Home sellers want to find a buyer in the shortest possible time. In the rush, there are some common mistakes that they make that either make them get paid less, make them spend more to sell the house than they intended or keep a sale from happening. As a seller, you should be aware of these pitfalls so that you can avoid them.
1. HIRING THE CHEAPEST POSSIBLE AGENT
Agents who charge more generally work harder to close sales. It’s better to pay a few thousand more in commissions and get 10’s of thousands more from the buyer than to pay a small commission and get little or no profit on your house. Also, don’t go with anyone who is asking for a fixed fee. It means that they will not be motivated enough to sell your property at high value. Commission agents want to sell property for as much as they can get away with so that they make more money for themselves.
2. WAITING FOR THE MARKET TO IMPROVE…SOME TIME
A great number of home sellers will not sell now because they are waiting for the competition to drop, or for the market to improve, or for interest rates to go down. If you do that, you can wait forever. Every day brings new competition. The interest rates may drop today and get back up tomorrow. There is really no right time for you to sell, so just go ahead and sell right now.
3. LOWERING YOUR PRICE TO HELP SELL YOUR PROPERTY
Many home sellers will end up selling their property for significantly less than they intended because, yes, they are not selling soon enough and they think that if they lower the price, they will attract a buyer. It happens sometimes, but in the real estate world, low prices are mostly seen as an indicator of low quality. Don’t get tempted to lower price just so you can lure buyers in. Do your homework before you set a price and find out how much homes like yours are selling for.
4. LISTING BEFORE YOU ARE READY TO SELL
You’ve made up your mind that you are going to sell, and then you go ahead and list before you have spruced it up; you are making it harder to sell. You must do all the repairs and then clean your house and stage it before you list. This means that if you should list and inside the hour you have a prospect, you can bag them by showing them a house that is in perfect condition.
5. GETTING DESPERATE
Your house has been on the market for 6 weeks and you are feeling pretty desperate. Then along comes a guy with an offer who says that they are willing to buy your house, but you have to wait until they sell theirs. You sign on it and shake hands. That’s a terrible way to try and sell your house. You have just committed yourself conditioned on the other guy selling his house. Sellers get like this all the time, especially when they think that their property has been on the listings for too long. They commit themselves to little things which make it even harder to sell their property. If no one is looking to buy, all you should do is taken; maybe you need to list on more websites, maybe you need to find a different agent, maybe you need to clean and stage it a little better. Just don’t tie yourself up out of desperation.
6. REFUSING YOUR FIRST OFFER
Many times, a great first offer is made and a seller turns it down because they think they can bag a better one. Well, take that first offer if it’s close to what you’re asking. You may not get anyone else who will give you a similar one. You should also know that the more a house stays on the listings the harder it is to sell.
Be a clever seller and have a strategy that takes care of all these common mistakes that will keep you from selling your house.