Selling your home can be an exhausting experience. Last minute walk-throughs, inconvenient calls, price adjustment 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.
There is often a very fine line between completing a profitable, smooth transaction and having a break-even, miserable experience. In the majority of cases, it comes down to the subtle know-how of your professional. By utilizing the knowledge of a well-trained real estate investor, you’ll ensure the quick, profitable sale of your home. This report is designed to arm you with the knowledge to avoid 11 common mistakes that cost sellers serious money.
1. Refusing to Make Profit-Inducing Repairs
It 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 3-5x 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. Income level, tax benefits and current legislation are all critical factors when considering purchase terms. Professional real estate investors are experts at home transactions, and can lead you down the path that will give you the highest yield.
3. Not Providing Easy Access for Showings
Accessibility is a major key to profitability. Appointment-only showings are the most restrictive, while a lockbox is the least. However, there are certain considerations to take into account: your lifestyle, timeframe for the desired sale, and your relationship with the person 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 real estate professional, he or she will show the home with your best interests in mind.
4. Pricing Too Low or Too High
One critical reason to find an experienced real estate investment professional is to make sure the 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 representative every 10-14 days in order to help you maximize your return.
5. Relying Solely on Traditional Methods To Sell Your Home
The real estate professional who is innovative and willing to offer new strategies for attracting home buyers will always outperform those who rely on traditional methods. Be sure to 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. Poor Market Timing & Seasonal Selling
Just like a broker who continually follows the trends of a particular 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 "little things." Imagine you are the home buyer, and give your place a military-style cleaning from top to bottom.
8. Wasting Time With An Unqualified Prospect
Your real estate representative is responsible for screening a prospect’s qualifications before valuable time is lost. Be sure to align yourself with the right professional to eliminate negotiating with unqualified prospects.
9. "Testing" The Market
Never put your property on line to sell unless you are serious. The right professional will find you buyers, but 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 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 investment professional? Many friends and family members have become estranged as a result of failing to meet expectations. Your home sale is a time-consuming, difficult task that requires lots of effort. Maximize your profit by utilizing a experienced real estate investment professional.