Common mistakes sellers make

Or, How to maximize your sales potential

1. Priced too high
2. Failing to showcase the home
3. Using hard sell technique when showing to buyers
4. Mistaking lookers for buyers
5. Not knowing your rights and obligations
6. Signing a listing agreement with no way out
7. Limiting the marketing and exposure of the property
8. Believing that an assessment notice is the market value of your home
9. Choosing an unsatisfactory realtor

Mistake No. 1: Priced too high

Every seller wants to realize as much money as possible - that's fair! But a listing price that is too high often nets the seller less than a price that is at market value. If your home is not priced competitively, people looking in your price range will reject your home in favour of other, larger homes for the same price.

At the same time, the people who should be looking at your home will not see it because it is priced over what they have asked to see or have been pre-qualified for. Even if you were lucky enough to attract a buyer, your home would still have to appraise against similar homes sold in your area. Overpricing usually increases time on the market, adds to carrying costs, and ultimately sells below market value.

To avoid this, we have an informative video, to help you select the right price. You'll learn many more insider secrets. Once you learn these principles you will know how to sell your home for the best price and learn how to avoid paying too much for any house you buy for the rest of your life.

Mistake No. 2: Failing to showcase the home

Buyers look for homes, not houses, and they buy the in the area which they would like to live. Owners who fail to make necessary repairs, who don't spruce up the house inside and out, touch up the paint and landscaping, and keep it clean and neat, chase buyers away as rapidly as Realtors can bring them. If you were selling a car, you would wash it, or maybe even detail it to get the highest price. Houses are no different! Ask for our brochure, 20 steps to help you sell your home. 

Mistake No. 3: Using the hard sell technique when showing to buyers

Buying a home is an emotional decision. People like to 'try on' a house and see if it is comfortable for them. It's difficult for them to do that if you follow them around, pointing out every improvement that you have made. It may even have the opposite effect you want...by making them feel as if they are intruding on your private space. Resist the temptation to talk the entire time a buyer is there...let them discover things on their own. Try a tasteful sign posted on the door or wall to point out some hidden amenity that they may miss. Your Realtor may even suggest leaving the property so prospective buyers aren't intimidated by your presence.

Mistake No. 4: Mistaking lookers for buyers

A qualified buyer is one who is ready, willing, and able to buy your home. Potential buyers may have a home to sell first, or may need to save some more, or may have credit that needs fixing. A realtor will ask questions to determine the capability of the buyer and just how serious they are - so should you. Otherwise, you may have a parade of Sunday afternoon shoppers with dreams of owning a home someday. By allowing unscreened buyers into your home you could also be opening your door to a burglary.

Mistakes No. 5: Not knowing your rights and obligations

Real Estate law is extensive and complex: The Contract Of Purchase And Sale is a legally binding document. An improperly written contract can cause the sale to fall through, or cost you thousands for repairs, inspections and remedies for items included or excluded in the offer. You must be certain which repairs and closing costs you are responsible for. You must know whether the property can legally be sold 'as is', and how the title restrictions and local zoning will affect the transaction. If there are notations on your title, or if your property is in conflict with local restrictions, you or your Realtor must remedy them, or you might have to pay later.

Mistake No. 6: Signing a listing agreement with no way out

Always protect yourself by getting a guarantee of performance with the right to cancel. 

Mistake No. 7: Limiting the marketing and exposure of the property

The two most obvious marketing tools (open houses and ads) are marginally effective. Surprisingly, less than 1% of homes are sold at an open house, and less than 3% as a direct result of an ad. Realtors use them to generate leads, not to sell your home! The right realtor will employ a broad spectrum of marketing activities, including the Multiple Listing Service, a personal Website, online marketing tools, and others. There are more effective ways to find buyers than just open houses and advertising.

Did you know that most calls come in during business hours when vendors are away at work, and many times, home showings are between 9 and 5 (especially during the winter), Monday through Friday.

Mistake No. 8: Believing that an assessment notice is the market value of your home

Don't make the mistake of thinking that your tax assessment is the value of your home - it is for taxes only. The only true test of value are 'SOLD' houses in your neighborhood.

Mistake No. 9: Choosing an unsatisfactory Realtor

The quality of your home-selling experience is dependant upon your skill at selecting the person best qualified! It's interesting that in the real estate business, someone with many successfully closed transactions usually costs the same as someone who is experienced. Bringing that experience to bear on your transaction could mean a higher price at the negotiating table, especially in the drafting of an enforceable contract, selling in less time, and a minimum of hassle.

Please contact us at Info@IslandHomeSales.com for more information and free advice.