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 toremember that the terms "real estate agent" and "Realtor" are notsynonymous. Realtors can provide an extra level of service, and to be aRealtor you must be a member of the National Association of Realtors (NAR).The equivalent organization in Canada is the Canadian Real EstateAssociation (CREA). Both are non-profit trade organizations that promotereal estate information, education and professional standards. The NationalAssociation of Realtors also has earned a strong reputation for activelychampioning private property rights and working to make home ownershipaffordable and accessible. The NAR and CREA members adhere to a strict codeof ethics founded on the principle of providing fair and honest service toall consumers. Realtor business practices are monitored at local boardlevels. Arbitration and disciplinary systems are in place to addresscomplaints from the public or board members. This local oversight keepsRealtors directly accountable to the individual consumers they serve andtherefore the consumer is more likely to find better service andaccountability by using a Realtor.
Mistake #2. Complacent marketing when selling a home
When selling your home there are no guarantees that the ultimate buyer ofyour home will have simply walked through the front door. In many cases youmay have to bring your home to the buyer. Effective marketing will helpensure that your property receives maximum exposure to attract a ready,willing and able buyer in the shortest period of time. Ask your Realtor tolist for you all of the ways he/she intends to market your home and on whattime-line. Also, be sure to ask about the home being advertised on theInternet.
Mistake #3. Taking for granted the "curb appeal" of your home
When you're preparing your house for sale, remember the importance of firstimpressions. A buyer's first impression can make or break whether they evenwant to go inside for a look. It is estimated that more than half of allhouses are sold before the buyers even get out of their cars. With that inmind, be sure to stand outside of your home and take a realistic "freshlook" and then ask yourself what can be done to make the "curb appeal"improve. Also ask your Realtor's opinion as to how to improve the curbappeal. 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. Theproblems are going to be discovered anyway. A decade ago, health and safetyissues were rarely a part of the typical real estate transaction. Today,however, it's common for inspections relating to health, safety, and evenenvironmental concerns to be a part of most sales contracts. Moreover, inmany states, the seller must disclosure to the buyer any knowledge ofexisting property problems. In many cases, these issues have been or can befactored into the home's listing price.
Mistake #5. Forgetting what you would want to see if you were the buyer ofyour home
Remember that although people can be different in personality, they tend tobe the same when it comes to expectations at someone else's expense. Inother words, a prospective buyer would probably like to see a perfect homefrom top to bottom, inside and out, when it comes to your home. Try to do asmany of the following items as possible to improve the likelihood of yourhome 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, 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 withoutyou there. Most potential buyers usually feel more comfortable if they canspeak freely to the real estate professional without the owners beingpresent. 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 thecorrect price. It's one of several areas where the assistance of a skilledreal estate agent can more than pay for itself. Listing the home too highcan be as bad as too low. If the listing price is too high, you'll miss outon a percentage of buyers looking in the price range where your home shouldbe. This is the flaw in thinking that you'll always have the opportunity toaccept a lower offer. Chances are the offers won't even come in, because thebuyers who would be most interested in your home have been scared off by theprice and aren't even taking the time to look. By the time the price iscorrected, you've already lost exposure to a large group of potentialbuyers. The listing price becomes even trickier to set when prices arequickly rising or falling. It's critical to be aware of where and how fastthe market is moving - both when setting the price and when negotiating anoffer. Again, an experienced, well-trained agent is always in touch withmarket trends - often even to a greater extent than appraisers, whotypically focus on what a property is worth if sold as-is, right now.
Mistake #8. Not planning your move earlier enough
Many sellers simply don't plan their move early enough and then feel totallyoverwhelmed at the time of moving out of the house. If you are able to moveat 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 taxdeductible. Fill out the Personal Household Inventory for each room. This isimportant for establishing the amount of declared valuation for the shipmentand as a permanent inventory for insurance purposes. List, as nearly aspossible, the year of purchase and original cost of each item. Attach anyinvoices or records of purchase to the completed inventory. Prepare aseparate high-value inventory if the shipment will contain articles of"extraordinary" value. The following list includes items that might fallinto 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 costis established in advance, the exact cost of a move cannot be determineduntil after the shipment has been loaded on the van and weighed. The weighton which charges are based is calculated by weighing the van before andafter loading. The total cost of the move will include transportationcharges, any charges for declared valuation, plus charges for any extraservices performed at your request. All of these charges are based on tariffrate 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 fullconfidence in that agent's experience and education. A skilled,knowledgeable agent should be able to explain to you exactly why your homeneeds to be priced at a certain level - compared to recent listings andsales of homes similar to yours. Experienced agents also know exactly whatthe current pool of buyers are looking for in relation to particular stylesand price ranges of properties. A skilled agent can recommend changes thatwill enhance the salability of your home, thus increasing the price - and/ordecreasing the length of time before a sale.
Steve SeeligerStark Company717 John Nolen Dr.Madison, WI 53713800-779-4037