You've decided to sell your home. Great! Now
what? Many folks who make the decision to sell their home fall victim to the
following four pitfalls. By educating yourself about some common missteps you
can save yourself from making a costly mistake when hiring an agent and listing
your home.
1) Overpricing - It's no surprise
that every owner wants the highest possible sale price for their property. This
desire is one that some agents take advantage of by selling you on an
unrealistically high list price. Once they have a signed listing agreement
they'll bank on price reductions to sell your home. The problem with this
tactic is that it costs homeowners thousands of dollars. A property that is originally
listed too high not only squanders its first few weeks on market but also
carries a stigma throughout its life on-market due to the unrealistic original
list price. All this results in lower demand down the road and a lower sale
price. It's important to remember when interviewing agents that the highest
suggested price is not always the best. Make sure to ask your agent for
specifics on how they arrived at their price suggestion.
Experience
shows that the highest price is realized within the first 30 days of being
offered for sale on the open market.
2) Not Managing Expectations -
Real estate is very much a perception based industry. Buyers want to feel like
they are receiving good value. Many times agents try to stretch the truth by
counting a glorified hallway as an extra bedroom, only to have potential buyers
disheartened when actually viewing the home. One of the jobs of a good agent is
to accentuate the home's positives and frame things in a way that adds
perceived value to a home. Rather than listing a home with an extra bedroom,
listing it with a utility room can turn a disappointed buyer into an excited
one as they discover a useful extra space. Many times in our industry
perception is reality and buyers who leave a property feeling great about all
the "additional" value a home offered will be far more likely to put
in an offer than those who left disappointed about the tiny bedroom.
As a
Realtor, we have an obligation to relay the information about a house
honestly. Further, we also request
the seller fill out a “Seller’s Statement of Condition”. We follow up by verifying information
with the appropriate local authorities to clarify such potential questions such
as zoning, side-line setbacks, etc.
This helps to avoid surprises that could impact the transaction.
3) Not Making the Best First Impression -
You know the old saying a picture is worth 1,000 words? Well in real estate
they are probably worth 100,000. Too many times sellers allow their agents to
take photos with a cell phone or take photos themselves. Today's buyers are
making snap decisions viewing homes online and are basing these judgements off
your photos. Hence they need to be high definition, clear, and purposeful. You
are telling a story with your media plan and want to entice buyers to see your
home in person. The single best way to turn off potential buyers is with poorly
lit, poorly edited, and poorly executed photos. Additionally, video is becoming
huge in real estate as even more of the house hunting process is taking place
online. Ask your agent about adding HD Video to your listing to further entice
interested buyers to your property.
As
your Realtor, I will be at all showings early, in order to turn on the lights,
de-clutter, put the dog out, etc.
When we list your home, we’ll offer suggestions on how best to present
your home to prospective buyers.
Some can overlook your personal “stuff”, and some can’t. Don’t take the chance! Put your best look forward! Studies have shown that landscaping can
increase the amount realized by as much as 5%!
4) Not having a Customized Marketing Plan -
Our last pitfall is one that many sellers fall into. Many agents you will interview
will not have a specific plan to market your home. They will instead rely on
scripts and a standard listing presentation to get you to sign on the dotted
line. After that they'll simply list your home on MLS and hope buyers find it.
Marketing for homes cannot be one-size-fits-all. Every home has a distinct set
of buyers that will be interested in it and every set of buyers has a distinct
way to be reached. Ask your agent who your home will appeal to and how they
plan to proactively market to them. If their plan relies heavily around
submitting your listing to hundreds of sites you've never heard of you may want
to stay away.
We do
have a marketing plan with aspects that some agencies do and some that most
agencies do not. Our agent will go
over it with you and tailor it to your needs and concerns. The best current information indicates
that the internet is the number one method of attracting buyers; signs continue
to be number 2!
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