9 Common Mistakes When Selling Your Edmonton Home
9 Common Mistakes When Selling Your Edmonton Home
Mistake #1 -- Placing the Wrong Price on Your Property
Big
mistake! Every seller obviously wants to get the most money for his or
her product. Ironically, the best way to do this is NOT to list your
product at an excessively high price! A high listing price will cause
some prospective buyers to lose interest before even seeing your
property. Also, it may lead other buyers to expect more than what you
have to offer. As a result, overpriced properties tend to take an
unusually long time to sell, and they end up being sold at a lower
price. You get the most showings within the first 3 weeks so don't lose
this opportunity.
Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value
Unfortunately,
a re-finance appraisal may have been stated at an untruthfully high
price. Often, lenders estimate the value of your property to be higher
than it actually is in order to encourage re-financing. The market value
of your home could actually be lower. Your best bet is to ask your
REALTOR® for the most recent information regarding property sales in
your community. This will give you an up-to-date and factually accurate
estimate of your property value. This is called a Comparable Market Analysis (CMA).
Mistake #3 -- Failing to "Showcase"
In
spite of how frequently this mistake is addressed and how simple it is
to avoid, its prevalence is still widespread. When attempting to sell
your home to prospective buyers, do not forget to make your home look as
pleasant as possible. Make necessary repairs. Clean. Make sure
everything functions and looks presentable. A poorly kept home in need
of repairs will surely lower the selling price of your property and will
even turn away some buyers. Check some of our "Fit to Sell" videos for ideas how to get this done.
Mistake #4 - Trying to "Hard Sell" While Showing
Buying
a house is always an emotional and difficult decision. As a result, you
should try to allow prospective buyers to comfortably examine your
property. Don't try haggling or forcefully selling. Instead, be friendly
and hospitable. A good idea would be to point out any subtle amenities
and be receptive to questions. The best bet is to "Get Lost".
Mistake #5 - Trying to Sell to Lookers
A
prospective buyer who shows interest because of a "for sale" sign he
saw may not really be interested in your property. Often buyers who do
not come through a REALTOR® are a good 6-9 months away from buying, and
they are more interested in seeing what is out there than in actually
making a purchase. They may still have to sell their house, or may not
be able to afford a house yet. They may still even be unsure as to
whether or not they want to relocate.
Your REALTOR® should be able to
distinguish realistic potential buyers from mere lookers. REALTORS®
should usually find out a prospective buyer's savings, credit rating,
and purchasing power in general. If your REALTOR® fails to find out this
pertinent information, you should do some investigating and questioning
on your own. This will help you avoid wasting valuable time marketing
towards the wrong people. If you have to do this work yourself, consider
finding a new REALTOR®. Audrey & Mike have their Accredited Buyer’s Representative (ABR®) which benefits the seller as we weed out the lookers from the buyers.
Mistake #6 -- Being Ignorant of Your Rights & Responsibilities
It
is extremely important that you are well-informed of the details in
your real estate contract. Real estate contracts are legally binding
documents, and they can often be complex and confusing. Not being aware
of the terms in your contract could cost you thousands for repairs and
inspections. Know what your are responsible for before signing the
contract. Can the property be sold "as is"? How will deed restrictions
and local zoning laws affect your transaction? Not knowing the answers
to these kind of questions could end up costing you a considerable
amount of money. We have many options & can explain them to you.
Mistake #7 - Signing a Contract with No Escape
Hopefully
you will have taken the time to choose the best REALTOR® for you. But
sometimes, as we all know, circumstances change. Perhaps you misjudged
your REALTOR®, or perhaps the REALTOR® has other priorities on his or
her mind. In any case, you should have the right to fire your agent.
Also, you should have the right to select another agent of your
choosing. Many real estate companies will simply replace an agent with
another one, without consulting you. Be sure to have control over your
situation before signing a real estate contract.
Mistake #8 - Limiting the Marketing and Advertising of the Property
There
are two obvious marketing tools that nearly every seller uses: open
houses and classified ads. Unfortunately, these two tools are rather
ineffective. Less than 1% of homes are sold at open houses, and less
than 3% are sold because of classified ads. In fact, REALTORS® often use
open houses to attract future prospects, not to sell the house.
Your REALTOR® should employ a wide variety of marketing techniques.
Your REALTOR® should also be committed to selling your property; he or
she should be available for every phone call from a prospective buyer.
Most calls are received, and open houses are scheduled, during business
hours, so make sure that your REALTOR® is working on selling your home
during these hours. Chances are that you have a job, too, so you may not
be able to get in touch will many potential buyers.
Mistake #9 - Choosing the Wrong REALTOR®
Selling
your home could be the most important financial transaction in your
lifetime. As a result, it is extremely important that you select the
REALTOR® that is best for you. Experienced real estate agents often cost
as much as brand new agents. Chances are that the experienced agent
will be able to bring you a higher price in less time and with fewer
hassles.
Take your time when selecting a real
estate agent. Interview several REALTORS®; ask them key questions. If
you want to make your selling experience the best it can be, it is
crucial that you select the best agent for you.
If you have further questions to these 9 Common Selling Mistakes, please contact us. We would be more than happy to help!