There are common mistakes home sellers make when they are ready to put their homes on the market. Learn from others’ mistakes and protect yourself when selling one of your most significant assets.
Interviewing only one agent.
Not all agents are alike. It is recommended that you interview three agents before deciding on one. Some things you should ask the agents when your interview them:
- How long have they been in business?
- Which areas do they specialize in selling?
- Do they have a team?
- What is their marketing plan?
- How do they communicate with you?
- What is their commission rate?
- Do you have client references?
- What sets you apart from other agents?
Pricing their home incorrectly.
Thinking that you can price the home higher and negotiate down doesn’t generally work. An overpriced home will sit on the market longer and statistically will sell for less than it would if the house were priced correctly in the first place.
A comparative market analysis is a detailed report that your agent should prepare for you. The information will compare homes currently for sale (your competition), homes that have sold but not yet closed, and homes that have recently closed. The homes selected for this report should be similar to yours, within a ½ mile radius if possible, and sold within the last six months.
Unclear selling motivation.
Are you selling your home because you want to or because you have to? Not having a clear motivation makes negotiations difficult for sellers. A clear understanding of why you are selling and where you plan to move when your home sells needs to be defined before you can fairly negotiate with the seller. If you are uncertain, please communicate your thoughts with your agent to advise you as needed.
Staying home during showings.
Having the seller present at showings makes the buyers uncomfortable. They are apprehensive about investigating the home and asking their agent questions honestly.
Not addressing pets and odors.
We love our pets for sure. But sometimes, we overlook their lingering presence in our homes. Be sure to address any odors, whether from pets, cooking, smoking, or other sources. Taking the pet out of the house will make buyers who may not be pet lovers more comfortable to look throughout the home.
Making moving plans.
Many sellers do not understand when they need to have their belongings out of the home. Unless other plans have been made, the seller should have their movers arrive the day before closing. The buyer will do a final walk-through before the closing to ensure any agreed-upon repairs have been completed and no damage was done in the final move. The buyer gains possession of the home once all the paperwork has been signed.
A real estate agent who is dedicated to continuing their education and staying current on the latest trends in real estate is worth their weight in gold. They will guide you through the process to avoid making these mistakes.