real estate brokers are experts at home transactions and can lead you down the path that will give you the highest yield.
3) Reluctance to 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: your lifestyle, time frame for the desired sale and the relationship with your agent. The more accessible your home is, the better the odds of 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 10 to 14 days to help you maximize your return.
5) Relying Solely on Traditional Methods to Sell
The broker who is innovative and willing to offer new strategies of attracting home buyers will always out-perform brokers who rely on traditional methods. Demand around the clock advertising exposure, innovative lead generation methods and lead accountability. These services exist and should be offered on your home sale.
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. They will know if the market cycle is poised to net you the most money. Avoid believing that property sales are seasonal...property is always selling.
7) Refusal to Make Cosmetic Changes
The prospective home buyer’s first impression is the most important. An unbelievable amount of home sales have been lost due to unkempt lawns, cluttered rooms, stains, unpleasant odors...all of the seemingly little things. Imagine you were the home buyer and clean your place from top to bottom...military style!
8) Wasting Time With An Unqualified Prospect
Your real estate broker’s responsibility is to screen 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 on the market to sell unless you are serious. The right professional will find you buyers, and if you are harboring indecision, you will blow the sale.
10) Be a 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 results in the sale of a home. It’s surprising how many homes are sold this way.
11) Belief that all Real Estate Brokers 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 and difficult task. Maximize your profit by utilizing a professional.
We sincerely hope these tips and ideas are of value to you. If there is any way I can be of service, please contact me. It would be a privilege to be of service to you!