Home Selling Mistakes
Putting your home on the market is a big step. After all, your home likely represents the bulk of your net worth. You want to get the most out of it, and you want to sell it fast to relocate to your desired destination. There are many mistakes that homeowners can make when selling their home, and here's a rundown of the biggest possible offenders:
- Lack of Pricing Strategy: There is an art to pricing your home, and most homeowners don't have the experience that is needed to accurately price the home to attract the most potential buyers. Hanging the wrong price tag out can be a huge obstacle to overcome. Most homeowners believe there is only one strategy for entering the market. However, there are mulitiple pricing strategies that carry different risk levels depending on the desired outcome. High risk would be pricing higher than market value in hopes of maximizing profits but maybe difficult to locate that one buyer that may be willing to pay over market value. Medium risk would be pricing at fair market value to net a fair value for your home. Lastly, is low risk by pricing your home below market value causing a "frenzy" effect that would result in multiple offers raising your price even higher than market value. Keep in mind, it takes an agent with extensive market knowledge to guide you correctly through the pricing strategies due to other factors that must be taken into consideration including the home`s condition, location, and the movement of the housing market.
- Entering the Market When the Home is not 'Show' Ready : It is invariably a bad idea to put your home on the market when it is in a poor state of disrepair. Homeowners must make a real effort to get the home 'show' ready for sale before putting it on the market. This means more than simply cleaning the house. A few updates and quick fixes can really boost the likelihood of the home selling quickly, and doing repairs before selling the home can give potential buyers a better impression of the home before making an offer. An agent who is familiar with current buyer trends and buyer desires can help you determine which fixes and updates need to be undertaken. Look for an agent that has "staging" experience as well. Staged homes sell 87% faster than homes that are not.
- Marketing the Home Ineffectively: Most homeowners don't have the marketing skills to market their own homes. Hanging a `for sale by owner` sign in the front yard and taking out an ad on zillow is simply not enough. Good professional agents have access to the multiple listings service(MLS), where they can list your home along with photos, virtual tours and marketing descriptions. An aggressive agent will have a proven marketing plan that includes extensive on-line presence, social media presence, direct mail campaigns, target marketing along with many other techniques to provide to you. When considering an agent to market your home don't hesitate to ask for a copy of their marketing plan along with proven results. An agent that is experienced and understands the importance of marketing will have that readily available for you to preview.
- Poor Choice of Agent: If your agent does nothing more than put a sign in your yard and input the data into the MLS, then you might not have chosen the best agent for the job. Not all Realtors are the same. In fact they are very different. As with everything else, industries change, markets change and consumers change. Todays agent is not the same as the agent from 10 or 20 years ago. Staying abreast of buyer trends and new marketing techniques to capture potential homebuyers is critical in todays fast paced on demand market. Thus, experience, knowledge and marketing is absolutely imparative for a seller to acknowledge when selecting an agent. A one-man agent can no longer completely service the client. With todays internet marketing it takes a team of qualified professionals to effectively handle incoming on-line prospects, show your home, write offers, market and negotiate you through the process. Our team has a full time listing coordinator, transaction coordinator, marketing specialist, listing specialist and several buyer specialists working together to guarantee you a full service experience. Remember, you have a choice. Interview several agents before selecting one to work for you. "We all get paid the same, but we don't all work the same."
- Lack of Staging: Debra West has earned her ASP (accredited staging professional) designation and offers a complimentary staging session for all of her sellers. We are in a beauty pageant and price war market, entering correctly is imperative to a successful sale. Remember, the overall goal of staging is to highlight the space, features and special qualities of a home. In order to do this, the home must appear neat and orderly. Correct furniture placement and decor are essential in ‘showing off’ a home’s best assets.