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Top 7 Common Mistakes of Home Sellers That You Must Avoid

16 February 2017,
 0

 

Selling one’s home is an emotional experience.  For the owner, it means letting go of a cherished property with a lifetime of memories.

It is normal for some property owners to get emotional. But it is worse if the tears are for a different reason – being unable to sell the home.

Here are 7 common mistakes of home sellers that you must avoid at all costs.

 

  1. OVER-PRICING THE VALUE OF YOUR HOME

The worst thing a seller can do is to put the wrong price on the home.  If the property is over-priced, buyers won’t bite.  If it is too low, the owner loses out on profits.

Pricing a house for the purpose of selling it is an art.  It must be based on comparable sales, market value, as well as other factors such as location, condition, demand, and market movement.

 

  1. NOT PREPARING THE HOME

It is important to sell your house in good condition.  Do the necessary repairs before putting it up for sale.  Your real estate agent can give you tips on how to improve your property.  Home staging can also do wonders and can be undertaken by the agent or by a professional home stager.

By all means, clean your home well and make it shine. The first impression is of outmost importance for visitors and the truth is: when a house is clean, it looks nicer.

Make sure you don’t have too many things around. If your home is too full, it will definitely look smaller. Instead, pack everything that’s unnecessary to give a sense of openness and freshness to the place.

Finally, avoid bad smells at all costs. People are generally really turned off by unpleasant smells. So, if you are a smoker and plan to sell your house, quit smoking inside, clean couches and carpets, repaint the walls and open the windows. You will not sell your house to non-smoking people if it stinks of cigarette smoke, and the thing is, not so many people smoke these days.

Same thing is you have pets: clear your house of their smell as much as possible, and get your pets out of the house when people come to visit. Of course, avoid cooking fish the night before potential buyers come to visit your place.

 

  1. CHOOSING TO SELL THE HOME WITHOUT AN AGENT

Many home sellers decide to save on real estate agent commissions by choosing the For Sale By Owner (FSBO) route.  This can be a very costly mistake due to the following reasons:

  • The owner doesn’t have any experience in handling showings
  • The owner doesn’t know how to negotiate purchase offers or home inspection findings
  • The owner has no clear knowledge of real estate marketing strategies
  • The owner doesn’t know how to price the property correctly
  • The owner has no knowledge of real estate law and the real estate market
  • Potential buyers often don’t trust FSBOs

It makes more sense to hire a professional for such a huge financial undertaking than to take on the burden of selling your property on your own.

 

  1. HIRING AN INEXPERIENCED AGENT

If you have avoided the costly mistake of not hiring a real estate agent, you also need to avoid hiring the wrong one.  There are many real estate agents around. There’s the friend of a friend, a relative, or a co-worker who sells homes part-time.  It is important to choose a real estate professional who has an excellent reputation at listing homes and has a proven track record.  Your payoff will be much bigger with an experienced real estate agent.

 

  1. NEGLECTING A PRE-SALE INSPECTION

Depending on how old your property is, a pre-listing home inspection can save you a lot of aggravation.  By having an inspection prior to listing, you can address issues that need to be fixed so that your property can be sold sooner and at a better price.

 

  1. BAD MARKETING STRATEGIES

Many home sellers focus on the goal of selling the house without planning well on its marketing.   Never use bad photos that put your property in an unflattering light or fail to showcase its high points.  With majority of buyers looking for properties for sale on the internet, make sure your house has high quality photos for marketing purposes.  You may not want to spend a lot on marketing but failing to use the right channels won’t help find buyers quickly.

On the other hand, make sure you don’t boast your house too much when listing it on the internet or elsewhere. Yes, you do need flattering pictures to attract potential buyers, but you don’t want them to be disappointed and turn around when they visit your place. Honesty always pays off in the end.

 

  1. UNREALISTIC EXPECTATIONS OF THE REAL ESTATE SELLING PROCESS

Another common home selling mistake is having unrealistic expectations.  A home seller wants a quick sale and the most amount of money.  In the real world, it doesn’t always happen.

Don’t put a lot of faith in stories from friends about how quickly or easily their home just sold.  You need to remember that every home sale is unique.

It is important to communicate with your real estate agent openly from the very start, ask the right questions, be updated about the progress, and have an open mind when reviewing offers.

 

SELLING A HOME IS TRICKY BUT IT DOESN’T HAVE TO BE TOUGH 

By avoiding these home selling mistakes, you can experience a successful home sale where you come out a winner.

In deciding to sell your home, you are undertaking a journey that would need time to complete.  During the process, it is critical that you do what is needed to close the sale, such as keeping the property presentable and clean, and making it available for showings.

By comparing 3 professional real estate agents in Quebec, you can be assured of hiring an agent that knows how to market your property successfully.

Lastly, selling a home is a business transaction so keep your emotions in check.  This will boost your chances of sitting at a closing sooner than you think with a happy smile on your face.

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