While it might seem a little dramatic to call a seller’s mistake fatal, especially over something as innocuous as selling your home, selling a home is serious business. Not approaching it as such is a surefire way for your home to remain on the market.
Selling your home does not have to be an emotional roller coaster. By preparing yourself ahead of time for all the inevitable things you are going to face and following these essential ideas you increase the chances of having smooth sailing. Avoiding these mistakes will save you money and heartache in the end.
Getting Attached to the Price
Pricing your home is not based on the opinion of the homeowner or even the agent. It is directly related to perceived value. If buyers look at your home and compare it to others in the neighborhood and it doesn’t meet their requirements for what they believe should be an adequate price then you will receive no offers. In order to stay in line with a buyers’ opinion, you must be willing to base the price of your home on objective and proven research metrics.
Allowing Emotions to Get in the Way
Not allowing emotions into the process of selling your home is much easier said than done. However, don’t let emotions cloud your judgment. Selling your home should be approached like any other large transaction where emotions will not give you the same leverage during negotiations like facts will-after all, you are selling a product, and the more you look at it from that perspective, the easier it will be to keep the emotions at bay.
Refusing to Negotiate
Negotiations need to be an integral strategy when you receive an offer. By approaching everything from a win-win perspective you can ensure you are not losing too much to your bottom line while still making the buyer feel like they have made a sound decision. Like any negotiation, the mentality of win at all cost is a good way to have buyers walk away. There really can be two sets of winners, believe it or not. Just don’t start off on the wrong foot. It never ends well!
Not Taking Professional or High-Quality Listing Photos
Professional photography is a NECESSITY to getting showings for your home. Why? More than 90% of buyers start their home buying process by looking at homes online. In order to draw their attention, the photos need to be high-quality and beautiful to compel them to take a closer look at your home. You are not just selling your home; you are also selling a lifestyle and dream. Exceptional photography captures this by communicating to buyers your home is one they want to see in person. This is accomplished by using adequate lighting (Don’t get me started!) and proper angles which appeals to a buyer. The great thing is, unfortunately, there are so many homes on the market with poor photos. By doing this, you already position your home fair above the rest. And if your Realtor isn’t doing this, you may need to rethink things.
Thinking you Don’t Need Staging
Great staging is essential to the sale of your home. When a home is beautifully staged, buyers forgo things which normally would have sent them out the door. Proper staging can place your home far above the competition. It is important to note that not all staging is good staging. This is why it is important to hire a stager that understands things like buyer psychology. If you don’t have the extra money to hire a stager, consult with your real estate agent. If they are experienced, your Realtor will exactly how the majority of buyers are swayed and what it will take to sell your home for the most $$. And what won’t, more importantly! Colors that elicit the emotions you are trying to get out of the buyer. Trends that are currently in homes that buyers love. Having a stager or an agent who is familiar with these things will ensure your home is placed in the best light possible.
Not Being Properly Insured
With the number of potential buyers walking through your home, the items in your home are exposed to possible theft most likely to occur during an open house. It is important to know beforehand if you have the proper insurance to protect your valuables. And for Heavens sake, get them out of view! Furthermore, if anyone should be involved in an accident while being in your home, it is advisable to have proper insurance to protect you in case there are any litigations from it.
Not Investing in a Pre-Inspection
If there is anything that will blow up a deal, it is a disagreement over the handling of repairs. How do you avoid this? By paying heed to the old saying, “the best defense is a good offense” and getting a pre-inspection. Having an inspector come out before you put your house on the market will let you know all the things which might concern a buyer. This will give you leverage. When it comes to contracts, any leverage you can get before you place your home on the market is valuable. This also gives you the opportunity to make necessary adjustments before having a contract in front of you.
Not Requiring Proof of Funds
Getting an offer especially when you are on a limited time frame can be exhilarating. Unfortunately, this exhilaration can quickly turn into frustration when you do not require buyers to have a pre-approval or proof of funds in the case of cash buyers. Requiring this saves you wasted time because a buyer is not financially able to buy your home. Time is money and by accepting an offer you are essentially closing the door on all the other offers which may have come afterward. When you do that you want to do everything in your power to ensure the deal goes through and you are not having to start from the beginning again.
Not Seeing Your Home as a Product
Buyers want what they want when they want it. When it comes time to show your home, buyers do not care whether or not you just cleaned your home. Whether you just came back from work and therefore do not want to leave your home. Showing your home, while at times can be totally inconvenient, it is an integral part of getting your home sold and should be approached as such. Your home is no longer a dwelling, it is now a commodity which is being judged every time a buyer walks into it. Not accommodating prospective buyers will turn them off from making you offers.
Not Considering Selling your Home Later in the Year
Think about when the time is right, for you!! Don’t let the market dictate YOUR timing. Consumers tend to think the Spring or Fall is the prime time to sell. That’s really not the case these days.
Want more professional insight? Let’s continue this conversation. Call me 501-681-5721