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9 Deadly Mistakes Home
Sellers Make
Mistake #1.
Using a real estate agent instead of a Realtor
When you're looking for
help buying or selling property, it's important to remember
that the terms "real estate agent" and "Realtor" are not
synonymous. Realtors can provide an extra level of service,
and to be a Realtor you must be a member of the National
Association of Realtors (NAR). The equivalent organization
in Canada is the Canadian Real Estate Association (CREA).
Both are non-profit trade organizations that promote real
estate information, education and professional standards.
The National Association of Realtors also has earned a
strong reputation for actively championing private property
rights and working to make home ownership affordable and
accessible. The NAR and CREA members adhere to a strict code
of ethics founded on the principle of providing fair and
honest service to all consumers. Realtor business practices
are monitored at local board levels. Arbitration and
disciplinary systems are in place to address complaints from
the public or board members. This local oversight keeps
Realtors directly accountable to the individual consumers
they serve and therefore the consumer is more likely to find
better service and accountability by using a Realtor.
Mistake #2.
Complacent marketing when
selling a home
When selling your home,
there are no guarantees that the ultimate buyer of your home
will have simply walked through the front door. In many
cases, you may have to bring your home to the buyer.
Effective marketing will help ensure that your property
receives maximum exposure to attract a ready, willing, and
able buyer in the shortest period of time. Ask your Realtor
to list for you all of the ways he/she intends to market
your home and on what time-line. Also, be sure to ask about
the home being advertised on the Internet.
Mistake #3.
Taking for granted the "curb appeal" of your home
When you're preparing your
house for sale, remember the importance of first
impressions. A buyer's first impression can make or break
whether he/she even wants to go inside for a look. It is
estimated that more than half of all houses are sold before
the buyers even get out of their cars. With that in mind, be
sure to stand outside of your home and take a realistic
"fresh look" and then ask yourself what can be done to make
the "curb appeal" improve. Also, ask your Realtor's opinion
of how you can improve the curb appeal. It could make a huge
difference in your final sales price.
Mistake #4.
Forgetting about health and safety issues
Be upfront and disclose to
your Realtor any problems with the property. The problems
are going to be discovered anyway. A decade ago, health and
safety issues were rarely a part of the typical real estate
transaction. Today, however, it's common for inspections
relating to health, safety, and even environmental concerns
to be a part of most sales contracts. Moreover, in many
states, the seller must disclosure to the buyer any
knowledge of existing property problems. In many cases,
these issues have been or can be factored into the home's
listing price.
Mistake #5.
Forgetting what you would want to see if you were the buyer
of your home
Remember that although
people can be different in personality, they tend to be the
same when it comes to expectations at someone else's
expense. In other words, a prospective buyer would probably
like to see a perfect home from top to bottom, inside and
out, when it comes to your home. Try to do as many of the
following items as possible to improve the likelihood of
your home sale in an expedient way.
On the outside
1) Sweep front
walkway.
2) Remove
newspapers, bikes and toys.
3) Park extra cars
away from the property.
4) Trim back the
shrubs.
5) Apply fresh,
clean paint throughout.
6) Clean windows and
window coverings throughout.
7) Keep plumbing and
all appliances in working order.
8) Maintain all
sealant (window, tub, shower, sink, etc.) in good condition.
9) Make sure roof
and gutters are clean and in good condition.
10) Mow the lawn
frequently and plant flowers.
11) Keep pet areas
clean.
On the inside
1) The kitchen and
bathroom should shine.
2) Quick once-over
with the vacuum; carpets should be clean.
3) Place fresh
flowers in the main rooms.
4) Put dishes away,
unless setting a formal display for decoration.
5) Make all beds
and put all clothes away.
6) Open drapes and
turn on lights for a brighter feel.
7) Straighten
closets.
8) Put toys away.
9) Turn off
television.
10) Play soft music
on the radio/stereo.
11) Keep pets out of
the way and pet areas clean and odor-free.
12) Secure jewelry,
cash, firearms or other weapons, prescription medication and
other valuables.
13) Enhance the
spaciousness of each room.
Mistake #6.
Thinking you need to be in the home to explain things to a
prospective buyer
You will be better served
if you allow your Realtor to do their job without you there.
Most potential buyers usually feel more comfortable if they
can speak freely to the real estate professional without the
owners being present. If people unaccompanied by an agent
request to see your property, you should refer them to your
real estate professional for an appointment.
Mistake #7.
Not knowing how to price your home to sell
Perhaps the most
challenging aspect of selling a home is listing it at the
correct price. It's one of several areas where the
assistance of a skilled real estate agent can more than pay
for itself. Listing the home too high can be as bad as too
low. If the listing price is too high, you'll miss out on a
percentage of buyers looking in the price range where your
home should be. This is the flaw in thinking that you'll
always have the opportunity to accept a lower offer. Chances
are the offers won't even come in, because the buyers who
would be most interested in your home have been scared off
by the price and aren't even taking the time to look. By the
time the price is corrected, you've already lost exposure to
a large group of potential buyers. The listing price becomes
even trickier to set when prices are quickly rising or
falling. It's critical to be aware of where and how fast the
market is moving - both when setting the price and when
negotiating an offer. Again, an experienced, well-trained
agent is always in touch with market trends, often even to a
greater extent than appraisers, who typically focus on what
a property is worth if sold as-is.
Mistake #8.
Not planning your move earlier enough
Many sellers simply don't
plan their move early enough and then feel totally
overwhelmed at the time of moving out of the house. If you
are able to move at any time of the year, don't wait until
summer, the peak-moving season. Consider also that the first
and last few days of the month are extra busy. If you plan
to sell your house, get it on the market as soon as
possible. Keep a record of all expenses related to the move,
some of which may be tax deductible. Fill out a Personal
Household Inventory for each room. This is important for
establishing the amount of declared valuation for the
shipment and as a permanent inventory for insurance
purposes. List, as nearly as possible, the year of purchase
and original cost of each item. Attach any invoices or
records of purchase to the completed inventory. Prepare a
separate high-value inventory if the shipment will contain
articles of "extraordinary" value. The following list
includes items that might fall into this category:
* Antiques
* Art Collections
* Cameras
* China Collections
* Computer Equipment
* Crystal
* Figurines
* Firearms
* Jewelry
* Manuscripts
* Oriental Rugs
* Silver
* Stones Or Gems
* Tapestries
* TVs Or Stereos
Also, unless you have been
given a binding moving estimate where a firm cost is
established in advance, the exact cost of a move cannot be
determined until after the shipment has been loaded on the
van and weighed. The weight on which charges are based is
calculated by weighing the van before and after loading.
The total cost of the move will include transportation
charges, any charges for declared valuation, plus charges
for any extra services performed at your request. All of
these charges are based on tariff rate schedules.
Mistake #9.
Using a "convenient" Realtor rather than using an
experienced Realtor
When working with a real
estate agent, it's critical that you have full confidence in
that agent's experience and education. A skilled,
knowledgeable agent should be able to explain to you exactly
why your home needs to be priced at a certain level -
compared to recent listings and sales of homes similar to
yours. Experienced agents also know exactly what the current
pool of buyers are looking for in relation to particular
styles and price ranges of properties. A skilled agent can
recommend changes that will enhance the salability of your
home, thus increasing the price and/or decreasing the length
of time before a sale. |
