1) Not Knowing Your Rights and Responsibilities
It is of the utmost importance that you stay well-informed of the details of your real estate contract. Real estate contracts can often be very complex and confusing and they are legally binding documents. It is important that you know what you are responsible for before signing the contract. Not being familiar with your contract could cost you hundreds or even thousands of dollars on repairs and/or inspections.
2) Asking the Wrong Price for Your Property
It is critical that the right price is placed on your property. Anyone selling a product obviously desires to get the most money possible for that product. Placing an excessively high price on a property often proves to be counteractive to this cause. Before you set your price, you should go over all the area sales and comparables properties in that area. Have your agent prepare this for you. A high listing price will often cause prospective buyers to anticipate more than what you have to offer or even cause them to lose interest before they view your property. As a result, overpriced properties have a tendency to take an unusually long time to sell and they end up being sold at a lower price.
3) Only Using One Method of Marketing/Advertising
There are many ways to market and advertise your property such as open houses, classified ads, home magazines, real estate websites, flyers, etc. Your realtor should employ a wide variety of marketing techniques. You also want to select a realtor that is going to be committed to selling your property; he/she should be readily available for every phone call from a perspective buyer. Most contacts are made during business hours so verify that he/she will be trying to sell your home during these hours.
4) Trying to Sell to Window Shoppers
It is important to be able to distinguish realistic potential buyers from window shoppers. People who do not come through a property with a realtor are several months away from buying and are more interested in browsing the market than actually making a purchase. Many times they are not prepared to make a purchase because they have not yet sold their home, are not financially prepared or may even be unsure as to whether they want to relocate or not. Typically, a real estate agent should investigate a potential buyer’s credit rating, savings, and purchasing power. This will help keep you from wasting your time marketing towards the wrong people.
5) Not Preparing Your Home for Sale
Your home needs to be made as presentable and as pleasant as possible when attempting to sell to prospective buyers. Be sure to make any necessary repairs and clean. A dirty home in need repairs will lower the value of your home and even turn away some buyers. Check out our Seller’s Checklist for more tips.
6) Pressuring While Showing
Buying a home can be an emotional and difficult decision. It is not a good idea to pressure or negotiate with prospective buyers while they are viewing your property. It is best to be hospitable and warm. Be helpful and receptive to any questions they may have.
7) Choosing the Wrong Real Estate Agent
Experienced real estate agents often cost as much as brand new agents. There is a greater probability the experienced agent may be able to fetch you a little higher price for your home, in less time with fewer hassles. It is important to take your time when selecting a real estate agent. Be sure to interview several agents. Selling your home usually the most important financial transaction you will ever make.
8) Locking Yourself In
You should take your time when selecting a real estate agent. But sometimes it is possible to misjudge and select the wrong agent to represent you. Perhaps your first impression was good but he/she has not followed through and is not meeting your expectations. In any case, you should have the right to choose another agent instead of just being appointed another one without your approval. Make sure you are in the driver’s seat before signing a real estate contract.
