The 7 Most Deadly Mistakes People Make When Selling a Home
Each year, many home sellers make the same mistakes over and over again. When you add up these mistakes, they total more than a million dollars each year!
Deadly Mistake #1 “Hard Selling” During Showings
People buy homes on emotion, not logic. Buying a home is always an emotional decision. People like to get a feel for a house to see if it is comfortable for them. It’s difficult for them to get comfortable in a home if you follow them around, telling them all of the things that you’ve done to the house and pointing out every improvement that you’ve made. It may even have the opposite effect that you want to accomplish by making the prospective buyer feel that they are intruding into your private space.
Deadly Mistake #2 Mistaking “Lookers” for Buyers
If you’re selling your home yourself, and you open your front door to everyone who walks down the street and sees your sign, you may be spinning your wheels. I recommend that you ask buyers a few questions first to make sure they are qualified before wasting a lot of time with them.>
Deadly Mistake #3 Pricing Your Home Incorrectly
As a seller, you want to sell your home for the most money possible. Putting too high of a price on your home will often get you less money than you could have realized by putting a fair market value price on your home.
Deadly Mistake #4 Failing to Prepare Your Home for the Buyer’s Eye
Buyers look for homes, not houses. They end up buying the home that makes them most comfortable. It’s what I call the “Ah-ha” effect. Often a buyer will walk through the front door, and immediately fall in love with the house.
Deadly Mistake #5 Signing a Long-Term Listing Without a Written, Specific Performance Guarantee
Many times, an agent has good intentions about marketing your house, but circumstances can change. Some real estate agents are taught by their brokers to take any listing for any price, in an effort to begin to “control the inventory.” These agents seem genuine at first, but you never hear from them again.
Deadly Mistake #6 Making it Hard for Qualified Buyers to Obtain Information
The 2 marketing tools that consumers think realtors use to sell homes (open houses and classified ads) are actually not very effective at all. Surprisingly, less that 1% of all homes are sold at an open house. As a matter of fact, real estate agents use open houses to attract potential prospects, and very seldom are able to sell the home itself.
Deadly Mistake #7 Not Using a Written Purchase Agreement
Many sellers think their home is sold, only to find out weeks or even months later that the buyer was not able to obtain a home loan. Other sellers find out too late that dozens of items such as surveys, title insurance contingencies, assessments, tax prorations, pest inspections, structural inspections and a host of other details can come back to haunt them if not properly addressed right at the very beginning. It’s not uncommon to see a buyer willing to terminate a transaction unless the seller agrees to absorb the expense of an item that realistically should have been a buyer’s expense. Had it been written into the purchase agreement to begin with, this would not have been a problem.
Michael Saunders & Co.
330 John Ringling Blvd
Sarasota, FL 34236