1. Access
Easy access to the property is key to selling it. Your place must be ready to show and easily accessible for buyers and their agents. Signs must be properly and clearly placed in front of the home, along with directional signs when necessary. All agents should utilize the MLS Lockbox system. There must be a MLS lockbox on or near the door, and make sure the lockbox is labeled if it’s a condo. Buyers and their agents will not waste time trying to find hidden properties. Buyers will move onto the next property of their tour.
8 Common Mistakes Home Sellers Make
2. Setting the asking price too high
Places sell for what the market brings, not what you want/need to get for your home. A lot of sellers are underwater (this was written in Feb 2010). To price your property appropriately, find out what comparable homes in the area sold for and how long they stayed on the market. You also want to look at expired and cancelled listings to see what couldn’t sell in your neighborhood or condo complex. Buyers look in search increments – so if you price a $500,000 house at $512,500 you might be missing all of the buyers looking up to $500,000 in their search. You have to lower your price if you are not getting the proper amount of showings. If you are getting no showings – you are overpriced if your house/condo is otherwise in normal condition.
3. Going with the wrong Real Estate Agent
You need an experienced real estate agent who knows the fundamentals of real estate, as well as what’s going on in the market at all times. Look for an agent whose primary job is real estate – he or she should be familiar with the business and the area you’re interested in. More experienced agents are accustomed to handling multiple transactions and tend to have superior negations skills. Most importantly, you should feel comfortable with your agent. You don’t want to be rushed or coerced into anything, so trust your gut.
4. Not fixing up your property prior to listing it
Home buyers like “move in ready” places. They generally don’t like the idea of living in a construction zone when they buy a new home. Make necessary repairs prior to listing and don’t underestimate the value of a fresh coat of paint. Choose neutral colors, but nothing too sterile. You will generate more buyer interest with well chosen colors, applied over properly prepared walls. New construction sells well for a reason. You need to make your place shine!
5. Staging
Buyers need to see that ‘model home’ to be wowed! To start with, remove all unnecessary items, including excess furniture and any fixtures that will not be included in the sale. If your home isn’t vacant, rent a storage unit – almost every home shows better with less furniture. Empty out closets, cabinets and drawers as much as possible. Buyers have a tendency to investigate every inch of a property, so organize those items you do keep in the home. Neatly stack dishes, clothes and any other personal belongings. Also, remove all clutter and personal artifacts, such as family photographs. Allow the buyers to see themselves in the home by making it generic.
6. Pictures, pictures, pictures
These days, the vast majority of home searches begin online and listings without photographs are often ignored. Buyers are visual, so you need to have at least ten great photos of the property. Don’t forget to “stage” all your photos, indoors and outdoors. The exterior pictures will be much more appealing without cars, toys and other debris in the shot. Mow the lawn, trim the bushes and be sure to include pictures of the yard. For interior shots, use lots of light and emphasize space. People will email their friends and Realtor a listing from the Internet and it must present itself well through the pictures.
7. Marketing
Marketing is now Internet based. Online ads can be created instantly and updated as often as necessary. Internet advertising reaches the greatest number of people in the shortest amount of time. Postcards work, signs work, but the internet is key. Don’t get worried about newspaper ads – they don’t work. Repeat – newspaper ads don’t work and newspaper companies are struggling for a reason.
8. Taking offense at offers.
Home buying is one of last great bastions of haggling in the U.S. Now, more than ever, buyers are testing the waters to see how low they can go. Everyone wants a great deal and the possibility of a lowball offer is a reality. Rather than turning your nose at what you think is a low bid, take the offer seriously and present a realistic counter offer. That way, you can spark a real negotiation.
