Good news - the market is picking up! Buyers are out there, and inventory is low so it’s a great time to sell your home. When it's time to start preparing to list your home for sale, I’m certain you don’t just want to get the highest price possible, but in the shortest amount of time, too. And without the headache!! After all, your home has probably been the most significant investment of your life. For as smooth a process as possible, I recommend you avoid making these frequent — and, yes, costly — seller mistakes.
1) NOT HIRING AN AGENT
Listen, attempting to sell your home on your own — especially if you’ve never done it before — is not the safest route. First off, a competent agent will obviously have more experience negotiating high-stakes home sales than you. You know what that means, right? Yup, you probably getting way more money than you would have on your own. What’s more, when common problems arise, a good professional will be able to handle them for you. Remember, we estate agents are well-versed with all the pitfalls typically involved in this level of transaction. Our job is to make sure it goes off without a hitch.
2) NOT CHECKING YOUR EMOTIONS AT THE DOOR
View yourself as a home seller, not a homeowner. This purely financial perspective will help you distance yourself from any emotional ties to the property. And make no mistake, you’ll have them. Try to also remember the way you felt when you were originally shopping for that same home. Buyers are in an emotional state themselves, so remember that you’re selling them an image, dream and lifestyle. In other words, put in the added effort of staging and maybe even minor remodeling to elicit top dollar for your home. And hey, in addition to boosting the sales price, these changes in appearance will probably also help you further establish the necessary emotional distance to the property. It’ll look less familiar, which should make letting go a heck of a lot easier. I mean, that’s at least what I’ve learned in my experience.
3) NOT SETTING A REALISTIC ASKING PRICE
Setting the right asking price is crucial. The truth is overpriced homes don’t sell. And buyers are very educated and know the values so if your expectations are off, buyers won’t come and if the buyers don’t come, your home will sit on the market with no action. And your goal is to sell your property not just list it, right?
4) NOT EXPECTING THE BUYER TO NEGOTIATE
Smart buyers negotiate. Period. Should you want to complete the sale, you're going to have to play the game. Of course, whether or not you are in a buyer's or seller's market will heavily influence whether you get above or below your expected price.
5) NOT PROVIDING AMPLE PROPERTY MARKETING
Over 95% of buyers do their home shopping online before they even consider seeing anything in person. Frankly, you’d be doing yourself a tremendous disservice without including top notch photos, video, floor plans, and social media campaign. It really shocks me how many sellers these days skimp out here — and worse yet, who have agents that let them!!
6) NOT PREPARING YOUR HOME FOR SALE
Clean your home and stage it. The truth is if your home isn’t staged it will be undersold. Also, tend to minor issues. Make necessary repairs. Don’t try to hide obvious problems. Put a fresh coat of paint on the walls. Get rid of any obvious odors. Clean up the gardens. Declutter, declutter, declutter. Simply put, if you’re not going to adequately prepare your home for sale, you may as well flush your money down the toilet. Today’s buyers are too sophisticated for anything less. And your home deserves it.
7) NOT ACCOMMODATING PROSPECTIVE BUYERS
On the topic of today’s buyers, whenever a potential one wants to view your house, you have to welcome them. Yes, even if it is inconvenient for you and even if that means cleaning and decluttering all over again before each showing. It may upend your routine, but you are trying to sell the place, aren’t you? Well, people need to be able to see the product, even if it means accommodating them at the last-minute.
8) NOT GOING TO AUCTION
There are a few strategies to consider when selling your home:
- Off Market – exclusively listed with an agent but not live online
- Private Treaty – taking offers anytime in writing
- Expressions of Interest – taking written offers on a particular day
- Auction – a full exposure campaign leading up to a live auction where registered buyers bid on your property and upon successful sale, the property is sold unconditional
The truth is, Auction campaigns offer the most benefits to you as it creates urgency for buyers to make decisions faster, it creates a transparent and competitive environment for buyers and sellers, it offers an opportunity to achieve a premium price with no price ceiling on the property, and the sale on auction day is unconditional with your terms most likely being met.
What does this mean? You market your property for 4-5 weeks and you end up with an unconditional sale for the most the open market will bear. How good is that?
The question is – why wouldn’t you fully expose your property to the mass market and plan to achieve the highest price possible in the shortest amount of time?
Any questions? I'm always happy to help. Please reach out anytime by clicking the CONTACT tab at the top.