Selling your Home? Don't let these expensive mistakes lower your PROFIT!

Do you remember that not very long ago people were making a fortune investing in real estate? A couple of years ago, buying a home and waiting for a little while for that property to appreciate in value seemed like the easiest form of investment. Many were doing it over and over again. But things have changed a lot, and right now the market is fluctuating. People can not afford to make huge investments anymore because the real estate market is now unpredictable and predisposed to changing interest rates and prices. It’s not more important than ever to get a feel of the market and understand what must be done to steer clear of pricey seller mistakes when selling your home fast and at the right price.

For many people, selling their homes is a crucial aspect of their life. However, this 9 step system will help them make informed decisions. They will learn to maximize their profit, reduce stress and preserve control throughout the home selling process.

1. KNOW THE REAL REASONS BEHIND THE SALE, BUT KEEP THEM TO YOURSELF

The real reasons for selling your home should only be known by you. Keep them to yourself as they will affect the settling price, as well as the extra amount required to prepare your home for sale. What matters to you most? The amount of time your home stays on the market, the amount of money you get for the house, or both? The goals you have will most likely dictate the strategies you approach to close the deal. Nonetheless, make sure not to reveal the real reasons behind the sale to anyone because people might use them as leverage in the negotiation. If someone asks you why you are selling, just tell them your priorities have changed and that you have different housing needs.

2. BEFORE SETTLING ON A PRICE, DO YOUR HOMEWORK

Believe it or not, settling on a price for your home is not that easy. Once you have decided on an amount and you have informed the buyers about your decision, you need to know that a higher price can be just as dangerous as a lower price. Keep in mind that the average homebuyer most likely checks between 15-20 houses at the same time. This means they’re making comparisons and assessing all prices.

If your home does not feature a competitive price, they will probably move on and ignore yours because they will not believe you are a serious seller.

3. PERFORM A THOROUGH RESEARCH OF THE MARKET

Actually, this is your agent’s job (in case you have decided to hire one). Perform a thorough research of the real estate market in the last 6 to 12 months, and check for homes sold that are similar to yours. It might be a good idea to check recently closed deals in your neighborhood as this will give you a general overview of how much your property is worth.

4. HIRE A COMPETENT REAL ESTATE AGENT THAT CAN CATER TO YOUR NEEDS

About three quarters of today’s homeowners claim they would not hire the same realtor in charge of selling their last home. Usually, this happens due to poor communication. Not being able to communicate your needs and wants clearly with your agent leads to an unsatisfactory home sale. There is a FREE report waiting for you called “10 Questions Home Sellers Must Ask Prior to Hiring an Agent”. I encourage you to read it. Get your FREE copy just sent me a message and I will provide it for you.

5. MAXIMIZE THE SELLING POTENTIAL OF YOUR HOME

With every year that goes by, we see corporate North America spend billions on the packaging and product design. It is all about appearances these days, and it would be a huge mistake to ignore this aspect when selling your property. Even though you can’t change your home’s floor plans or location, you can still improve it to change its appearance and make it more “marketable”. Your home’s look and feel create an impact and generates an emotional response. Before deciding to put it on the market, you might want to clean it thoroughly.

De-clutter, scour, straighten, pick up, and dust carefully. Make sure to fix everything, even if it seems unimportant or insignificant. Your home must wow viewers and potential buyers. Make them picture themselves living there – you might want to remove pictures of you with your family and personal paintings. People have different tastes. In general, people buy a home on instinct. They do not think logically. Potential buyers will want to take your home for a “drive test” before deciding to buy. It’s just like trying out a new car to see whether or not it matches with your needs and wants.

Follow them around and point out improvements; they will certainly appreciate them, not to mention that it will be easier for them to picture themselves as owners living there.

6. MAKE INFORMATION ON YOUR HOUSE EASY TO FIND BY POTENTIAL BUYERS

Believe it or not, many agents use marketing tools that are most inefficient when selling a house. As a matter of fact, only 1% of homes are sold during an open house. Furthermore, potential buyers calling to ask for more information on your property don’t want to waste time. They certainly do not want to stay by the phone for hours and be forced to hear useless information or unappealing sales pitches. It might be a good idea to have your agent place ads attached to a 24hr pre-recorded hotline along with a specified home ID#. This allows buyers full access to information that is important and that pertains solely to your home 7 days/week,24/7.

It has been demonstrated that buyers are used to making phone calls when hunting for a house, and that the above mentioned system is 3 times more efficient than conventional methods. Keep in mind that the more potential buyers your home has, the better the chances you have as well to set an auction-like sale and land the best price for your property.

7. GET TO KNOW YOUR BUYER

When negotiating the price for your home, make sure to focus on controlling the pace and setting a duration. What compels your buyer? Is he/she in a hurry? Does he/she have the money to pay for your home in full?

Knowing this kind of information puts you at an advantage when negotiating because the more you know, the better chances you have to negotiate a favorable deal for your home.

8. ALL EYES ON THE CONTRACT!

As a seller, you are advised to disclose everything.

Be a smart seller and go above and beyond when attempting to sell your home. Disclose known defects to your buyer and put them in writing. This way the buyers will not be able to attack you down the road with a lawsuit. All terms and conditions, responsibilities, and costs must be properly spelled out in the contract. Do not hide important facts and be honest. For instance, if the buyer asks you to move in before the deal is closed, you should just say no. Do not take foolish risks and adhere to the terms of the deal without making any compromises.

9. SELL ... AND THEN MOVE OUT. DON’T DO IT THE OTHER WAY ROUND

Experts argue that it’s a lot more difficult to sell a vacant property that looks dull, forgotten, and unappealing. It might even cost you more. If you move out before the sale is complete you risk letting the buyer know you’re in a hurry to sell (because you already have a new home). This puts the ball in their court, and you certainly do not want that to happen. They will use your need to sell to their advantage during the negotiation.

Feel free to contact us for some more information about our pioneering homeowner's programs.

“Buyers can be incredibly discriminating, and a very large percentage of homes put up for sale are difficult to sell at first. Right now it’s more important than ever to learn how to steer clear of pricey seller mistakes so that you can sell your property fast and for top dollar.”

Matt Valencia, eXp Realty