Success Institute Agent

Homeowners rarely consider the time, effort, and stress involved with selling their homes. Many are unprepared for the impromptu walk-throughs, late phone calls, and having to carry multiple mortgages while waiting – desperately – for serious buyers to emerge. This causes a lot of sellers to make mistakes. Often, these mistakes can end up costing them thousands of dollars.

Below, we’ll take a detailed look at several of the most common mistakes homeowners make when listing and selling their homes. We’ll explore the asking price, presentation, promotional savvy (or, lack thereof), and the dangers of hiring an unqualified agent. If you avoid the following blunders, your experience will be far less problematic.

Choosing The Wrong Asking Price

This is the most expensive mistake sellers make. On the one hand, homeowners will often become excited by the prospect of a large cash infusion and price their homes too high. This happens when the owner misjudges the house’s value. He or she lists it at too high a price and becomes discouraged when it sits on the market.

On the other hand, many sellers make the opposite blunder: they list their homes at too low a price. They may not realize the bargain they’re listing on the market. If someone buys, the seller might unwittingly leave thousands of dollars in profit on the table.

Avoid becoming emotionally invested in the value of your home. The person who ultimately determines what your property is worth is the buyer. Appraisals help, but only serve as a guideline.

Neglecting The Presentation

First impressions are lasting. Unfortunately, many people list their homes for sale without considering the impression their property’s appearance will have on potential buyers. Lawns become overgrown; dirty dishes accumulate in the sink; beds are left unmade; stains and odors persist throughout the house. Each of these things limit the listed home’s appeal. If a buyer makes an offer, it will likely be lower than would be the case were the house completely clean.

Related to this is an unwillingness on the part of many homeowners to make small repairs prior to listing their homes. A broken rain gutter, dilapidated door, or torn screen will cause many buyers to wonder whether any other signs of disrepair are hidden from them. Presentation is critical to attract a quick sale.

Poorly Executed Promotion

This is a shared mistake between the homeowner and the agent. Houses are often listed with unattractive pictures, or too few. Photographs of the interior, exterior, and front of the house are essential. They give prospective buyers a good idea regarding whether a given property suits their preferences. If a listing is lacking in photos, many people will simply keep looking rather than contacting the seller.

Also, sellers should consider organizing open houses and agent tours. Paying for spots in local newspapers can also generate interest. What often happens is that a house is listed, but not promoted well. As a result, few serious buyers call which limits the selling price.

Hiring An Unqualified Real Estate Agent

Not all real estate agents are experienced. Some have “normal” 9-to-5 jobs and show homes for sale on the weekends. Others sell real estate as their primary job, yet lack the skills to do it well (or have the willingness to learn). This creates a problem for the homeowner.

An experienced agent should be knowledgeable about the seller’s neighborhood, overall market conditions, and the paperwork needed to support a smooth transaction. They should also be able to negotiate the asking price and be available to answer questions. Many sellers hire agents who are unqualified in these areas. As a result, they’re left without proper representation.

When people list their homes, they often make mistakes that delay the sale and fail to yield an attractive price. With a little planning and attention to detail, homeowners can sell their properties while avoiding the headaches described above.

By: Lawrence Reaves