6 Mistakes Many Owners Make When Selling Their Homes

Being a homeowner has its joys and pains but becoming one is definitely a life achievement for many of us.

However, when it comes down to home there’s an emotional anchor and people’s perceived value of their home is generally higher than the actual market value. That being said, price is only one of the mistakes that owners make when selling, there’s much more. Below are the 6 common mistakes many owners make when selling their homes.

1. Overpricing

If you believe that advertising at significantly higher price than what your home is worth is a good idea – let me tell you that it’s wrong. A property always sells at what the market is willing to offer. From my experience, setting a competitive price actually encourages buyers to be interested in the property in the first place enough to make an emotional connection and then make an offer. Then, if you have a really good agent,he’ll be negotiating the best possible offer for you.

Real estate is a fantastic industry where there is no recommended retail price! No other industries in the world can say that! However the market will determine the price for you and a good agent will bring out the best price. This brings me to my second point.

2. Not Getting a Killer Agent

We all want to save money wherever possible and it’s fair enough. Many people think they can sell their property themselves thanks to the internet. As a matter of fact, they might actually do a fair job themselves. But let me ask you a question. Would you drill your own teeth? Would you conduct a surgery on yourself? Of course not. Same deal with selling one of your biggest assets – leave it to the professionals. The premium price you get from a good agent more than cover the fees. Just make sure you pick a good agent who’s got enough experience and enthusiasm for the task ahead.

3. Not doing the necessary fixes

You have to make sure everything is working in your house, from the light bulbs to the microwave to the doorbell; all these little details will make a difference when the buyers go through your house. You might also get the odd buyer every now and then touching the walls and trying to figure out whether it’s a good wall! When that happens just let it happen don’t laugh these are called buying signs, it means they feel comfortable. And obviously if your home is old and you can afford it, give it a fresh up I promise your investment will pay off.

4. Not making the home clean and presentable

Now this might sound like common sense but trust me, I’ve seen things that I wish I hadn’t, from various insects to very dirty laundry and worse. Put yourself in the buyer’s shoes, they want to start picturing their future life in this house right? So how can they do that when there’s a gigantic photo of your grandmother in the entrance straight out of a Agatha Christie’s book?

Keep it simple and make an effort to add a bit of personal touch such as fresh pot of tigerlilies or a bright modern painting to catch the eyes.
Also, your house will be more presentable without you being there (no offence), in my opinion and experience having the owner “on site” during an inspection is not really a good thing because your agent will have better cards in his hands if you’re not there. You might use a sentence or even the wrong word that could push the buyers off. Once again trust your agent let him do his job.

5. Not wanting to pay for marketing

Guys, this is a conversation we need to have. First of all let me ask you something. How many of you have their phones within arm’s reach during the day and some of you at night? That’s right EVERYONE is constantly on their phone, even when watching TV you’ll have a look at your Facebook or whatever. This is huge! If you don’t understand that everything is now online, on your phones or tablet and most importantly if your agent doesn’t market for these platforms, RUN!

To get the best exposure, the front row tickets, the first class seats of marketing you are going to have to pay – no one else will do this for you. Yes, you might have to pay a couple of hundreds or even thousands in marketing but it will add that extra $10k to $30k in your pocket at the end.

5. Believing that a better offer will come up

From my experience, sometimes the first offer is the best you’re going to get. Common knowledge would be to believe if I’ve already received one the next one will be better. Well I’ve seen this scenario and it’s not pretty when you wait around for a better offer and end up selling for less. Trust your agent; he will be good advice when offers come.

That’s it guys, please feel free to try these suggestions and let me know of the outcome as I always like to hear a good story.

– Thomas Papasian

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