These are the most common mistakes made by property sellers.
Mistake #1 - Placing the Wrong Price on Your Property.
Every Seller obviously wants to get the most money for their property. Ironically, the best way to do this is NOT to list 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.
Mistake #2 - Mistaking Appraisals for the Market Value.
Do not mistake a Bank valuation or a Real Estate assessment of the value of your property as the ‘market value’. The true value of your property is what a willing and able buyer is prepared to pay and what a serious Seller is willing to accept. This price can not be influenced by a Valuer, Bank or Real Estate Agent. The value of a property depends on so many things and changes from week to week. You are best advised to ask an Agent for the most recent information regarding property sales in your community or you can do your own research online. This will give you an up-to-date and factually accurate estimate of your property value.
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.
Mistake #4 - Trying to "Hard Sell".
Selling a house is always an emotional and difficult decision. As a result, you should try to allow your Agent to ‘have the run’ of the property and resist the temptation to try to do the Agents job. Go for a walk, hose the garden but get out of the way and let your Agent do their job. If you are asked a question, answer it honestly and quickly and be friendly and hospitable.
Mistake #5 - Trying to Sell to Lookers.
A prospective Buyer who shows interest because of a "for sale" sign may not really be interested in your property. Often Buyers who do not come through a Real Estate Agent may be 6-9 months away from buying, and may be 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. It is always a good policy to have your Agents business cards on hand and invite the person to call the Agent. Remember it could also be a security risk to let someone in your home without an Agent in attendance.
Mistake #6 - Being Ignorant of Your Rights and Responsibilities.
It is extremely important that you are well informed of the details in your Real Estate contract. These are legally binding documents and they can often be complex and confusing. Your Agent should explain every part of the contract to you BEFORE you sign anything and if you are not sure about any point then you should consult your Solicitor.
Mistake #7 - Signing an Appointment to Act with your Agent.
Hopefully you will have taken the time to choose the best Real Estate Agent for your property. But sometimes, as we all know, circumstances change. Perhaps you misjudged the person, or perhaps the Agent has other priorities on their 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 appointment.
Mistake #8 - Limiting the Marketing and Advertising of the Property.
There are two obvious marketing tools that nearly every seller uses: open houses and advertising. In addition to these your Agent should employ a wide variety of marketing techniques such as the Internet, Virtual tours, local ‘farming’ and database marketing. Your Real Estate Agent should be totally committed to selling your property and respond to every enquiry from a prospective buyer.
Mistake #9 - Choosing the Wrong Agent.
Selling your home could be the most important financial transaction in your lifetime. As a result, it is extremely important that you select the Agent who is best for you. Take your time. Interview several Agents and ask them key questions. Ask for referrals from recent Sellers and take the time to contact them. If you want to make your selling experience the best it can be, it is crucial that you select the right Agent.