1. Over-pricing their home. By far, the #1 mistake sellers make is over pricing their home. It’s important to understand that the real estate agents do not set the “market”. Trying to over-price your home in hopes to snag a big fish is a strategy sure to snap your line and leave you frustrated.
Also, be weary of agents who are willing to “buy your business” by telling you what you want to hear and offering to list the property at a high price. You’ll just end up chasing the market…straight down. The secret: Get maximum exposure for your property during the time of the launch while buyers are excited about the newest listing in their area and create a multiple offer scenario. To reach the buyers, you must appeal to the side of the brain that does the buying: emotion. Ask me how I blitz the market to create a buzz and get your home sold for the maximum price.
2. The Secret Home. So you got them excited about your new listing, but can’t show on weekends because you teach piano at home or it’s your weekly poker nights. Let’s face it, showing your home may be an inconvenience and may alter your life schedule, but not allowing buyers to fall in love with your home emotionally will not only cost you money, but may keep you from moving to the next chapter in your life. Look at the big picture. Don’t be the house that only has 1 house photo, one open house, showings by appointment or drive by only.
3. Not staging the home. Selling a home is an emotional experience for both the seller and the buyer. Your 3 kids grew up here, this was your first home, and memories were made in this living room. Realistically, your buyers don’t care about that. Buyers want is to see their future in your home. To accomplish that, you must be willing to de-clutter, de-personalize and allow your buyers to imagine their future of their 3 kids growing up there. If that isn’t enough motivation, then consider this: According to a National Association of Realtors survey, a staged home using an investment of 1-3% of the price will have a net ROI of 8-10% of the price. The survey also showed that a home staged prior to listing sold 79% faster than the average un-staged home.
What does all this mean? Your home will sell faster, you’ll make more money and you’ll get the money spent on staging back…and then some! Don’t compound your problem by investing in home repairs that will not add value or profit to your bottom line. I’m here to help.
4. Passing on a pre-listing home inspection. You’ve lived in your home for years and there isn’t anything you’d fix, right? On the surface, everything may appear perfectly fine but a pre-listing home inspection by an experienced, licensed, home inspector may reveal another story. One listing I recall where the seller opted for a pre-listing home inspection, uncovered that the fireplace the seller’s hadn’t used in years was cracked and required $17,000 of repair. Without the inspection, we never would have discovered it until we opened escrow and by then, we’d be at the mercy of the buyer on repair credit. By identifying this at the time of listing, we were able to address the issue and ended up selling the house to a retired couple who couldn’t use the fireplace, solving the situation without giving away any buyer’s credit.
5. Choosing the WRONG Realtor. OK, this may sound like a no brainer but can you smell the commission breathe from your Realtor from a mile away? Does he really have your best interest in mind? Is he staying in communication with you or do you find yourself calling his office multiple times only to leave a message? Even better, do you have a friend or family member who is a real estate agent? Friendship or familial relationships shouldn’t be your only consideration when choosing your Realtor. Selling a home can be a complicated process that may test your relationships should complication arise or the sale doesn’t go the way you had planned. Do you really want to sacrifice your relationship for what should be a sound business decision? Go with an agent who has a reputation for serving their clients. You can listen to what my clients say about me HERE.
Recommended Apps for Home Sellers:
Varage Sale – Need to de-clutter and not sure where to get rid of it all? Check out this amazing app which literally allows you to post your “treasures” to your local community bargain hunters.
Kyle Kessenich, REALTOR®