Home Seller's Tips

How To Avoid The 10 Common Mistakes That Can Cost You Thousands of Dollars!

Selling your home can be an exhausting experience. Last minute showings, inconvenient calls, price adjustments and the possibility of being stuck with two mortgages are real concerns. If you are not completely prepared you could end up losing thousands of dollars in profit.

The difference between a profitable, smooth transaction and a miserable experience is often a fine line. In the majority of cases it comes down to the subtle know-how of your professional agent. This is designed to arm you with knowledge to avoid the 10 common mistakes that cost you serious money.

1. Improper Pricing: Set the price too high and it will sit unsold and develop the identity of a problem property, with the accompanying stigma of what Realtors call a "stale listing". On the other hand, price it too low and you may give away thousands in profit. Either way you lose. Setting the appropriate price involves the evaluation of numerous different factors...and its critical!

2. Not Providing Easy Access For Showings: Accessibility is a major key to a profitable sale. A computerized lock-box is best, while appointment-only showings are most restrictive. The more accessible your home, the more showings, the better the odds are of finding a person willing to pay top dollar. In today's competitive market, buyers who can not get a viewing will go on to other homes, and purchase elsewhere.

3. Refusing To Make Profit-Inducing Repairs: Often even minor improvements will yield as much as three to five times the repair cost at the time of sale. There are thousands of homes for sale, and buyers buy what they see. Seemingly, small fix-up jobs can have quite and impact.

4. Not Following Staging And Showing Procedures: Of course your home should be neat and clean, but that's just the beginning. There are dozens of little details that make a difference. A good agent can give you a list of what to do, and how and when to do it.

5. Relying Only On Traditional Selling Methods: The agent who is innovative and willing to offer new strategies of attracting home buyers will always outperform agents who rely on traditional methods. You must have innovative lead generation methods and advertising exposure.

6. Making Selling Decisions Based On Emotion: You must realize that the sale is a dollars and cents business transaction. Do not let your emotional ties to your home affect your judgment. Remember, purchasers are not buying your home, they are buying a house to make into their home.

7. Failure To Understand Market Conditions: Just like the stock market, there are current market conditions for houses as determined by the supply and demand. Many buyers shop dozens of homes comparing values, so it is very difficult to find a buyer willing to pay more than current market value. No single person, firm or agent has any control over market prices.

8. Wasting Time With Unqualified Prospects: Countless hours of valuable time can be wasted showing and negotiating with "buyers" who can not buy no matter how much they love your house. A good real estate agent will have buyers pre-approved for a loan before showing them homes.

9. Refusing to Make Cosmetic Changes: The prospective home buyer's first impression is the most important. An unbelievable amount of home sales have been lost to overgrown lawns, cluttered rooms, bad stains, unpleasant odors...all the seemingly little things. Imagine you are the home buyer and clean your place from top to bottom...military style.

10. Picking The Wrong Real Estate Agent: A vast majority of homes are sold by real estate agents, but all agents are not the same - not even close. The agent's experience, knowledge, and marketing plan can have a huge impact on your success. Signing up with the right agent can make all the difference in the world.

I sincerely hope these tips and ideas are of value to you. If I can be of assistance to you in any way, please give me a call or e-mail... I would consider it a privilege to be of service to you!

Caring, Connecting, Confident
Chris Elrod