News and Events
August 27, 2007
Selling Mistakes You Don't Want to Make!
Selling Mistakes You
Don't Want to Make!
Mistake #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.
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 real estate agent for the most recent information regarding property sales
in your community. This will give you an up-to-date and 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 presence 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
Buying a 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 -- 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
will affect your transaction? Not knowing the answers to these kinds of questions
could end up costing you a considerable amount of money.
Mistake #6 -- Limiting the Marketing
and
Advertising of the Property
Your real estate agent should employ a wide variety of
marketing techniques. Your agent should also be committed to selling your
property; he or she should be available for phone calls from a prospective
buyer. Most calls are received, and open houses are scheduled, during business
hours, so make sure that your agent 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.
