#1 -- Placing the Wrong Price on Your Property
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 Re-finance Appraisals for the Market
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.
#3 -- Failing to "Showcase"
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.
#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.
#5 - Trying to Sell to Lookers
A prospective 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.nete 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.
#6 -- Being Ignorant of 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 your
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 kind of questions
could end up costing you a considerable amount of
#7 - Signing a Contract with No Escape
Hopefully you will have taken the time to choose the
best realtor for you. But sometimes, as we all know,
circumstances change. Perhaps you misjudged your realtor,
or perhaps the realtor has other priorities on his
or her mind. In any case, you should have the right
to fire your agent. Also, you should have the right
to select another agent of your choosing. Many real
estate companies will simply replace an agent with
another one, without consulting you. Be sure to have
control over your situation before signing a real
#8 - Limiting the Marketing and Advertising of the
There are two obvious marketing tools that nearly
every seller uses: open houses and classified ads.
Unfortunately, these two tools are rather ineffective.
Less than 1% of homes are sold at open houses, and
less than 3% are sold because of classified ads. In
fact, realtors often use open houses to attract future
prospects, not to sell the house.
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 will many potential buyers.
#9 - Choosing the Wrong Realtor®
Selling your home could be the most important financial
transaction in your lifetime. As a result, it is extremely
important that you select the realtor that is best
for you. Experienced real estate agents often cost
as much as brand new agents. Chances are that the
experienced agent will be able to bring you a higher
price in less time and with fewer hassles.
Take your time when selecting
a real estate agent. Interview several agents; ask
them key questions. If you want to make your selling
experience the best it can be, it is crucial that
you select the best agent for you.