MISTAKES YOU DON'T WANT TO MAKE!
Mistake #1 - Pricing
Your Property Too High
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
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
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"
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
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
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