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Avoid Mistakes
that could Cost You Thousands
when Selling Your Home
Selling your home can be
an exhausting experience. Last minute walk throughs, inconvenient calls,
price adjustments, and the possibility of being stuck with two mortgages are
real concerns. If you are not completely prepared you could end up losing
hundreds, or even thousands of dollars in profit!
The difference between a profitable, smooth transaction and a break-even,
miserable experience is often a fine line. In the majority of cases it
comes down to the subtle know-how of your real estate professional. By
utilizing the knowledge of a well-trained REALTOR®, you will ensure a quick,
profitable sale of your home. This article is designed to arm you with the
knowledge you need to avoid 11 common mistakes that can cost sellers serious
money.
1. Refusing to
Make Profit-Inducing Repairs
It almost always costs you more money to sell "as is" than to make repairs
that will increase the value of your home. Even minor improvements will
often yield as much as three to five times the repair cost at the time of
sale. Your agent will be able to point out what repairs will significantly
increase the value of your home. Seemingly small fix up jobs can have quite
an impact!
2. Not
Considering Other Financing Terms
Cash is not always the most advantageous transaction. Your income level,
tax benefits and current legislation are all critical factors when
considering purchase terms. If you are concerned, it might be a good idea
to consult with a tax accountant regarding your best course of action for
your given situation.
3. Not
Providing Easy Access for Showings
Accessibility is a major key to profitability. Appointment-only showings
are the most restrictive, while a lock box on your front door is the least;
however, there are certain considerations to take into account: your
lifestyle, time frame for the desired sale, and your relationship with the
real estate agent representing your interests. The more accessible your
home is, the better the odds of finding a person willing to pay your asking
price. You never know if the one that couldn't get a viewing was the one
that got away. By developing a trusting relationship with your REALTOR®,
you can rest assured that he or she will show the home with your best
interests in mind.
4. Priced Too
Low/Priced Too High
One critical reason to hire a real estate professional is to make sure that
your property is priced appropriately for a timely and profitable sale. If
the property is priced too high, it will sit and develop the identity of a
problem property. If it's priced too low, it could cost you considerable
profits. The real estate market has subtle nuances and market changes that
should be re-evaluated by your REALTOR® when necessary in order to maximize
the marketability of your home.
5. Relying
Solely on Traditional Methods To Sell Your Home
The real estate professional who is innovative and willing to offer new
strategies of attracting home buyers will always outperform those who rely
on traditional methods. Demand around-the-clock advertising exposure,
innovative lead generation methods and lead accountability. These services
exist and should be offered on your home sale.
6. Market
Timing/Seasonal Selling
Just as a broker who continually follows the trends of a stock, your real
estate professional continually follows trends of your home market. They
will know if the market cycle is poised to net you the most money. Avoid
believing that property sales are seasonal…
property is always selling.
7. Refusing to
Make Cosmetic Changes
The prospective home buyer's first impression is the most important.
Hundreds of thousands of home sales have been lost to unkempt lawns,
cluttered rooms, bad stains, unpleasant odors... all the seemingly trivial
details. Imagine you were the home buyer and clean your place from top to
bottom... military style.
8. Wasting Time
with An Unqualified Prospect
Your REALTOR'S® responsibility is to screen a prospect's qualifications
before valuable time is lost. Be sure to align yourself with the right
professional in order to eliminate negotiating with unqualified prospects.
9. Don't Test
the Market
Never put your property on the market to sell unless you are serious. The
right professional will find you buyers in as short a time as possible, and
if you are harboring indecision... you will blow the sale.
10. Believing
You are Powerless to Make a Difference
Be a part of the team! Take an active role with your real estate
professional to see what you can do to facilitate your sale. Networking
with professional peers and personal friends often results in the sale of a
home. It's surprising how many homes are sold this way.
11. Believing
All REALTORS®, Brokers & Others are the Same
With all the intricate details and critical decisions to be made concerning
your home sale, should you rely on anyone but an experienced real estate professional? Many friends and family members have been
estranged as a result of an agent’s failure to meet expectations. Your home
sale is a time consuming, effort related, and difficult task. Maximize your
profit by utilizing an experienced REALTOR®.
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