Here are four of the top seven mistakes people make when selling their homes:
1. Not pricing it accordingly. Most sellers want to price high and eventually lower it. However, this often pushes buyers to make an offer on another home they feel is fairly priced. In other words, you’re helping sell someone else’s home on the market when you overprice yours. Not only do we price your home in a range that it will appraise for, but we strategically price it based on what’s active in the market.
For example, we have a property under contract right now that could’ve been listed for a bit more than what we listed it at, but we knew that the price we chose would garner a lot more attention. In three days, we had 55 showings with six offers. This allowed us to pick the very best offer and ensure that the terms were beneficial to our seller.
2. Not using innovative ways to expose their property. A long time ago, the real estate professional would just stick a sign in the ground, host a few open houses, and the property would sell. Nowadays, agents need to use social media, network with other agents, and reach out to people in the seller’s vicinity. Social media allows an agent to craft ads targeted to certain groups of people more likely to buy that home, so it’s an important investment of time and money.
Why not reach out to other agents who have a property listed on the market? They’ve likely interacted with buyers who were serious— just not about their particular listing, for whatever reason. Some of those buyers could be redirected to your listing, which may suit them better. Don’t forget to reach out to renters; we have a database of renters to which we send messages like, “We’ve noticed you’re paying $2,000 in rent. We have a similar house coming onto the market that would allow you to pay only $1,800 for a mortgage. Are you interested?”
3. Not staging your home to sell. I’ve walked into a seller’s home for a showing, and it almost looked as if they didn’t really want to sell the property: The smell was funny, clothes were strewn everywhere, and, in one case, people were still lounging in their beds, urging prospective buyers to look around freely. Stage your home so that it’s welcoming. It should be well-lit, clean, and smell great. I’ve seen people pass on homes because they don’t like the smell of it or the paint color choices.
4. Not effectively negotiating. The very first step of negotiating is gathering as much information on the incoming offer as possible. What’s the buyer’s timeline? What’s their pain? Knowing where the buyer is coming from and taking their values into account will help you strike a deal that will close and net the most money.
If you have questions about this or any other real estate-related topic, reach out by phone or email. I’d love to hear from you.